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saw5 [17]
2 years ago
5

A firm operated at 80% of capacity for the past year, during which fixed costs were $198,000, variable costs were 66% of sales,

and sales were $1,082,000. Operating profit was a.$367,880 b.$714,120 c.$169,880 d.$135,904
Business
1 answer:
zubka84 [21]2 years ago
7 0

Answer: $169,880

Explanation:

Operating profit for a company is simply its sales less its fixed costs and variable costs:

Operating profit = Sales revenue - Variable costs - Fixed costs

Variable costs:

= 66% * 1,082,000

= $714,120

Operating profit:

= 1,082,000 - 714,120 - 198,000

= $169,880

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The answer is A, switching your cell phone off before you enter a meeting.
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Which of the following is a source that businesses use to develop standards:
ira [324]

Answer:

Suppliers

Explanation:

Suppliers are the main factor to achieve quality standards and to develop standards which lead to competitive advantage in the market. Business use suppliers to develop standards by hiring the best suppliers who give quality input or raw material. It’s all about making sure that your supplier is meeting the required standards and making sure they company with all the relevant laws.

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The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginni
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Answer:

City of Buffalo Falls

a. Journal Entries:

Beginning balances:

Jan.1, 2020 :

Description                 Debit                Credit

Cash                        $93,000

Taxes Receivable  $189,500

Accounts Payable                              $52,250

Fund Balance                                   $230,250

To record opening balances of the General Fund.

Transactions during the year:

Description                 Debit                Credit

Taxes Receivable      $1,230,000

Estimated Revenue                         $1,230,000

To record the estimated revenue for the year.

General Government  $1,227,400

Accounts Payable                            $1,227,400

To record the estimated appropriations for the year.

Property taxes receivable $915,000

Other revenue receivable $315,000

Estimated revenue                              $1,230,000

Cash Account                  $1,182,500

Property taxes receivable                     $885,000

Other revenue receivable                    $297,500

To record the cash receipts.

Contracts                                  $95,250

Accounts Payable                                      $95,250

To record contracts for services.

Debit General Government  $963,500

Credit Accounts Payable                        $963,500

To record the other expenditures.

Debit Accounts Payable      $1,092,500

Credit Cash Account                              $1,092,500

To record payment on account.

b. Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund:

Estimated Revenue   $1,230,000

less Expenditure:

Contracts                          95,250

Other expenditures       963,500

Change in fund             $171,250

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Fund balance c/f          $401,500

c. Balance Sheet for the General Fund:

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Taxes Receivable           237,000

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Property taxes                   885,000

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less Accounts payable   1,092,500

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less Receipts:

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Other revenue                 297,500

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Other expenditure        963,500

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Less payments           1,092,500

Ending balance              $18,750

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