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2 years ago

Account which shows gross profit or gross loss of the business is called

Business

1 answer:

Westkost [7]2 years ago

8 0

Answer:

Trading account

Explanation:

Preparing a trading account is the first process when drawing the financial statements of a business. The trading account is prepared using data from a firm's core trading activities. It shows profitability as a result of buying and selling or manufacturing and selling activities of a business.

The trading account shows the net revenues from the selling goods and services. It also shows the cost incurred in manufacturing or acquiring the goods meant for sale( cost of goods sold). Gross profits or gross sale is obtained by deducting the cost of goods sold from the revenues. Gross profit is when revenue exceeds the cost of goods sold. Gross loss is when the costs of goods sold are more.

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The City of Breukelen maintains a rapid transit system, which is accounted for in a proprietary fund called Breukelen RTS. Based

mestny [16]

Answer:

The City of Breukelen

Breukelen RTS

Statement of revenues, expenses, and changes in net position

For the year ended December 31, 2019

Particulars Amount$ Amount$

Revenues

Operating Revenue 3,150,000

Operating Expenses

Train operating expenses 2,430,000

Track and maintenance expenses 565,000

Depreciation expenses 325,000

Total operating expenses 3,320,000

Operating loss (170,000)

Non-Operating revenue (Expenses)

Investment income 50,000

Interest expenses 320,000

Total Non-operating (expenses) (270,000)

Loss before transfer (440,000)

Transfer from City of B 500,000

Change in net assets 60,000

Total net position (beginning) 7,430,000

Total net position (ending) 7,490,000

6 0

2 years ago

Use the cost information below for Ruiz Inc. to determine the total manufacturing costs incurred during the year: Work in Proces

ValentinkaMS [17]

Answer:

$48,100

Explanation:

Computation of total manufacturing cost incurred during the year is seen below;

Direct materials used

$13,700

Direct labor used

$27,700

Total factory overhead

$6,700

Total manufacturing cost incurred

$48,100

Therefore, the total manufacturing cost incurred during the year is $48,100

6 0

2 years ago

What is the annual cost per mile of operating a car given the following information? Item Value Annual miles driven 11,800 Gas c

GarryVolchara [31]

Answer:

Annual cost per mile of operating a car=$0.409 per mile

Explanation:

Step 1: Calculate the total cost of gas and other associated cost

Total cost of gas=price per gallon×number of gallons consumed

where;

price per gallon=$ 2.79

number of gallons consumed=24

replacing;

Total cost of gas=(24×2.79)=$66.96

Additional costs=Annual depreciation+interest+insurance+license+

repairs/oil+parking

where;

Annual depreciation=$2,500

interest=$650

insurance=$680

license=$65

repairs/oil=$370

parking=$498

replacing;

Additional costs=(2,500+650+680+65+370+498)=$4,763

Total costs=total gas cost+additional cost=(66.96+4,763)=4,829.96

Total annual operating cost=$4,829.96

Annual cost per mile=Total annual operating costs/number of miles driven

Annual cost per mile=4,829.96/11,800

Annual cost per mile=$0.409 per mile

5 0

2 years ago

Suppose a market basket of goods and services costs $400 in the base year and the consumer price index (cpi) is currently 125. t

Zigmanuir [339]

Suppose a market basket of goods and services costs $400 in the base year and the consumer price index (cpi) is currently 125. This indicates the price of the market basket of goods is now $275.

Inflation is a boom within the standard fee stage. The respectable inflation price is tracked with the aid of calculating changes in a degree called the consumer price index (CPI). The CPI tracks modifications in the cost of residing through the years. Like different financial measures it does a quite precise job of this.

The consumer price index is referred to as that index that is utilized in calculating the retail inflation within the economic system by monitoring the modifications in costs of most normally used goods and services. In other words, the patron charge index calculates the changes in the rate of a common basket of products and offerings.

The CPI tracks the change in retail fees of products and offerings which families buy for or their daily intake. To degree inflation, we estimate how a great deal CPI has accelerated in terms of percentage change over the identical length of the preceding 12 months. If expenses have fallen, it is referred to as deflation (negative inflation).

Learn more about the consumer price index here brainly.com/question/1889164

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10 months ago

The main reason for the bank mortgage collapse of 2007 can be traced to

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2 years ago

Account which shows gross profit or gross loss of the business is called​

Account which shows gross profit or gross loss of the business is called