Which are characteristics of a free market economic system?

Santos Corporation gathered the following information for the fiscal year ended December 31, 2020: Sales $1,500,000 Operating ex

kirill115 [55]

Answer:

Income from operations 380,000

Loss on sale of equipment 40,000

Pretax income 340,000

Tax at 30% 102,000

Net Income 238,000

Explanation:

1 Santos Corporation

Income statement

For the year ended December 31, 2020

Sales................................ $1,500,000

less: Cost of goods sold $960,000

Gross Profit $540,000

Less: Operating expenses 160,000

Income from operations 380,000

2 Santos Corporation

Income statement

For the year ended December 31, 2020

Income from operations 380,000

Loss on sale of equipment 40,000

Pretax income 340,000

Tax at 30% 102,000

Net Income 238,000

5 0

4 years ago

A business organized as a separate legal entity from its owners is a: Proprietor Partnership Government unit Corporation

Evgen [1.6K]

Answer:

Corporation.

Explanation:

A business organized as a separate legal entity from its owners is a corporation.

A limited liability company (LLC) can be a corporation and basically it refers to a private company in which the owners are legally responsible for the company's debts but only to the amount of capital he or she has invested. The LLC can be referred to as a hybrid business entity that combines the limited liability-shield of a corporation with the pass-through taxation of a sole-proprietorship or partnership business.

In the United States of America, the owner of a LLC is not legally liable for the company's liability or debts.

Additionally, it is very important that in the decision-making process, an organization consults a variety of its key or essential staffs such as managers, directors, stakeholders and executives. Furthermore, when the decision making process has been completed and a position taken, it is necessary that the organization communicates in clear and concise terms the details or parameters which influenced the choice to its audience such as investors, customers, employees etc.

3 0

3 years ago

Multiple Choice Question 146 Marigold Corp. assembled the following information in completing its March bank reconciliation: Bal

pishuonlain [190]

Answer:

reduce its cash account by $1875.

reduce its cash account by $410.

Explanation:

As for the information provided,

When we tally the cash balance with that of bank balance,

Outstanding checks which were already deducted in cash book will be added as yet outstanding and payment not made.

= + 3,025

Deposits in transit were already added in cash book, although yet not added to bank balance, thus deducted

= - 4,900

= +3,025 - 4,900 = - $1875

This means cash will be reduced by $1,875

Further NSF check is already added in cash but not yet added in bank = - $310

Further bank has deducted charges but in cash book not recorded thus it will be deducted now = - $100

= -$310 - $100 = - $410

7 0

3 years ago

Project A has an Internal rate of return(IRR) of 21%. Project B an IRR OF 7% Project C and IRR of 31% and Project D an IRR of 19

goldenfox [79]

Answer:

b. C

Explanation:

It is the rate at which the net present value of all cash flows will be zero. As we know that the higher the discount rate lower will be the present value. The benefit of Higher IRR is company would expect higher rate of return from that project.

Project A has an Internal rate of return(IRR) of 21%.

Project B an IRR of 7%

Project C and IRR of 31%

and Project D an IRR of 19%

Project C will be best because it has highest IRR.

4 0

3 years ago

Different customer statement types are available to suit different client situations. Heather wants to help her client send out

motikmotik

Answer: b. Open Item

Explanation:

The statement that Heather wants to help a client send out is to include unpaid invoices, unapplied payments, and Credit Memos which are essentially signs that the creditor has not been paid.

An open item statement would therefore work best because it is to include open accounts that are yet to be paid so will include all those entries described above.

8 0

3 years ago