A rightward shift of the market demand curve for mp3 players, ceteris paribus, causes equilibrium price to increase and equilibrium quantity to increase.
When a demand factor other than price changes, the demand curve will alter. It happens when the supply of goods and services increases or decreases despite no change in price.
reasons of a commodity's demand curve shifting to the right include:
Rise in consumer incomes: When consumer incomes rise, demand for regular items typically rises at the same price. As a result, the commodity's demand curve changes to the right, indicating an increase in demand.
Price increase for a substitute product: When an item's price goes up, demand for the substitute good increases at the new price. As a result, the good's demand curve shifts to the right, indicating an increase in demand.
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flitter reported net income of $17,500 for the past year. at the beginning of the year the company had $200,000 in assets and $50,000 in liabilities.by the end of the year, assets had increased to $300,000 and liabilities were $75,000. calculate its return on assets:
The return on assets is calculated to be 7% if the reported net income for the past year was $17,500
To determine the return on assets, we first calculate the average total of assets as follows;
Average total assets = (Opening assets + Closing assets) ÷ 2
Substituting the given value of opening and closing assets in this equation;
Average total assets = ($200,000 + $300,000) ÷ 2
Average total assets = $500,000 ÷ 2
Average total assets = $250,000
Now we can calculate the return on assets by using the following formula;
Return on assets = Net income ÷ The total average assets
Substituting the values of net income and total average assets;
Return on assets = 17,500 ÷ 250,000
Return on assets = 0.07
Converting it into percentage;
Return on assets = 0.07 × 100 = 7%
Therefore, the return on assets is calculated to be 7% if by the end of the year, assets had increased to $300,000 and liabilities were $75,000.
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kit kat is a candy bar that is sold around the world. but kit kats are not the same in every geographic location. in japan, for example, you can buy green tea and sweet potato kit kats. in england, you can buy hazelnut kit kats, and in the united states, you can buy big kats, or larger versions of the candy. each country is seen as having their own unique culture, and therefore their own need for special products. what kind of worldview would you say kit kat has? geocentric polycentric ethnocentric regiocentric
Kitkat has taken a polycentric approach to selling candy bars in different parts of the world
The company offers products that are specially suited for the local market and adjusts its marketing strategy accordingly. The key to successfully marketing the product in that nation is to respect its values. The antithesis of ethnocentrism is this strategy. With this strategy, the company typically assumes that the international market is unique from the home market. For instance, Pizza Hut sells sweet potato-stuffed crusts in South Korea and squid and seaweed on its pizzas in Japan to cater to local tastes. The company thoroughly respects the nation's values, including its culture, religion, and customs.
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the production manager wanted to check the effect of reducing the price of model rdb so that the new contribution to profit is $100 per unit. a colleague said that this cannot be determined using the above output from excel and that the model needs to be re-run with the new contribution profit of $100. do you agree or disagree? explain.
The production manager can assess the model RBD's impact. It has to utilize model RBD for that.
A Reliability Block Diagram is a technique for simulating how the breakdown of one component or subsystem might result in the failure of the entire system. A system's availability may be predicted using reliability block diagram analysis, and the important components can be identified.
Equipment failure rates, operating philosophies, and maintenance strategies can all be quantitatively evaluated in terms of the effect they are anticipated to have on the system using reliability block diagrams (RBDs), which are a way of representing a system, including its subsystems and components, as a series of blocks.
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sally is a member of a work team at computers-r-us corporation. she often proposes new solutions to team problems. this is an example of which task specialist role?
The specialist role Sally is depicting here is initiation by proposing new solutions to team problems.
