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2 years ago

1) Explain the following terms used in trading account cross profit, Gross loss carriage

Business

1 answer:

LuckyWell [14K]2 years ago

4 0

Cross Profit :

The profit a company makes after deducting all costs associated with creating and selling its products or services is known as gross profit. By subtracting the cost of goods sold (COGS) from total sales, you may compute gross profit.

Gross Loss Carriage :

the entire sum of a company's losses from various operations in a given period, even if some of these activities are profitable: The corporation announced a second-quarter gross loss of $17.15 billion today.

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During the current year, Comma Co. had outstanding: 25,000 shares of common stock; 8,000 shares of $20 par, 10% cumulative prefe

Sergeu [11.5K]

Answer:

The Comma’s basic earnings per share for the current year was $7.36

Explanation:

The computation of the earning per share is shown below

Earning per share = (Net income - preferred dividend) ÷ (Number of shares)

where,

Net income is $200,000

Preference dividend = Number of shares × price per share × rate

= 8,000 shares × $20 × 10%

= $16,000

And, the number of outstanding shares is $25,000

Now put these values to the above formula

So, the value would equal to

= ($200,000 - $16,000) ÷ (25,000 shares)

= $184,000 ÷ 25,000 shares

= $7.36 per share

3 0

3 years ago

On January 1, the Sleepy Monk Coffee Shop paid $39,000 for a full year of rent beginning on January 1. The rent payment was appr

Anit [1.1K]

Answer:

Debit Rent expense and credit prepaid rent for $3,250.

Explanation:

When rent is paid in advance, cash is exchanged for another asset known as prepaid expense. This entry is recorded as

Debit Prepaid expense

Credit Cash account

As the rent is used up, the entries required are;

Debit Rent expense

Credit Prepaid expense

Hence as at January 31, rent expense incurred

= 1/12 × $39,000

= $3,250

4 0

4 years ago

An officer participates in litigation against the CPA firm. This is an example of which type of threat to compliance with which

Shkiper50 [21]

Answer: An officer participates in litigation against the CPA firm. This is an example of Adverse interest.

Explanation:

This is an example of Adverse interest. Adverse here means against the interest of others. This type of interest in mostly found in case of property disputes. Like if a person has illegally occupied someone else's property than his interest in that property will be adverse the interest of the real owner of that property.

Similarly here an officer is participating in legal action against CPA firm,The interest of an officer will be an adverse.

7 0

4 years ago

Suppose the equilibrium price of textbooks is $40 a textbook. At that price, quantity of textbooks demanded and supplied is 20,0

Allisa [31]

Answer:

elasticity of demand is 2.16. Consumers pay a smaller portion of the tax

Explanation:

Elasticity of demand measures the responsiveness of quantity demanded to changes in price.

Elasticity of demand = percentage change in quantity demanded / percentage change in price

(2/19)(2/41) = 2.16

When the coefficient of elasticity is greater than 1, demand is elastic.

Elastic demand means that a small change in price leads to a greater change in quantity demanded.

Because demand is elastic, more of the burden of the tax falls on producers and consumers pay a small portion of the tax.

I hope my answer helps you

8 0

3 years ago

According to the tort doctrine of ________, any time an employee is liable for tortious acts in the scope of employment, the emp

My name is Ann [436]

According to the tort doctrine of respondeat superior , any time an employee is liable for tortious acts in the scope of employment,

<h3>What is tortious acts?</h3>

Tortious acts is an act that occur when a person is harm as a result of another action which inturn lead to legal liability for the person who committed the act.

Hence, Respondeat superior stated that an when an employee is liable for committing tortious acts the employer is as well liable for the same act.

Learn more about Tortious acts here:

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7 0

2 years ago

1) Explain the following terms used in trading account cross profit, Gross loss carriage ​

1) Explain the following terms used in trading account cross profit, Gross loss carriage