Ilus
What are the gross sales?
Income Statement
For the Year Ended August 31, 2012
Revenues
Student Lessons
$29,520.00
Recital Sales
15,900.00
Total Revenues:
45,420.00
Expenses
Costumes and Accessories
Building Maintenance
Total Expenses:
16,700.00
11,320.00
28,020.00
*Call numbers in 000s)
Answers
The gross sales are the total amount of revenue earned before deducting any expenses. In this case, the gross sales are $45,420.00, which is the total of the revenues earned from student lessons and recital sales.
Gross sales are the total amount of revenue generated from the sale of goods or services before any deductions are made for discounts, returns, or allowances. It represents the overall performance of a business and is an important metric for measuring growth and profitability. Gross sales are usually reported on the income statement, along with the cost of goods sold and other expenses, to calculate net income or loss.
Therefore, the gross sales are $45,420.00, which is the total of the revenues earned from student lessons and recital sales.
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Related Questions
Review the following statements regarding a petty cash fund used in a business. Select the one that is correct. Multiple choice question. The cashier of a fund will write checks for small payments like postage, supplies and deliveries. Only the petty cashier is responsible for paying cash from the fund. A petty cash fund is controlled by top management. A check written against the fund is cashed when the fund is replenished.
Answers
Answer:
Only the petty cashier is responsible for paying cash from the fund.
Explanation:
A petty cash fund can be regarded as small amount of cash that is kept on hand or kept in a locked drawer which could be used in payment for minor expenses. These expenses could be office supplies expenses or reimbursements. There should be periodic reconciliations for a petty cash fund, and the transactions should also be recorded on the financial statements. As regards to petty cash fund used in a business, Only the petty cashier is responsible for paying cash from the fund.
AI Tool and Dye issued 8% bonds with a face amount of $160 million on January 1, 2018. The bonds sold for $150 million. For bonds of similar risk and maturity the market yield was 9%. Upon issuance, AI elected the option to report these bonds at their fair value. On June 30, 2018, the fair value of the bonds was $145 million as determined by their market value on the NASDAQ. Will AI report a gain or will it report a loss when adjusting the bonds to fair value? If the change in fair value is attributable to a change in the interest rate, did the rate increase or decrease? Will the gain or loss be reported in net income or as OCI?
Answers
Answer and Explanation:
A will report the gain at the time when the bond is adjusted to the fair value as there is a reduction in the far value of the liabilities that occured the gain. In the case when the fair value is changed so there is also the changed in the rate of interest due to this the rate of interest is rised.
Here A would be reported the gain in the net income as there is the change in the rate of interest due to the change in the fair value
In the case when there is the chaneg in the fair value of the bond so this is because of the change in the credit risk and the same should be shown in the statement of the comprehensive income as other comphrensive income
Among those not working, the most recent job-search activity for 2.90 million happened less than two weeks ago, while 1.72 million most recently looked for work between two and four weeks ago. An additional 0.86 million most recently looked for work five weeks ago, and the remaining 10.99 million who do not have jobs have not looked for work in the past six weeks. Round your answers to two decimal places.
Answers
Answer:
A. 24.05
B. 4.62
C. 66.99%
D. 19.21%
Explanation:
A). Calculation to determine the Laborland's total labor force
Using this formula
Total Labor Force = Employed + Unemployed
Let plug in the formula
Total Labor Force = (4.9+ 14.53) + (2.9 + 1.72)
Total Labor Force = 19.43 + 4.62
Total Labor Force = 24.05
Therefore the Laborland's total labor force is 24.05
(B). Calculation to determine the Laborland's labor force participation rate
Unemployed = 2.90 + 1.72
Unemployed = 4.62
Therefore the Laborland's labor force participation rate is 4.62
(C). Calculation to determine How many people are unemployed in Laborland
Using this formula
Labor force participation rate = Labor force / Total working age population
Let plug in the formula
Labor force participation rate= $24.05 / 35.9
Labor force participation rate= 66.99%
Therefore How many people are unemployed in Laborland will be 66.99%
(D). Calculation to determine Laborland's unemployment rate
Using this formula
Unemployment Rate = Unemployed / Labor force
Let plug in the formula
Unemployment Rate = 4.62 / 24.05
Unemployment Rate= 0.1921 * 100
Unemployment Rate= 19.21%
Therefore Laborland's unemployment rate is 19.21%
The Italy can produce 20 Gas turbines and 60 Tyres. France can produce 80 Gas turbines and 30 Tyres.
a). What is the opportunity
cost of producing Gas turbines in Italy? ______ tyres.
b). What is the opportunity cost of producing Tyres in
France ? _______ Gas turbines.