What is task specialist role and what role is depicted by Sally?Specialist role is kind of role assigned and performed by expected employees in the company.Here Sally is a member of a work team at computers-r-us corporation, and proposing new solutions.Computers-r-us corporation is an information technology company dealing with IT industry.Sally is depicting the initiation task specialist role in the company , by proposing new solutions.Hence, the specialist role Sally is depicting here is initiation by proposing new solutions to team problems.To know more about work team visit:
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you manage an equity fund with an expected risk premium of 13% and a standard deviation of 44%. the rate on treasury bills is 6.6%. your client chooses to invest $90,000 of her portfolio in your equity fund and $60,000 in a t-bill money market fund. what is the reward-to-volatility (sharpe) ratio for the equity fund? (round your answer to 4 decimal places.)
If your client chooses to invest $90,000 of her portfolio in your equity fund and $60,000 in a t-bill money market fund. The reward-to-volatility (sharpe) ratio for the equity fund is: 0.2954.
Reward-to-volatility (sharpe) ratioUsing this formula to determine the reward-to-volatility (sharpe) ratio for the equity fund
Reward-to-volatility (sharpe) ratio = Portfolio risk premium / Standard Deviation
Where:
Portfolio risk premium = 13%
Standard Deviation = 44%
Let plug in the formula
Reward-to-volatility (sharpe) ratio = 13% / 44%
Reward-to-volatility (sharpe) ratio = 0.2954
Therefore we can conclude that 0.2954 is the sharpe ratio.
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How does the author develop the idea that the current high-tech toilet design may someday be affordable for consumers?.
This is why the nuances of the toilet and bath design are so important—the right floor layout and bath/toilet design guarantee adequate walking space, storage space, and general flow.
What are the features of modern toilets?Modern toilets may incorporate innovative features such as concealed tramways, touchless flushing, one-piece construction, or a removable seat for quick and easy cleaning. In the United States, two-piece toilets with a separate tank that bolts to the bowl are the most prevalent.
Almost all high-tech toilets include a remote control that allows you to operate and customize the toilet's functionality. You can't yet turn on the TV from the bathroom, but you can adjust your Bluetooth music and use bidet functions like the seat warmer.
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24. refer to charholi december 31, 2019 income statement shown below. charholi began 2019 with a taxes payable account balance of $7 million. if it ended 2019 with a taxes payable account balance of $10 million, how much did it pay in taxes in 2019? $12.6 million $18.6 million $22.6 million $25.6 million
In 2019, Charoli paid taxes of $12.6 million as per the given income statement
Taxes payable account balance at the beginning of 2019 = $7 million
Taxes payable account at the end of 2019 = $10 million
As per the given question:
The tax expense in the income statement for the year = $15.6 million
But, there has been an increase in the tax payable during the year from $7 million to $10 million.
This means that $3 million of taxes have not been paid this year.
Hence, the final tax paid by the company is = 15.6 - 3 = 12.6 million
Option 1. is the correct answer
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if an economy is currently in short-run equilibrium where the level of real gdp is greater than potential output, then in the long run, one will find:
In the long run, an economy that is currently in short-run equilibrium, where real GDP is greater than potential output, will: The economy will return to its potential real GDP if nominal wages rise and the SRAS curve moves left.
When the economy is in short-term equilibrium, what happens?
An economy is in short-run harmony when the total measure of result requested is equivalent to the total measure of result provided.
In the short term, what happens to the price level and real GDP?
The Short-Run Aggregate Supply Curve (SRAS) The SRAS curve indicates that an economy's real GDP will rise as the price level rises and you move along the SRAS.
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belle co. has beginning inventory of 12 sets of paints at a cost of $1.50 each. during the year, the store purchased 7 at $3.00, 8 at $3.25, and 12 at $3.50. by the end of the year 31 sets were sold. using the lifo method, the cost of ending inventory is:
Using the LIFO method, the cost of ending inventory of Belle company is $12.00.
Belle Co. also bought an additional 27 goods, totaling a total of 58. Specifically, 27 is equivalent to 7 + 8 + 12. The phrase "Last In First Out" refers to the idea that the items that were purchased last should be used up first.
31 units were sold by the business. There are only 8 sets of paint for $1.50 because 27 of them have already been newly acquired, and 4 came from the initial inventory.
The cost of the ending inventory is,
I = 8($1.5) = $12
The inventory system known as LIFO stands for Last In, First Out. This implies that the price of the most recent inventory purchase serves as the basis for determining the price of the goods sold.Learn more about Last In First Out, here
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martina invested her savings into her business when she started it. later she added more capital, and she has kept some of her profits. together, these are known as a. owners' equity. b. accrued expenses. c. owners' long-term debt. d. debt capital.
Martina invested her savings into her business when she started it. later she added more capital, and she has kept some of her profits. together, these are known as owners' equity.
Owner's equity, also known as net assets, is the owners' claim to the business's assets after all liabilities have been settled. In other words, the surplus funds would be regarded as owner's equity if the company's assets were liquidated to pay creditors. Owner's equity is a general phrase for an equity account, however sole proprietorships are the ones who utilize it the most frequently. While corporations refer to shareholders' equity, partnerships often refer to their equity accounts as members' equity.
The owner's equity formula is made up of a number of different elements. Owner's capital is the long-term account that keeps track of the total balance of withdrawals, contributions, income, and losses. The next few factors will determine whether this balance is good or negative.
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in a perpetual inventory system, which of the following statements are true? (check all that apply.) multiple select question. the purchaser should record freight-in as an asset, inventory. the purchaser should record freight-in as a selling expense. the seller should record freight-out as a selling expense. the seller should record freight-out as cost of goods sold.
In a perpetual inventory system, the statements that are true statements includes:
The seller should record freight-out as a selling expensethe purchaser should record freight-in as an asset, Inventory.What is a perpetual inventory system?In accounting, a perpetual inventory means the method that continuously records inventory changes in real time with computerized point-of-sale systems by removing the need for physical inventory checks. This perpetual inventory provides a detailed view of changes in inventory with immediate reporting of the amount of inventory in stock and accurately reflects the level of goods on hand.
Going forward, the system of perpetual inventory is a program that continuously estimates your inventory based on your electronic records, not a physical inventory and starts with the baseline from a physical count and updates based on purchases made in and shipments made out.
In conclusion, the advantages of a perpetual inventory system are real-time updates, more exact forecasts but we must be aware of the disadvantages and its drawbacks includes lost items, scan errors, theft, hacking, etc.
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when a firm wants to borrow directly from the public to finance the purchase of new equipment, it does so by selling shares of stock. a. true b. false
A company sells bonds when it wants to borrow money directly from the public to pay for new equipment.
When a company has financial difficulties, bondholders are compensated first. Private savings must be $12,500 if investment in an imaginary closed economy is $10,000 and the government has a $2,500 deficit.
If the government increased the tax on savings interest income, what would happen to the market for loanable funds?
Savings become less appealing if interest income is taxed. This will prompt a decrease in saving and subsequently, the stockpile of loanable assets.
Which of these factors determines the amount of money available for loans?
Savings provide the source of available funds for loans. Borrowing drives the demand for funds that can be loaned. The real interest rate and the amount of money loaned are determined by the interaction between the demand for loans and the supply of savings.
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business level strategies group of answer choices are concerned with how single business companies choose strategies. pertain to the operation of multiple businesses. include only the generic strategies. are concerned with how companies choose their mixtures of different businesses.
Business level strategies are concerned with how companies choose their mixtures of different businesses.
A business uses its business-level strategy to develop a competitive edge in specific product markets by leveraging its core competencies. It is an interconnected and consolidated succession of engagements and activities. It reveals the choices the business has made in terms of how it intends to compete in particular product markets.
A business-level strategy's secondary objective is to set the firm apart from its competitors. In order to distinguish itself from competitors, a firm must determine if it wants to carry out duties in a unique way or altogether in a new way. This strategy establishes the course that determines the focus of the actions that organization leaders should take.
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thornton universal sales' cost of goods sold (cogs) average $2,000,000 per month, and it keeps inventory equal to 50% of its monthly cogs on hand at all times. using a 365-day year, what is its inventory conversion period? a. 14.4 days b. 16.7 days c. 13.0 days d. 15.2 days e. 11.7 days
The inventory conversion period will be 15.2 days
Cost of goods per month = $2,00,0000
Calculating the cost of goods for a year -
= 12 × 2000000 ( There are 12 months in a year)
= $24,00,0000
Since inventory is 50% of monthly COGS
Therefore,
Average inventory
= 50 % of 2,00,0000
= $10,00,000
Calculating COGD per day -
= 24,00,0000/365 ( There are 365 days in a year)
= 65753.42
Calculating inventory conversion period -
Average Inventory/COGS per day
= 10,00,000/65753.42
= 15.20
The inventory conversion period will be 15.2 days
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suppose that the united states is a large country. in fall 2009, the united states imposed tariffs on tires imported from china. the deadweight losses of these tariffs were larger than the terms-of-trade gains to the u.s. economy. who was better off and who was worse off as a result of these tariffs?
U.S. tire producers were more accepting of U.S. customers and Chinese tire producers were more threatened.
What is Deadweight losses?The difference in production and consumption of any given product or service, including government tax, is referred to as deadweight loss in economics. When the quantity produced relative to the amount consumed differs from the optimal concentration of surplus, the presence of deadweight loss is most commonly identified. A deadweight loss is a societal cost caused by market inefficiency, which occurs when supply and demand are not in balance. Deadweight loss, which is most commonly used in economics, can be applied to any deficiency caused by inefficient resource allocation. A deadweight loss is an economic inefficiency caused by a supply-demand imbalance.To learn more about deadweight losses, refer to:
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the large-group model of organizational development . a. seeks information from the organization and the environment b. focuses on a specific problem c. seeks incremental change d. limits the distribution of information
The correct option is a. seeks information from the organization and the environment .
The required details about organizational development is mentioned in below paragraph.
An approach to system change within an organization that is focused on objectives is called organization development. The ability to create and maintain a new intended condition for the entire organization is provided by organizational development. OD, or organizational development, is the practice of enhancing and developing organizational processes. Understanding how to maximize the potential, efficacy, and capability of both individuals and organizations is the goal. Industrial/organizational psychology and adult developmental psychology are combined in the study of OD. In order to persuade employees to make the needed changes, organizational development places a strong emphasis on improved communication. Employee development is necessary since markets and industries are always changing.
In order to satisfy changing market demands,organizational development forces a business to continually improve personnel skill levels.
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the average time it takes a business to convert cash to inventory, inventory to accounts receivable, and accounts receivable back to cash is commonly called the
The term "operating cycle" refers to the typical period it takes for a business to convert cash to inventory, inventory to accounts receivable, and accounts receivable back to cash.
What is a company's operating cycle?The number of days it takes for a company to receive inventory, sell it, and get paid for it is referred to as an operating cycle (OC). This cycle has a crucial role in defining a company's efficiency.
What is the typical operating cycle length?The following elements make up the operating cycle: the ratio of inventory turnover to days of sales in inventory (365 days), to the typical amount of time it takes to collect (365 days/accounts receivable turnover ratio)
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The complete question is:
"the average time it takes a business to convert cash to inventory, inventory to accounts receivable, and accounts receivable back to cash is commonly called the _________ cycle.
on september 1, your calendar year company rents a machine to another firm for $24,000 a year. as of december 31, $17,000 has been received and recorded in rent revenue. what adjusting entry do you record at year-end?
Annual rent revenue = $24,000
Rent revenue for 4 months from September to December = 24,000 x 4/12
= $8,000
Rent revenue has been credited by $15,000. Thus, adjusting the entry on December 31 will be as under:
Journal
Dec. 31 Rent revenue 7,000
Unearned rent revenue 7,000
Revenue is the total quantity of financial gain generated by the sale smarts|of products} or services concerning the company's primary operations. Revenue, additionally referred to as gross sales, is usually named because the "top line" as a result of it sits at the highest of the income statement. When examining revenue vs income you must recognize that “revenue” refers to the entire amount of cash an organization generates before removing any expenses.“Income”, on the opposite hand, is up to revenues minus the prices of doing business, equivalent to depreciation, interest, taxes, and other expenses. Revenue and profit are each good signs for your business, but they're not interchangeable terms. each represents a very important thanks to perceive your business. Revenue describes income generated through business operations, whereas profit describes lucre when deducting expenses from earnings.
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despite the fact that conventional mortgages offer fixed payments, some borrowers will select an adjustable rate mortgage over a conventional mortgage because:
Despite the fact that conventional mortgages offer fixed payments, some borrowers will select an adjustable rate mortgage over a conventional mortgage because "the adjustable rate mortgage features lower starting payments".
Adjustable-rate mortgages (ARMs), often known as variable-rate mortgages, feature an interest rate that fluctuates based on changes in a comparable financial index linked to the loan. In general, if the index rate rises or falls, your monthly payment will rise or fall.ARMs, on the other hand, expose borrowers to increased monthly payments once the introductory term expires. The interest rate will then alter at regular periods, usually every year or six months.The ARM can be adjusted. So, while it may start off cheaper, it is not certain to stay that way. In fact, if your interest rate rises, your payments could skyrocket. You may end up with significantly higher overall interest costs than if you had taken out the fixed-rate loan.Thus this is the meaning of mortgage.
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which of the following is a deduction for agi? a.child support payments. b.medical expenses. c.loss on the sale of a personal residence. d.contributions to a traditional individual retirement account.
The option that would be the deduction for the AGI would be contributions to a traditional individual retirement account.
What is meant by AGI deductions?This is the term that is used as the acronym that helps in the representation of what is the adjusted gross income. The AGI is the gross income that would be made minus the amount that is the adjustments that have to be made to income.
This has to do with the income of a person the retirement distributions that a person would have as well as the business income.
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While the practice of forming an o with the thumb and index finger indicates ok in american culture, in japan it means __________.
The sign that is used for OK in the United States (a thumb and an index finger form a circle, other fingers are stretched out) means “money” in Japan.
For most English-speaking countries, the Ok gesture of America denotes permission, agreement, and that everything is fine. In Japan, the one-handed ring expression is used to represent money, and the circular shape of the fingers represents a coin. The sign is sometimes used to avoid verbal awkwardness when discussing or requesting money. In other contexts, it may imply a bribe or other illegal financial transactions, or it may indicate an open invite to enter into business negotiations.
In other parts of the world, the sign can also be used to express money, banking transactions, wealth, or the cost of an item.
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The part of staffing that involves seeking out and attracting qualified potential job candidates is called.
Recruitment is the part of staffing that involves seeking out and attracting qualified potential job candidates.
What is recruitment?The entire process of finding, sourcing, screening, shortlisting, and interviewing individuals for positions (either permanent or temporary) within an organization is known as recruitment. The procedures used to select people for unpaid employment are often known as recruitment. Managers, human resource generalists, and recruitment experts may be tasked with conducting recruiting, although in some instances, public employment, for-profit recruitment agencies, or specialized search consultancies are utilized to carry out portions of the process. Artificial intelligence is now frequently used in internet-based solutions that help all elements of recruitment (AI). Recruiting is the process of using one or more tactics to find and attract people to fill open positions.
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which of the following is a benefit of buying direct from a distributor? c. invest more resources in supplier selection and management. b. access to a wider bundle of products and emerging technologies a. lower prices and better service e. none of the above d. all of the above
Option b. access to a wider bundle of products and emerging technologies is a benefit of buying direct from a distributor.
A distributor is largely an independent contractor. In distributor agreements, you promote your services or products to the distributor, who then sells them on to their patron, adding a margin to cover the distributor's own expenses and profit. The distributor has the agreement with the client.
A distributor is an entity that buys noncompeting products or product traces and sells them direct to stop users or clients. maximum vendors additionally offer quite a number offerings together with technical aid, guarantee or provider. distributors are vital in supporting attain markets producers could not otherwise target.
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what are four positions that typically make up members of the on-site management team group of answer choices estimator, payroll, human resources, submittals project engineer, foreman, estimator, secretary project manger, superintendent, assistant superintendent, project engineer project engineer, estimator, contract administrator, and payroll
Three positions that make up the on-site project team are director, deputy superintendent, and field architect.
What is management team?A management team is a group of high-level associates hired by a business owner to take on critical business responsibilities. These are the highest levels of management within a company or business, and each specializes in a different aspect of business management, such as accounting. The Executive Management Team is in charge of managing the Company's core business operations as a whole, which necessitates the planning of various development processes, Group principles, and Group practices, as well as the monitoring of financial matters and Group business plans. A strong management team will ensure that your company's growth is sustained and long-lasting.To learn more about management , refer to:
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the dahlia flower company has earnings of $3.64 per share. if the benchmark pe for the company is 18, how much will you pay for the stock? note: do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. if the benchmark pe for the company is 21, how much will you pay for the stock?
If the benchmark PE for the company is 18, you will pay $65.12 for the stock. If the benchmark PE for the company is 21, you will pay $76.44 for the stock.
What is stock?
Stock (also known as capital stock) in the financial industry refers to the shares into which ownership of the a company or corporation is divided. A single share of stock represents a fractional ownership interest in the company based on the total number of shares. This generally entitles the shareholder to a certain percentage of the company's value, proceeds from the sale of company assets (after paying off all high ranking claims such as secured and unprotected debt), or voting rights, often allocating these in proportion to the amount of cash each stockholder has invested. Not all stock is created equal; for instance, some classes may be granted enhanced voting rights, voting rights without restrictions, or a preference for receiving profits or liquidation continues before or after other courses of shareholders.
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WILL GIVE POINTS I need help choosing a subject for this assignment
In the United States, business regulations have been evolving since the 1800s. Chose an aspect of federal regulation of business practices, such as workplace safety, finance reform, or consumer protection, and create a presentation that is a timeline identifying five key factors that contributed to the definition and implementation of the regulation as it is enforced today. You can go online and research significant regulations or legislation; many of the federal agency websites may be of value. For each one, including the following information:
Date it was passed
Circumstance that motivated it
Who it benefits and why
You can use the presentation software of your choice for this assignment. Make sure that you are using reputable websites and include a list of at least three appropriate websites at the end. Your presentation should be well organized, free of mechanical errors, and easy to read.
The tax (excise tax) is an example of federal regulation of business practices.
Why was the Excise tax set up?The United States Constitution established tariffs and excise taxes, and Alexander Hamilton, the country's first secretary of the Treasury, suggested using them to charge foreign imports in 1789.
The people that benefit from the excise tax is the government. It was said to be first set up for revenue generation. When compared to other options like income taxation, excise taxes may provide large government revenue at a lower political or economic cost.
Therefore, One of the most prevalent taxation methods used by the federal government is the excise tax. This also holds true for particular products or services like alcohol, tobacco, and gasoline. This can also be accomplished by increasing prices for consumers in order to pass on the tax expense.
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the following costs related to summertime company for a relevant range of up to 20,000 units annually: variable costs per unit: direct materials $2.50 direct labor 0.75 manufacturing overhead 1.25 selling and administrative 1.50 fixed costs for the period: manufacturing overhead $3,000 selling and administrative 2,000 the selling price per unit of product is $15.00. at a production and sales volume of 15,000 units, what is the total profit for summertime company?
at a production and sales volume of 15,000 units, the total profit for the summertime company is $15,000.
Manufacturing is the method of combining diverse fabric inputs and immaterial inputs (plans, understanding) so that it will make something for intake (output). It's far the act of making output, a very good or provider that has a cost and contributes to the utility of people. The vicinity of economics that focuses on manufacturing is known as the manufacturing principle, that's intertwined with the intake (or purchaser) idea of economics. The manufacturing manner and output directly result from productively using the original inputs (or factors of manufacturing). Called number one producer items or offerings, land, labor, and capital are deemed the three fundamental manufacturing elements.
