Which answer applies to "fine print"?

last year, jarod left a job that pays $80,000 to run his own bike repair shop. jarod’s shop charges $65 for a repair, and last y

irinina [24]

The accounting profit of Jarod based on the information regarding rent, wages, etc given will be $55000.

It should be noted they the formula for calculating accounting profit will be:

= Total revenue - Explicit cost

Total revenue will be:

= $65 × 4000

= $260,000

Explicit cost is the direct cost that a business spends. This will be:

= $60000 + $120000 + $25000

= $205,000

Therefore, the accounting profit will be:

= $260000 - $205000

= $55,000

The accounting profit is $55000.

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6 0

3 years ago

Usually a company is classified as a single business firm when revenues generated by the dominant business are greater than ____

hammer [34]

Answer: A company is classified as simple business when revenues generated by the dominant business are greater than 95%.

Explanation: The advantage of having a company where its profits come from a single type of activity, is that they concentrate all their forces and can have a better competitive advantage than in the opposite case, activities are diversified. Example: A company dedicated to the manufacture of private vehicles would be simple if it only executes the manufacture of vehicles and diversified when it sells in addition to private vehicles, trucks and motorcycles.

4 0

4 years ago

A monopolistically competitive industry is characterized by a. many firms selling products that are similar but not identical. b

UNO [17]

Answer:

A monopolistically competitive industry is characterized by

a. many firms selling products that are similar but not identical.

Explanation:

A monopolistic competition is a form of imperfect competition with many firms operating in the industry. For such an industry, the goods or services are differentiated, such that one firm's goods or services can easily be associated with the producer. This is mostly achieved through branding and the use of trademarks. Each firm, therefore, competes with many other competitors, but they limit their competition by differentiating their products so that consumers would have preference for one against the other, depending on their perceived value.

7 0

3 years ago

Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchases $9,750

docker41 [41]

Answer:

The journal entries for the whole transaction are:

August 7, 202x, merchandise purchased on account, terms 1/10, n/30

Dr Merchandise inventory 9,750

Cr Accounts payable 9,750

August 11, 202x, partial return of purchased merchandise

Dr Accounts payable 1,500

Cr Merchandise inventory 1,500

August 16, 202x, invoice is paid within discount period

Dr Accounts payable 8,250

Cr Cash 8,167.50

Cr Purchase discounts 82.50

8 0

4 years ago

Flexible Budget for Assembly Department Steelcase Inc. (SCS) is one of the largest manufacturers of office furniture in the Unit

DochEvi [55]

Answer:

Results are below.

Explanation:

Giving the following formula:

Direct labor per filing cabinet= 18/60= 0.3

Direct labor rate $28 per hour

<u>The supervisor salary and depreciation will remain constant, we will not take them into account.</u>

70,000 units:

Direct labor hours= (0.3*70,000)= 21,000

Direct labor cost= 21,000*28= $588,000

80,000 units:

Direct labor hours= (0.3*80,000)= 24,000

Direct labor cost= 24,000*28= $672,000

90,000 units:

Direct labor hours= (0.3*90,000)= 27,000

Direct labor cost= 27,000*28= $756,000

3 0

3 years ago