Answers
Answer:
1. 60 Tyres
2. 80 Gas Turbines
Explanation:
Given that the Opportunity cost is an economics term that is used in describing the cost of an alternative that must be forgone to continue or proceed with a certain activity.
Hence, in this case, considering the available information in the question, the correct answer is that the opportunity cost of producing Gas turbines in Italy is 60 Tyres.
At the same time the opportunity cost of producing Tyres in France 80 Gas turbines.
You purchased a call option for $3.45 17 days ago. The call has a strike price of $45, and the stock is now trading for $51. If you exercise the call today, what will be your holding-period return? If you do not exercise the call today and it expires, what will be your holding-period return?
Answers
Answer:
73.9%;-100%
Explanation:
1. Calculation to determine what will be your holding period return If you exercise the call today
First step is to determine the Forest profit
If the call is exercised
Gross profit =$51 - 45
Gross profit= $6
Second step is to calculate the Net profit
Net profit =$6 -$3.45
Net profit = $2.55.
Now let calculate The holding period return Holding period return=$2.55/$3.45
Holding period return = .739 *100
Holding period return=73.9%
Therefore If you exercise the call today, what will be your holding-period return will be 73.8%
2. Calculation to determine what will be your holding period return If you do not exercise the call today and it expires,
Holding period return= ($0 -$3.45)/$3.45
Holding period return=-$3.45/$3.45
Holding period return = -1.00*100
Holding period return= -100%
Therefore If you do not exercise the call today and it expires, what will be your holding period return will be -100%
Which expense category will most likely be changed to allow money for the purchase of a car?
O savings
groceries
Outilities
o entertainment
Answers
It is likely that the savings category will be changed to allow money for the purchase of a car.
What is saving?Saving refers to the act of setting aside a portion of income or resources for future use. It is a critical aspect of personal finance as it allows individuals to plan for their long-term financial goals and provides a safety net in case of unexpected expenses or emergencies.
Saving can be done in a variety of ways, such as opening a savings account, investing in stocks or other assets, or simply keeping cash in a safe place. The amount saved can be small or large, depending on one's income and financial goals.
Some people save for specific goals, such as a down payment on a house or a college education for their children, while others save to build an emergency fund or to save for retirement.
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Why is it hard to predict positive Moments of Reality (MORs)? A. Because they are negatively influenced by lifetime customer value. B. Because they differ by customer, and by time of year. C. Because most companies use moments of truth, which are in conflict with Moments of Reality. D.Because it is difficult to tell if a Moment of Reality is negative or positive.
Answers
Answer:
B. Because they differ by customer, and by time of year.
Explanation:
Moments of reality are hard to predict as it varies from customer to customer. All customers have different values and they rate a product or service according to their own values. Moments of reality can be positive or negative and they are influenced by customer experience.
Benny spends all of his money buying wine and cheese. The marginal utility of the last bottle of wine he bought is 60, and the marginal utility of the last block of cheese he bought is 30. The price of wine is $3, and the price of cheese is $2. Benny: Group of answer choices is buying wine and cheese in the utility-maximizing amounts. should buy more wine and less cheese. should buy more cheese and less wine. is spending too much money on wine and cheese.
Answers
Answer:
should buy more wine and less cheese
Explanation:
Marginal utility is the additional utility derived from consuming one more unit of a good
The consumption decision is to consume more units of a good that gives the higher utility per good.
Marginal utility per good = marginal utility / price of the good
Wine = 60 / $3 = 20
Cheese = 30 / $2 = 15
Wine has a higher utility per good when compared with cheese. Benny should buy more wine and less cheese
Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Nike and adidas.
Nike
adidas
Sales revenue $19,795.3 $10,675
Allowance for doubtful accounts, beginning 77.2 112
Allowance for doubtful accounts, ending 104.1 134
Accounts receivable balance (gross), beginning 2,884.3 1,740
Accounts receivable balance (gross), ending 2,952.8 1,556
(a1)
Calculate the accounts receivable turnover for both companies. (Round answers to 1 decimal place, e.g. 12.5.)
Nike
adidas
Accounts receivable turnover times times
Answers
Answer:
Accounts Receivable Turnover = Sales/Average accounts receivables
Sales revenue / [Accounts receivable balance (gross), beginning - Allowance for doubtful accounts, beginning) + (Accounts receivable balance (gross), ending + Allowance for doubtful accounts, ending) / 2
For Nike
Accounts Receivable Turnover = $19795.3/ [(2884.3-77.2)+(2952.8-104.1)/2]
Accounts Receivable Turnover = $19795.3 / $2827.9
Accounts Receivable Turnover = 7 times
For Adidas
Accounts Receivable Turnover = 10675/[(1740-112)+(1556-134)]/2
Accounts Receivable Turnover = $10675 / $1525
Accounts Receivable Turnover = 7 times
Liz would like to study abroad for a year before graduating from college. She would like to live someplace that is close to her native country of Ireland in terms of development because she will need to use the Internet for many of her classes. She can choose from programs in three countries. What could she use to measure the economic performance of the three countries
Answers
Answer:
Gross domestic productivity
Explanation:
In simple words, The monetary worth of all completed products and services produced inside a country over a certain period is known as that of the gross domestic product (GDP). GDP is a measure of a nation 's economic health that is used to determine its size as well as rate of increase.
Thus, the best option for Liz in the given case is to analyze the GDP of these countries.
Which investor is making a common error?
A) an employee of a popular hardware store who invests only in that company’s stock
B) an employee of a popular software company who invests in many similar companies
C) someone who sells the slumping stock while they are still able to make a profit based on what they paid
D) someone who buys stock in both domestic and more risky international companies
Answers
Answer:
A
Explanation:
The investor who is making a common error is an employee of a popular hardware store who invests only in that company’s stock. The correct option is A.
Who is the investor who avoided risk?Investors that are risk-averse are sometimes referred to as conservative investors. They are unable to accept volatility in their financial portfolios either by nature or by circumstance. They desire very high liquidity for their investments. That is, the money must be present in its entirety when they are prepared to withdraw it.
"Putting all your eggs in one basket" is a mistake made by this investor. They are taking a significant risk by investing just in one company's shares because the stock's performance is closely correlated with the success of that one business. The stock's value will probably decrease if the business has a downturn, which will cost the investor money.
Thus, the ideal selection is option A.
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Rita: The original purpose of government farm subsidy programs was to provide income stability for small family farmers. But most farm-subsidy money goes to a few farmers with large holdings. Payments to farmers whose income, before subsidies, is greater than $100,000 a year should be stopped.
Thomas: It would be impossible to administer such a cut-off point. Subsidies are needed during the planting and growing season, but farmers do not know their income for given calendar year until tax returns are calculated and submitted the following April.
Which one of the following, if true, is the strongest counter Rita can make to Thomas' objection?
(A) It has become difficult for small farmers to obtain bank loans to be repaid later by money from subsidies.
(B) Having such a cut-off point would cause some farmers whose income would otherwise exceed $100,000 to reduce their plantings.
(C) The income of a farmer varies because weather and market prices are not stable from year to year.
(D) If subsidy payments to large farmers were eliminated the financial condition of the government would improve.
(E) Subsidy cut-offs can be determined on the basis of income for the preceding year.
Answers
Answer: E. Subsidy cut-offs can be determined on the basis of income for the preceding year.
Explanation:
Since Thomas counters Rita's point stating that during the initial part of the season, subsidies are needed. On the other hand, the income for the year will be calculated when the year ends.
To counter Thomas, it should be noted that Rita can say that subsidy cut-offs can be determined on the basis of income for the preceding year.
Under a program called the Emissions Trading Scheme, the governments of European Union member nations establish overall targets for greenhouse gas emissions and issue __________, or permits, authorizing companies to emit certain amounts. In theory, an increase in the market clearing price of __________ should induce firms to develop methods of __________ their emissions of greenhouse gases.
A. allowances; allowances; reducing
B. vouchers; pollution; eliminating
C. allowances; allowances; eliminating
D. vouchers; pollution; reducing
Answers
Answer:
A). allowances; allowances; reducing
Explanation:
According to the Question,
Except for all other option, only option A fit better in the above definition.
What caused china's phenomenal economic growth rate over the last 30 years, and why is it likely unsustainable in the long run?
Answers
Answer:
What caused china's phenomenal economic growth rate over the last 30 years
There are many causes for China's economic miracle in recent decades.
The first cause is that China decided to open the country to foreign investment in some parts of the country, the famous Special Economic Zones, the first one having been located in the city of Shenzhen, north of Hong Kong. This flow of capital boosted inustrial growth.
The second cause is that China became a manufacturing powerhouse due to lower labor costs, reason why most developed countries outsourced a large precentage of their manufacturing sector to China.
A third cause is that the Chinese government worked closely with both domestic firms and foreign firms in specific sectors, promoting a mixed economy in between economic planning and a market economy.
why is it likely unsustainable in the long run?
China's growth is likely unsustainable in the long run because as a country develops and catches up with the advanced world, its rate of growth tends to fall due to a myriad of reason, from capital exhaustion to lower demographic growth, to a less dynamic consumer market in several sectors.
Jay recently was promoted to a management position in a firm that had been extremely bureaucratic. However, the environment changed dramatically and the new management team knew it needed to change the organization quickly if it was to survive. Jay suggested that the management team allow the employees to develop more confidence in their ability to do a good job by sharing power with them. The others on the team were skeptical, but they allowed Jay to experiment. In this situation Jay is suggesting using __________ to increase employee confidence in their ability to do the job.
Answers
Answer:
Empowerment
Explanation:
Employee management is done in different ways. Some managers prefer to take charge and instruct their reports on what to do. This approach puts a lot of pressure on the manager because his input is needed in every activity.
Another method of employee management is empowerment. This involves assigning responsibility over various aspects of the job to employees and holding them accountable for the outcome.
This way employees feel valued and their confidence grows.
Jay is trying to use empowerment to increase employee productivity by allowing the employees to develop more confidence in their ability to do a good job by sharing power with them.
Harriet Kirby, a fund raising manager at a women's rights organization, experienced a bad incident last year with the public relations manager of a banking company who had committed to sponsor a charity event. The bank backed out at the last minute. This year, when a renowned international bank executive showed interest in sponsoring the organization's upcoming annual event, Kirby rejected their participation. She felt that banks have a casual approach toward charity events and it is risky to involve them in the event. Which of the following best characterizes Kirby's decision?
A) selective perception
B) cognitive dissonance
C) self-serving bias
D) bandwagon effect
E) self-fulfilling prophecy
Answers
Answer:
A
Explanation:
selective perception is a form of bias when new information is interpreted in a way that conforms to existing values and beliefs.
What kind of inventory tracking system shows the cost and gross profit margin in each item?
Unit-control systems
Dollar-control systems
Manual tag systems
Radio frequency identification systems
Answers
Answer:
hola its jess !!
answer is here:-
Dollar-control systems show the cost and gross profit margin on individual inventory items.
hope it may help you!!
A classmate excitedly tells you of what he believes to be a good deal. He goes on and on about signing up for a free 30-day trial of ad-free music on your smartphone. You decline the offer because you have seen deals like these before. You explain that while he might be enjoying the new Selena Gomez and Miley Cyrus tracks now, he needs to be sure to cancel before the trial is up. The music company is hoping that you will feel indebted to them for all the free music that was streamed and allow the payment to process. This is one application of the
Answers
Answer:
reciprocity principle
Explanation:
A reciprocity principle is a form of socio-psychological principle in which individuals generally tend to pay back in good, and in any form of capacity for whatever favor they receive.
Hence, in this case, the music company is hoping the the "reciprocity principle" will work on consumers that subscribe to free music as they might wish to give back to the company based on consumers feeling indebted to them for all the free music that was streamed
June 1: Byte of Accounting, Inc. Acquired $78,200 in cash from lauren and issued 3,400 shares of its common stock.
Answers
Answer:
Question requires that a journal entry is done;
Date Account Title Debit Credit
June 1 Cash $78,200
Common Stock $78,200
A line cook at a restaurant was inspired to become a chef, but he lacked the necessary training. The line cook asked the chef at the restaurant if he could borrow $2,400 to take a professional cooking class. The chef agreed in a writing signed by both parties to loan him the money, provided that the line cook repaid her $200 each month for a year, beginning when the six-month class was over. The line cook made the first payment, but then missed the next two payments. The chef brought an action against the line cook prior to the time the fourth payment was due. How much is the chef entitled to in a judgment against the line cook?
Answers:
A. Nothing, because the entire loan amount was not yet due.
B. $400
C. $600
D. $2,400
Answers
Answer:
The answer is "Option B".
Explanation:
In the event of an infringement, unless the sole remaining performing duties are the violating duties of a Party as well as the fee by payments which are not mutually related, this same violation of – anti shall result throughout the infringement, whether in followed or accompanied by either a condemnation, not leading to a legal claim in full or partial contravening. Another claim for part-infringement damages is for compensation based only on the portion of the residual music rights of the wounded person. Here the cook only has the right to judge the amount due to the line cook after 2 months of payment.
