Companies report prior period adjustments, net of any income tax effects in the single-step income statement.
A single step income statement is one of two commonly used formats for the income statement or profit and loss statement. It uses only one subtraction to arrive at net income. On the other hand, a multi-step statement reveals the company's gross profit, which is the difference between its sales revenue and its cost of goods sold, and operating profit, which is the difference between its gross profit and its operating expenses.
Answer:
You would have $1,251 more money in second city bank than the first city bank.
Explanation:
First city bank pays 7% simple interest.
Interest = (PRT)/100
Interest = (6000 * 7 * 9)/100 = 378000/100 = $3,780
Amount in first city bank after 9 years = 6000 + 3780 = $9,780
The second city bank pays 7% interest compounded annually, so we would find the amount after 9 years.
P = $6,000
R = 7% = 7/100 = 0.07
T = 9
A = P(1 + R) ^ {t}\\
A = 6000(1 + 0.07)^ {9}\\
A = 6000(1.07)^{9}\\
A = 6000 * 1.838459212420\\
A = 11030.75527452\\
A = 11031
Amount after 9 years in second city bank = $11,031
Difference between first city bank and second city bank: 11031 - 9780 = 1251.
Answer:
If 41,000 of costs will remain, it is more convenient to maintain the gloves and mittens line. It gives the possibility to keep working, maintain workers and try to make it to positive profit.
Explanation:
Giving the following information:
Gator Corporation manufactures several types of accessories. For the year, the gloves and mittens line had sales of $480,000, variable expenses of $364,000, and fixed expenses of $150,000. Therefore, the gloves and mittens line had a net loss of $34,000. If Gator eliminates the line, $41,000 of fixed costs will remain.
Sales= 480,000
Variable expense= 364,000
Fixed expense= 150,000
Profit= -34,000
If 41,000 of costs will remain, it is more convenient to maintain the gloves and mittens line. It gives the possibility to keep working, maintain workers and try to make it to positive profit.
Answer:
b. They are not specific
Explanation:
The main problem with service quality standards such as "be nice" or "do what the customers want" is that they are not specific. An individual may think that they are being nice, while another person may take that behavior as being sarcastic or "having an attitude". The same goes for "do what the customer wants" since there are things that an employee is not allowed to do at all.
Answer:
An advertising allowance is money that a product manufacturer or service provider pays to a retailer to get the word out about their product. ... By helping the retailer pay its advertising costs, the company's advertising allowance gives the retailer an incentive to carry that product.
