Answer:
Net income is $135,00 from the income statement.
Explanation:
In the Income Statement for a particular year, all expenses all expenses for the year are deducted from the income to arrive at net income for that year. Based this, we have:
Paradise Travel Service Income Statement For the Year Ended May 31, 2018
<u>Details ($) </u>
Fees earned 900,000
Office expense (300,000)
Miscellaneous expense (15,000)
Wages expense <u> (450,000) </u>
Net income <u> 135,000 </u>
Therefore, net income is $135,00 from the income statement.
Answer:
The answer is: B) FICA taxes withheld from employees' payroll checks should never be recorded as a liability since the employer will eventually remit the amounts withheld to the appropriate taxing authority.
Explanation:
FICA taxes (or payroll taxes) are based on an employee's salary. Both employees and employer pay FICA taxes for Social Security and Medicare. Employers withhold these taxes from their employees' paychecks, and then pays them to the Internal Revenue Service (IRS).
If the standard deviation is 20.98%. The range you should expect to see with a 95 percent probability is: -31.02 percent to +52.9 percent.
<h3>Expected range of return </h3>
Expected range of return = 10.94 percent ± 2(20.98 percent)
Expected range of return =[10.94 percent- 2(20.98 percent)]; [10.94 percent + 2(20.98 percent)]
Expected range of return =(10.94 percent- 41.96 percent); (10.94 percent + 41.96 percent
Expected range of return = -31.02 percent to +52.9 percent
Inconclusion the range of returns is: -31.02 percent to +52.9 percent.
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Answer:
in this problem, we need to calculate Gomez's accounting and economic profit. To do this, let us first classify and list the explicit and implicit costs. Revenue: Sales: $85,000 Explicit costs: Cost of one helper: $18,000 Rent: $8,000 Materials: $24,000 These are the costs that require an outlay of cash. Implicit costs: Opportunity cost of funds invested in equipment: $7,000 Gomez could have invested the funds in another asset that could earn him $7,000 Opportunity cost of working as a potter in his own shop: $20,000 Gomez could have worked as a potter for a competitor that could earn him $20,000. This is the worth of Gomez's skill as a potter. Entrepreneurial talent: $4,000 This is the worth of Gomez's talent in running the business. These costs do not require an outlay of cash. These are the implicit costs. Now, we are ready to calculate both the accounting and economic profit of Gomez. a. Calculate the accounting profit for Gomez's pottery firm. $_ Accounting profit = Total Revenue − Total Explicit Costs Accounting profit = $ 85 , 000 − ( $ 18 , 000 + $ 8 , 000 + $ 24 , 000 ) Accounting profit = $ 85 , 000 − $ 50 , 000 Accounting profit = $ 35 , 000 The accounting profit is equal to $35,000. b. Now calculate Gomez's economic profit. $_ Economic profit = Total Revenue − Total Explicit and Implicit Costs Economic profit = $ 85 , 000 − ( $ 18 , 000 + $ 8 , 000 + $ 24 , 000 + $ 7 , 000 + $ 20 , 000 + $ 4 , 000 ) Economic profit = $ 85 , 000 − $ 81 , 000 Economic profit = $ 4 , 000 The economic profit is equal to $4,000.
Answer: The department of Agriculture
Explanation:
