Which of the following is a similarity between an industrial metrologist and a legal metrologist?

Outline the benefit of running a business

steposvetlana [31]

Answer:

Explanation:

"Owning and running your own business can be more satisfying and fulfilling than working for someone else. Many successful small business owners find they enjoy the respect they earn from their peers for having the courage to go out on their own. Power. Don't be surprised if power is one of your goals."

7 0

4 years ago

Read 2 more answers

How does revenue affect profit (also called “net profit”)? How do expenses affect profit?

Ivanshal [37]

Answer:

See below

Explanation:

1. How revenue affects Profits

Revenue is income that a business receives selling its products or from the services it provides. Income from other sources such as win in lawsuits is also revenue.

A business with high revenue is more profitable than a company with low income. For a business to make profits, its revenues must exceed its total expenditure. Profit is total income minus expenses. After the breakeven, extra sales contribute to profits. The more the sales, the higher the profits. Low revenue makes low profits.

2. How do expenses affect profit?

Expenses are costs incurred by a business in its productions and sales processes. Service providers incur expenses as they provide services to customers.

Expenses have a direct impact on profits. High costs may result in losses. Profits are realized after deducting expenses from revenues.

If the expenses are high, then profits will be minimal. Low expenses will result in high profits.

3 0

3 years ago

You have been hired as a marketing director for Terraineous, a hiking apparel and footwear company. Your most urgent problem is

Sphinxa [80]

Answer:

The answer is: People variable

Explanation:

In a traditional 4 Ps marketing mix (price, product, place & promotion), customer services is not dealt with appropriately. A more modern approach, called the 7 Ps of Service Marketing adds the process, people and physical evidence variables.

People variable refers to the task individuals perform to support the product. They include service providers, customer service, marketers, etc.

This more modern approach (proposed in 1981) is mostly used for selling services, but has gained importance with more modern and technical products.

5 0

3 years ago

On December 31, 2016, Hamilton Inc. sold a used industrial crane for $1,060,000 cash. The original cost of the crane was $5.30 m

WITCHER [35]

Answer: a) $110,000 gain

Explanation:

Book value as on date of sale=Cost - Accumulated Depreciation

=$5,300,000 - $4,350,000

=$950,000

Gain on sales =1,060,000-950,000

=$110,000.

A gain because sales proceeds was greater than the Book value;

On December 31, 2016, Hamilton Inc recorded a gain of $110,000 gain

8 0

3 years ago

Trail Runner guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately

polet [3.4K]

Answer:

1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold.

To record sales during 2018:

Dr Cash 120,000

Dr Accounts receivable 480,000

Cr Sales revenue 600,000

To record warranty liability:

Dr Warranty expense 30,000

Cr Warranty payable 30,000

To record warranty related expenses:

Dr Warranty payable 10,000

Cr Cash 10,000

Instead of cash it could have been wages payable, or repair parts inventory, but since we are not given any details, the safest thing is to assume cash payments.

2. Assume the Estimated Warranty Payable is $0 on January 1, 2018. Post the 2018 transactions to the Estimated Warranty Payable T-account. At the end of 2018 how much in Estimated Warranty Payable does the company owe?Use the T-account to determine the ending balance for the Estimated Warranty Payable account.

Ending balance of warranty payable account = $20,000

Warranty Payable

debit credit

beg. bal. 0 0

warranty liability 30,000

warranty costs 10,000

end. bal. 20,000

4 0

3 years ago