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Answer:
Net Income $ 495,000
Explanation:
The net income represent the amount that would be left after all expenses have been deducted from all the sales revenue.
$
Sales revenue 4,597,000
Cost of goods sold <u>(3,399,000)</u>
Gross profit 1,198,000
Operating expenses <u> (448,000)</u>
Profit before taxes 750,000
Taxes (34%×750,000) <u> (255,000)
</u>
Net Income <u> 495,000
</u>
Answer:
Alternative D
Explanation:
Because proprietorships are usually huge organizations that in a quantitive way is a few
Answer: The correct answer is "C) a cost that cannot be avoided because it has already been incurred.".
Explanation: Sunk costs are those costs that have already been incurred and cannot be recovered in the future.
Example: Suppose a company wants to launch a new product for which it has commissioned a market study whose cost is $ 5000.
Once the market study is obtained, the company is not convinced that the product will be successful. When analyzing the decision The first thing to recognize that the expenses incurred ($ 5000) are sunk costs, will not be recovered and therefore should not influence the decision about the product.
Cash may not include <u>accounts receivable</u>. The Option C is correct.
<h2>What is
Cash?</h2>
Cash means a money in the physical form of currency such as banknotes and coins. In accounting, cash is a current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately.
The amount of the adjustment for uncollectible accounts would be $14,060. The Option D is correct.
<h2>What is an
uncollectible accounts?</h2>
An accounts uncollectible refers to those receivables, loans or other debts that have virtually no chance of being paid. An account may be called an uncollectible for many reasons such as debtor's bankruptcy, an inability to find the debtor, fraud on the part of the debtor or lack of proper documentation to prove that debt exists.
The adjustment for uncollectible accounts is computed as follows:
= (Accounts receivable * Rate of uncollectible accounts) - Allowance for uncollectible accounts
= ($246,000 x 6%) − $700
= $14,760 - $700
= $14,060
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