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what do you think are the problems with the current manufacturing process as a whole with the polymer coating machine in particular? how might you use process mapping and root cause analysis to get to the bottom of these problems?
The process of coating is needed to be monitored from time to time in order to make sure that fewer clients are impacted if something goes wrong with the polymer coating equipment.
The polymer coating machine needs continuous monitoring in order to make sure that the situations stay under control if ever there is a problem with the equipment for coating. Also, there has been an incident where the machine was set to a high degree which resulted in a large number of defective plates being shipped out to consumers. This happened due to a lack of management as the machine's indoor regulator was not lowered to the usual setting.
This kind of problem may arise anytime, there is a need for a mode that alerts everyone when the machine is set to a too high temperature for an extended period of time in order to keep everyone aware or a function where the machine can communicate with the people when something goes wrong.
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the profit for a production process is equal to $2,000 minus two times the number of units produced. the mean and variance for the number of units produced are 500 and 900, respectively. find the mean and variance of the profits.
Variance of profit is $3600.
mean variance is $ 360
Let X denote the number of units produce then E(X)=50 abd Var(X)=90
Let Y denote the profit the Y=1000-2*X
So, mean profit =E(Y)=E(1000-2*X)=1000-2*E(X)=1000-2*50=900
Variance of profit =Var(Y)=Var(1000-2*X)=4*Var(X)=4*90=360
Let X denote the number of units produce then E(X)=500 abd Var(X)=900
Let Y denote the profit the Y=2000-2*X
So, mean profit =E(Y)=E(2000-2*X)=2000-2*E(X)=2000-2*500=1000
Variance of profit =Var(Y)=Var(2000-2*X)=4*Var(X)=4*900=3600
Profit variance is the distinction between the real income skilled and the budgeted income degree.
A variance is the distinction between real and budgeted income and expenditure.
To calculate gross earnings variance, you'll subtract your projected gross benefit from your actual gross profit, which equals periodic sales minus costs of goods bought. For working variance, subtract projected working profit from actual running profit, which equals revenue minus all COGS and running prices.
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an income statement for sam's bookstore for the first quarter of the year is presented below: sam's bookstore income statement for quarter ended march 31 sales $ 980,000 cost of goods sold 680,000 gross margin 300,000 selling and administrative expenses selling $ 110,000 administrative 124,000 234,000 net operating income $ 66,000 on average, a book sells for $70. variable selling expenses are $4 per book with the remaining selling expenses being fixed. the variable administrative expenses are 3% of sales with the remainder being fixed. the net operating income using the contribution approach for the first quarter is:
The net operating income using the contribution approach for the first quarter is $214,600
What is income?
The money that an individual or company receives in exchange for labor or products is referred to as income. Income can be defined differently depending on the context, such as taxation, accounting records, or economic analysis.
Most people define income as their total earnings from wages and salaries, investment returns, pension distribution patterns, and other receipts. For businesses, income includes revenue from selling services and products, as well as any dividends and interest received on cash accounts and stockpiles related to the business. Income is defined and measured differently by economists. Their concept of income will correlate to the purpose of their research, whether it involves earnings, savings, consumption, production, finance, public investment, or other related topics and subtopics.
The following formula is used to calculate the Contribution Margin:
Contribution Margin = Sales-Cost of Goods Sold-Variable Selling
Expenses - Variable Administrative Expenses
Number of Books Sold = Sales Reported/Average Selling per Book
= $980,000/$70 = 14,000$ books
Number of Books x Selling Expense pre unit = 14,000 books x $4 per book = $56,000
Reported Sales x 3% = $980,00 x 3% = $29,400
Contribution Margin = $980,000 - $680,000 - $56,000 - $29,400
= $214,600
The contribution margin rate is $214,600
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