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Simora [160]
3 years ago
15

Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest expense was $16,000; research and

development expenses were $34,000; net cash provided by operating activities was $42,000; income tax expense was $10,000; cost of goods sold was $220,000.
1. Gross profit for the period was ___________.
Business
1 answer:
k0ka [10]3 years ago
7 0

Answer:

$428,000

Explanation:

Gross profit for the period = total sales generated (revenue) - total expenses

Expenses incurred as as follows;

-Selling, general, and administrative expenses = $80,000

-Interest expense = $16,000

-Research and development expenses = $34,000

-Net cash provided by operating activities = $42,000

Income tax expense was $10,000

Total expenses incurred = $182,000

Total sales generated (revenue)

- Net sales = $390,000

- Cost of goods sold = $220,000

Total sales generated = $610,000

Gross profit for the period = $610,000 - $182,000

Gross profit for the period = $428,000

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A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(n)________.
ozzi

Answer:

d. account This answer is correct

Explanation:

There are various types of accounts that are reported in the financial statements. The financial statement comprises of the income statement, balance sheet, statement of stockholder equity and the cash flow statement.

The recording of the increase in the specific asset, liability, revenue, expense, etc is called as an account

Just in net income, the revenue and expense account is reported. The asset, liability, stockholder equity which is reported in the balance sheet. The change in the values of the item is reported in the respective amount

7 0
3 years ago
Tell whether the statement is TRUE or FALSE. Deregulation always leads to lower prices for the consumer.
SVEN [57.7K]
FALSE. Deregulation allows vendors or sellers to set individual prices with no regulation, therefore more likely to set higher rates.
5 0
3 years ago
David Ricardo, a nineteenth-century economist, wrote, "The price of corn is high not because a rentis paid, but a rent is paid b
pishuonlain [190]

Answer:

The correct answer is the option 3: if the price of corn rises because of increased demand for corn, land rents will rise to absorb most of the extra revenue received by tenant corn farmers.

Explanation:

To begin with, in David Ricardo's statment it is established that ''the rent is paid because the price of the corn is high'' therefore it is understandable that it is stated that <em><u>the price of the corn is not a cause of the rent but it is the opposite</u></em>, the price causes the rent due to the fact that <u><em>the rent is not a cost</em></u> that has to go within the price but the price goes first and then the rent happens. Therefore that if there it an increase in the population and that causes and<em> increase in the demand of the corn, then the price will rise and consequently the rent will rise</em> to in order to obtain the most of the extra revenue that it can.

6 0
3 years ago
While attending a staff meeting and listening to a coworker present information on the legal use of copyrighted images, Darrell
Oxana [17]

Answer:

He should tell his coworker that there is mistakes, but in a polite way.

Explanation:

hope this helps

8 0
3 years ago
Supposed you have had 10 apples. You gave 4 apples to your friend for Christmas. What portion of the initial amount did you give
shtirl [24]

Answer:

The portion of the initial amount that was given away is:

= 0.40

Explanation:

a) Data and Calculations:

Number of apples available = 10

Number of those apples given to a friend for Christmas = 4

The portion given away = 4/10 = 0.4

This represents 40% of the whole.

b) The portion given away to the friend for Christmas is a proportion of the whole.  In this case, it represents just 40% of the 10 apples.  This means that only 60% or 0.60 of the original apples are still available or on hand because 40% had been given away.

6 0
3 years ago
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