Answer:
Take your gross sales revenue for the accounting period and subtract discounts, allowances and returns. This gives you net sales. Subtract the cost of goods sold from net sales and you get gross profit. In some cases, this might be a gross loss
High employment is a good way to keep our economy healthy, along with price stability. An example of price stability would be the following:
Someone would steal an item at a store. They keep coming back to steal more and more until the store begins to notice. This makes paying workers more difficult, as there isn't much profit to be made with the limited stock. This makes workers quit, causing less cash flow into the economy,.
When we make bad financial decisions our economy is effected in the following ways:
Someone could take a loan, become unable to pay it back, and get into a financial debt. It becomes worse and uncontrollable the longer it goes unpaid. Eventually this debt may lead to bankruptcy.
Answer: $35 million (nearest whole million)
Explanation:
To calculate the current year's tax Payable we will start by ascertaining the Net Taxable income.
Fema Corporation did not account for the net operating loss carryforward of $81 million in the $200 million pretax accounting and taxable income for the current year so we have to do that.
Doing that would be,
= $200 million - 81 million
= $119 million
This is the Net Taxable Income.
We will then use the NEW tax rate which was effected immediately to determine the new Tax Payable,
= $119 million * 0.29
= $34.51 million
= $35 million (nearest whole million)
Answer:
"1"
Explanation:
Generally accepted auditing standards are established rules and procedures guiding the conduct of an accountant during the audit of the financial statements of an organization.
It helps to confirm the quality of audit reviews conducted and reports generated by the auditor.
It covers field work , general standards and reporting.
It requires the auditor to have technical training and skills , due professional care and be objective in his engagements as an auditor.
Answer:
Break-even point in units= 100,000 units
Explanation:
Giving the following information:
Your variable costs to produce each bottle is $1.
Your fixed costs are $100,000/year.
How many bottles must you sell at $3/bottle to cover your fixed costs and earn your target profit of $100,000
<u>To calculate the number of units to be sold, we need to use the following formula:</u>
<u></u>
Break-even point in units= (fixed costs + desired profit)/ contribution margin per unit
Break-even point in units= (200,000) / (3 - 1)
Break-even point in units= 100,000 units
