The cat ____ the food. A. eat b. drink c. up d. run

Situation 22-4 Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $200,000 in total revenues and paid $1

prisoha [69]

Answer:

Economic profit= $25,000

Explanation:

Giving the following information:

Last year he earned $200,000 in total revenues and paid $125,000 to his employees and suppliers.

Job offer= $50,000 per year

The economic profit takes into account the opportunity cost of other options.

Economic profit= 200,000 - 125,000 - 50,000

Economic profit= $25,000

4 0

3 years ago

At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $ 901,000 Credit sales 30

Anon25 [30]

Answer:

Please find the detailed answer in the explanation section.

Explanation:

A. 4% of credit sales

Bad Debts Expense is 4% of $301,000

0.04 x $301,000

=$12,040

Adjusting entry

Dec. 31

Dr Bad debt expense $12,040

Cr Allowance for Doubtful allowance $12,040.

B. 2% of total sales

Total sales = cash sales + credit sales

$ 901,000 + $ 301,000

=$1,202,000

Bad Debts Expense is 2% of 1,202,000

0.02x $1,202,000

=$24,040

Adjusting entry

Dec. 31

Dr Bad debt expense $24,040

Cr Allowance for Doubtful allowance $24,040.

C. 7% of year-end accounts receivable.

Unadjusted balance is $5,100

Estimated balance = $8,820(7% of $126,000)

Adjusted balance is $13,920($5,100 + $8,820)

Adjusting entry

Dec. 31

Dr Bad debt expense $8,820

Cr Allowance for Doubtful allowance $8,820

5 0

3 years ago

Magpie Corporation uses the total cost concept of product pricing. Below is the cost information for the production and sale of

skelet666 [1.2K]

Answer:

Correct answer is C. $ dollars.

Calculation:

Rate of Retun PU = (21%*605,000)/58,700 = 2.16

Fixed factory overhead PU = 38,500/58,700 = 0.66

Fixed selling and administration PU= 8000/58,700 = 0.14

Variable DM PU = 5.17

Variable Labour PU = 1.88

Variable FOH PU = 1.33

Variable selling and Admin PU = 4.5

By adding all above mentioned per unit cost we get 15 dollars aprox

so

Correct answer is 15 dollar.

3 0

3 years ago

On the food label for a package of crackers, what does a 15 percent daily value for iron mean?

Tanya [424]

A 15% percent daily value for iron means that one serving of the cracker provides 15 percent of the iron that the average person needs each day.
The Daily Value or the DVs for short is an indicator that shows information about the nutrient that can be provided in one serving of the food for an average person. The average person is a healthy adult who consumes exactly 2000 calories a day which became an indicator basis for The Daily Value.

6 0

3 years ago

Read 2 more answers

A ______________________ is created each time the federal government spends more than it collects in taxes in a given year.

Vlad [161]

Answer:

Budget deficit / Fiscal deficit

Explanation:

At the start of the year, every government prepares a budget e.g. all sources of revenue (direct taxes, indirect taxes, aids etc) and projected expenses are also mentioned (development of society, defense etc.).

When a government spends more than its revenue from taxes so it means that government is running a budget deficit or a fiscal deficit which are covered through fiscal measures by government e.g. increasing taxes or reducing public spending.

8 0

4 years ago