Answer:
inelastic good
Explanation:
Income elasticity of demand measures the responsiveness of quantity demanded to changes in income.
If the absolute value of income elasticity of demand is greater than one, it means demand is elastic
it is inelastic if it is less than 1.
since the absolute value of elasticity this good is 0.2, the good as an inelastic demand.
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls
Inferior goods are goods whose demand falls when income rises and increases when income falls.
Supreme Court judges differ from other judge because they are nominated and chosen by congress, also they are prepared and trained to be fair since the Supreme Court is very important and very important decisions are taken there.
Answer:
AJ Manufacturing Company
Multi-Step Income Statement
For the year ended xx xx, xxxx
Revenue
Sales $160,000
Cost of Goods Sold
Variable Product cost $40,000
Fixed Product cost <u>$50,000</u>
<u>$90,000</u>
Gross Income / Income $70,000
Less: Operating Expenses
Variable Selling & Administrative costs $13,000
Fixed Selling & Administrative costs <u>$16,000 </u>
<u>$29,000</u>
Net Profit / Income <u>$41,000</u>
Explanation:
GAAP require two types of the income statements
- Single-Step Income Statement
- Multi-Step Income Statement
In single step income statement all revenue are calculated and all expense are deducted from revenue to calculate net profit.
In multi-step the expenses are classified in the product / manufacturing expense and operating expenses. First manufacturing expenses are deducted from the net revenue to calculate the gross profit and then operating expense are deducted to calculate operating / net profit / income.
Answer:
$5 million
Explanation:
Trina'sTrikes, Inc. reported following figures:
Debt Equity Ratio = 2
Total Debt = 10 million
Formula for Debt Equity ratio is as follows:
Debt Equity Ratio = Total Debt / Total Equity
2 = $10 million / Total Equity
Total Equity = $10 million / 2
Total Equity = $5 million
So the correct option is $5 million