1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Romashka-Z-Leto [24]
2 years ago
11

Net income was $503,000 in 2020, $473,000 in 2021, and $521,000 in 2022. What is the percentage of change from (a) 2020 to 2021,

and (b) from 2021 to 2022
Business
1 answer:
Butoxors [25]2 years ago
6 0

Answer and Explanation:

The computation of the percentage of change is as follows;

a. For 2020 to 2021

= (Net income in 2021 - net income is 2020) ÷ (net income in 2020)

= ($473,000 - $503,000) ÷ ($503,000)

= -5.96% decrease

b .For 2021 to 2022

= (Net income in 2022 - net income is 2021) ÷ (net income in 2021)

= ($521,000 - $473,000) ÷ ($473,000)

= 10.15% increase

In this way it is calculated

You might be interested in
ASC 480-10 provides guidance on determining whether (1) certain financial instruments with both debt-like and equity-like charac
Aliun [14]

Answer:

. Redeemable shares.

• Redeemable noncontrolling interests.

• Forward contracts to repurchase own shares.

• Forward contracts to sell redeemable shares.

• Written put options on own stock.

• Warrants (and written call options) on redeemable equity shares.

• Warrants on shares with deemed liquidation provisions.

• Puttable warrants on own stock.

• Equity collars.

• Share-settled debt (this term is used to describe a share-settled obligation that  is not in the legal form of debt but has the same economic payoff profile as debt).

• Preferred shares that are mandatorily convertible into a variable number of common shares.

• Unsettled treasury stock transactions.

• Accelerated share repurchase programs.

• Hybrid equity units.

Explanation:

ASC 480-10 is used when an issuer, in the declaration of its financial position, has to categorize some financial instruments that share the characteristics of liabilities and equities. The issuer always classifies legal-form debt as liability and this makes it not applicable under the ASC 480-10.

Under the ASC 480-10, three types of financial instruments are meant to be classified and they include;

1. Mandatorily redeemable financial instruments

2. Obligations to repurchase the entity’s equity shares by transferring assets, and

3.Certain obligations to issue a variable number of equity shares

6 0
3 years ago
Trainers at Lako Systems try to maximize the transfer of learning by demonstrating processes on the manufacturing floor rather t
Effectus [21]

This approach by trainers at Lako Systems trying to maximize the transfer of learning by demonstrating processes on the manufacturing floor rather than just describing them is known as Transfer of training.

<h2>What is transfer of training?</h2>

Applying knowledge and abilities learned during training to a specific job or role is known as transfer of training.  

Transfer of training, for instance, happens when a worker applies the safety habits they learned in the classroom to their workplace.

The theory of transfer of training describes the positive, zero, or adverse performance results of a training program. It is a specific application of the theory of transfer of learning.

Many firms now strive to achieve the positive transfer of training, or the improvement in work performance attributable to training.

 Training methods, workplace dynamics, and trainee characteristics all play a role in achieving this objective of positive transfer.

Learn more about transfer of training here:

brainly.com/question/4203046

#SPJ1

7 0
2 years ago
Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $75,600, $294,000, and $470,400, r
MA_775_DIABLO [31]

Answer:

salary allowances of $83,600 to Mo, $62,700 to Lu, and $94,500 to Barb; interest allowances of 10% on their initial capital investments; and the balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb.

net income $498,000, total distributions:

  • Mo = $83,600 + (20% x $257,200) = $135,040
  • Lu = $62,700 + (40% x $257,200) = $165,580
  • Barb = $94,500 + (40% x $257,200) = $197,380

First we need to close Income Summary account to each partner's capital account:

December 31, 202x

Dr income summary 498,000

    Cr Mo Meek, capital 135,040

    Cr Lu Ling, capital 165,580

    Cr Barb Beck, capital 197,380

then we close the drawings accounts to the capital accounts of each partner:

December 31, 202x

Dr Mo Meek, capital 39,300

    Cr Mo Meek, drawings 39,300

Dr Lu Ling, capital 53,300

    Cr Lu Ling, drawings 53,300

Dr Barb Beck, capital 69,300

    Cr Barb Beck, drawings 69,300

3 0
3 years ago
Hunkins Corporation has provided the following data concerning last month's operations. Purchases of raw materials $ 33,000 Indi
nalin [4]

Answer:

Cost of goods manufactured $ 159,000

Explanation:

Direct materials:

Beginning raw materials inventory $ 14,000

Add: Purchases of raw materials 33,000

Total raw materials available 47,000

Less: Ending raw materials inventory 20,000

Raw materials used in production 27,000

Less: Indirect materials included in manufacturing overhead 4,000 23,000

Direct labor 58,000

Manufacturing overhead cost applied to work in process 91,000

Total manufacturing costs 172,000

Add: Beginning work in process inventory 57,000

Total 229,000

Less: Ending work in process inventory 70,000

Cost of goods manufactured $ 159,000

Therefore the direct materials cost for the month on the Schedule of Cost of Goods Manufactured is $159,000

8 0
3 years ago
A residential property is greatly diminished in value because of the constant noise of jets taking off from a recently expanded
djverab [1.8K]

Answer:

A residential property is greatly diminished in value because of the constant noise of jets taking off from a recently expanded municipal airport. In order to be compensated for this loss, the owner could:

B.bring a suit alleging inverse condemnation

Explanation:

A law suit is a claim or legal problem taken to a court of law by an individual or organization rather than the authorities for a legal decision to be made. In the case above, the residential property diminished in value after constant noise of jets taking off from a recently expanded municipal airport. The loss in value is as a result of the recently expanded municipal airport and the property owner wants to be compensated for this loss.

In law, there are different terminologies and phrases that have specific meaning, some of them are as follows;

1. Inverse condemnation

Inverse condemnation is a case where a government entity takes private property or influences the value of that private property in one way or another then fails to compensate. In our case, this law suit can apply since the municipal airport is under the jurisdiction of the government and there action of expanding the airport caused a decline in value of neighboring residential property thus they should compensate the owner for this loss. The owner can bring a suit alleging inverse compensation.

3 0
3 years ago
Other questions:
  • Define what the income statement reports by completing the following sentence: The income statement describes a company's Blank
    8·1 answer
  • Leah and santana have been requested to print a daily report of scheduled activities. their supervisor needs to know if each par
    13·1 answer
  • Residence halls are typically found at all of the following schools except
    9·1 answer
  • What benefits does osha offer
    14·1 answer
  • If fixed costs increase, the break-even point in units will
    8·1 answer
  • Differentiate between manmade and natural attraction​
    15·1 answer
  • Tucan Company manufactures a product requiring 0.5 ounces of platinum per unit. The cost of platinum is approximately $300 per o
    11·1 answer
  • Consider the following premerger information about Firm X and Firm Y:
    11·1 answer
  • Discuss the limitation of<br>division of labour and<br>Specialization​
    5·1 answer
  • Ever since Damien interned at an accounting firm the summer after his freshman year of college, he’s wanted to become a CPA work
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!