Contrast how a depositor's account is classified by a bank compared to how it is classified by the account owner by completing the following sentence. A depositor's account is a(n) (liability/asset/expense) on the bank's records, but it is a(n) (liability/asset/expense) on the books of the account owner. Because of this, every time the account owner makes a deposit, the bank (debits/credits) the account owner's account.
Answers
Answer:
A depositor's account is a liability on the bank's records, but it is an asset on the books of the account owner. Because of this, every time the account owner makes a deposit, the bank credits the owner's account.
Explanation:
A liability is a debt that a person or company owes to another party, usually in the form of money. Therefore, a depositor's account shows the amount the banking is owing the depositor. This makes it a liability.
An asset is any resource that a business or economic entity owns or controls, such as money. Therefore, a depositor's account shows the amount a depositor has in the bank or the amount the bank is owing him. This therefore makes it an asset.
According to accounting principle, all assets must be debited while liabilities must credited. Since a deposit a liability to the bank, the bank credits the owner's account every time the account owner makes a deposit.
Therefore, a depositor's account is a liability on the bank's records, but it is an asset on the books of the account owner. Because of this, every time the account owner makes a deposit, the bank credits the owner's account.
Interview a business owner in your local community on the negative impact of crime on his/her business and provide evidence of the interview.
Answers
In the Sales Comparison Approach, if the subject has a better location than the comparable, the appraiser would need to adjust the comparable value: Group of answer choices down. None of these, the appraiser never adjusts the comparables. it depends. up.
Answers
Answer:
The answer is up
Explanation:
The sales comparison approach assumes that the value of a property depends on what other comparable properties are selling for in the current market. Ideally, the comparables would exactly be the same as the subject property in terms of age, size, location, view, quality etc.
So if the subject has a better location than the comparable, the appraiser would need to adjust the comparable value UP
Explain the difference between uninsured and underinsured.
Answers
A rise in stock prices and housing prices
A. increases household wealth which in turn increases consumption and leads to an upward movement along the consumption function.
B. reduces consumption due to increase in prices and causes the consumption function to shift downward.
C. increases household wealth which in turn increases consumption and leads to an upward shift of the consumption function.
D. does not affect consumption because they do not have any direct impact on disposable income.
Answers
Answer:
B
Explanation:
What are the three broad sections of a state or local government's CAFR? a. Introductory, financial, and statistical. b. Financial statements, notes to the financial statements, and component units. c. Introductory, statistical, and component units. d. Component units, financial, and statistical
Answers
Answer:
The answer is A.
Explanation:
CAFR means Comprehensive Annual Financial Report.
The CAFR has 3 sections - Introductory, Financial and Statistical
The Introductory section guides the user of the report through the report.
The Financial section presents the government's financial statements as well as notes to the statements and the independent auditors’ report.
The Statistical section provides statistical and financial data.
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Answers
Individuals produced their own goods. They then decided to specialise. They formed a group and offered their skills to each other but without the use of money. What is not likely to be the result for the group? A. It will enjoy a rise in its material standard of living. B. It will have a wider choice of goods and services. C. It will need to use a system of barter. D. It will save time in obtaining goods and services.
Answers
Answer:
It will save time in obtaining goods and services.
Explanation:
After 8 years of working for a company that installed underground sprinkling systems for golf courses, Jake was ready to venture into his own business. As he prepared his SWOT analysis, he evaluated where he stood at this time. He was fortunate to have $100,000 financing to get the business under way. He knew of three skilled installers who were willing and interested to work for him, and he was aware that new construction was at an all-time low, with several residential properties being foreclosed. In reviewing his list, you would categorize these events as __________. Multiple Choice three opportunities and one threat two strengths and one opportunity two strengths and one threat three opportunities and one weakness
Answers
Answer:
two strengths and one threat
Explanation:
Since in the given situation it is mentioned that that Jake was fortunate to have $100,000 financing also the skilled installers are willing to work but at the same time he was aware that the new construction was all time low
So here there are two strengths and one threat
In this way the events are categorized
When using supply and demand to analyze trade, one can assume that the domestic market being small relative to the world market leads to: Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices an upward-sloping domestic supply curve. a horizontal world supply curve. a vertical domestic demand curve. a downward-sloping domestic demand curve.
Answers
Answer:
a horizontal world supply curve.
Explanation:
When the supply curve is horizontal, it means that supply is perfectly elastic.
Supply is perfectly elastic, if a small change in price leads to supply falling to zero.
