Answer:
Huffman Corporation
Income Statement for the year end December 31, xxxx
Service revenue $13,900
Less: Expenses
Salaries expense $3,100
Advertising expense <u>$700 </u>
Total Expenses <u>($3,800)</u>
Net Income <u>$10,100</u>
Explanation:
Following account are the balance sheet accounts, so these are not used in the preparation of income statement.
Retained earnings 3,700
Cash $ 4,200
Equipment 10,700
Common stock 7,900
Accounts payable 2,250
I feel stressed reading this question as it has no context but the question is asking for your opinion. there really is no wrong answer
Answer:
Explanation:C. $1,000 debit to sales revenue
The discovery of oil off a nation's coast would be if it wasunexpected, a surprise economic variable and a very beneficial one at that as long as it happened before the present concerns about climate change and the use of fossil fuels plus concerns over oil spills in the ocean after the Gulf of Mexico major oil spill a few years ago.
Answer:
The price elasticity of demand is -9.00.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
The table below shows the weekly demand for machine screws at the local hardware store.
Price (dollars per pack of 100 screws) Quantity (packs of 100 screws)
$5.00 0
4.50 60
4.00 120
3.50 180
3.00 240
2.50 300
2.00 360
1.50 420
1.00 480
0.50 540
0.0 600
Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws:
The explanation of the answer is now provided as follows:
New quantity = 120
Old quantity = 60
New price = $4.00
Old price = $4.50
Using the formula for calculating the starting point method for elasticity of demand, we have:
Price elasticity of demand = ((New quantity - Old quantity) / (New price - Old price)) * (Old price / Old quantity) = ((120 - 60) / (4.00 - 4.50)) * (4.50 / 60) = -9.00
Therefore, the price elasticity of demand is -9.00.