Homework Answers
D) revenues less costs
Profit = total revenue - total cost
It is the residual money left with the producer after deducting all the cost amount from total revenue earned.
Add Answer to:
SELECT THE CORRECT ANSWER 3. Profits are: Revenues Direct costs Taxes Revenues less costs
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Taxes Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs: Wages of owner-manager, 300 hours @ $10 per hour Return on inventory investment, 10% per year on $120,000 Total implicit costs Economic profit (revenue minus all costs) $ 17,000 2,500 800 700 $ 21,000 $ 6,000 $ 3,000 1,000 $ 4,000 $ 2,000...
Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead...
Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead costs Prime costs Conversion costs A. All direct manufacturing costs. B. All manufacturing costs other than direct material costs. C. Compensation of all manufacturing labor that can be traced to the cost object. D. Costs of all materials that can be traced to the cost object. E. All manufacturing costs related to the cost object but cannot be traced to the cost object
Your answer is correct. Identify the above costs as variable, fixed, or mixed. Cost Direct materials...
Your answer is correct. Identify the above costs as variable, fixed, or mixed. Cost Direct materials Variable Direct labor Variable Utilities Mixed Fixed Property taxes Indirect labor Variable Supervisory salaries Fixed Mixed Maintenance Fixed Depreciation eTextbook and Media x Your answer is incorrect. Calculate the expected costs when production is 5,200 units. $ Cost to produce 5,200 units 65925 eTextbook and Media Bridgeport Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for...
An individual income tax is a tax on: Select the correct answer below: o the profits...
An individual income tax is a tax on: Select the correct answer below: o the profits of a corporation O an individual's annual income O an individual's purchases at major retailers o the wages an individual receives from an employer When the budget deficit rises... Select the correct answer below: O domestic private investment falls O government spending falls O the trade deficit falls O private savings fall Which of the following will lead to expansionary fiscal policy? Select all...
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit...
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit Total QUESTION 14 The equilibrium price and quantity of a good are found where the supply and demand curves intersect. True False QUESTION 16 If price elasticity of demand is less than 1, it is Elastic Unit Elastic Inelastic Perfectly Elastic QUESTION 17 Perfectly competitive firms set the price at the point where they can maximize their profits. True False QUESTION 18 What is...
Which of the following are true regarding profits, revenues, and costs? Choose one or more: A....
Which of the following are true regarding profits, revenues, and costs? Choose one or more: A. accounting profit - revenue - implicit costs B. total costs = implicit costs + explicit costs C. revenue = (price x quantity) - total costs D. proft = total revenue - total costs E. revenue = pricex quantity F. economic profit - revenue - implicit costs G. economic profit = accounting profit - implicit costs < 14/15 ASDFGH
Revenues COGS $5,000,000 $2,000,000 Gross Profits $3,000,000 Depreciation $500,000 EBIT $2,500,000 Interest $500,000 EBT $2,000,000 Taxes...
Revenues COGS $5,000,000 $2,000,000 Gross Profits $3,000,000 Depreciation $500,000 EBIT $2,500,000 Interest $500,000 EBT $2,000,000 Taxes $500,000 Net Income $1,500,000 Refer to the income statement above. If we wish to convert the income statement to a common size income statement, what should be entered for revenues? a. 10 b. 50 C. 500 d. 100
Which of the following statements is correct regarding reporting of special events and related direct costs...
Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards? Question 42 options: A) Special events and related direct costs must be reported separately at their gross amounts if they relate to the ongoing major operations of a not-for-profit. B) Special events revenues are to be reported at gross amounts, even if direct costs are of a peripheral or incidental nature. C) Expenses of promoting and conducting special events should...
____ are assigned using direct tracing and resource drivers. Materials Costs Resources Profits Products
____ are assigned using direct tracing and resource drivers. Materials Costs Resources Profits Products
For each of the drop down menus, choose the answer that makes the following statement correct....
For each of the drop down menus, choose the answer that makes the following statement correct. For firms in perfectly (purely) competitive markets, long run economic profits are: because firms will Select answer this market if profits are less than that and Select answer this market if profits are greater than that.
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Taxes Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs: Wages of owner-manager, 300 hours @ $10 per hour Return on inventory investment, 10% per year on $120,000 Total implicit costs Economic profit (revenue minus all costs) $ 17,000 2,500 800 700 $ 21,000 $ 6,000 $ 3,000 1,000 $ 4,000 $ 2,000...
Your answer is correct. Identify the above costs as variable, fixed, or mixed. Cost Direct materials Variable Direct labor Variable Utilities Mixed Fixed Property taxes Indirect labor Variable Supervisory salaries Fixed Mixed Maintenance Fixed Depreciation eTextbook and Media x Your answer is incorrect. Calculate the expected costs when production is 5,200 units. $ Cost to produce 5,200 units 65925 eTextbook and Media Bridgeport Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for...
An individual income tax is a tax on: Select the correct answer below: o the profits of a corporation O an individual's annual income O an individual's purchases at major retailers o the wages an individual receives from an employer When the budget deficit rises... Select the correct answer below: O domestic private investment falls O government spending falls O the trade deficit falls O private savings fall Which of the following will lead to expansionary fiscal policy? Select all...
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit Total QUESTION 14 The equilibrium price and quantity of a good are found where the supply and demand curves intersect. True False QUESTION 16 If price elasticity of demand is less than 1, it is Elastic Unit Elastic Inelastic Perfectly Elastic QUESTION 17 Perfectly competitive firms set the price at the point where they can maximize their profits. True False QUESTION 18 What is...
Which of the following are true regarding profits, revenues, and costs? Choose one or more: A. accounting profit - revenue - implicit costs B. total costs = implicit costs + explicit costs C. revenue = (price x quantity) - total costs D. proft = total revenue - total costs E. revenue = pricex quantity F. economic profit - revenue - implicit costs G. economic profit = accounting profit - implicit costs < 14/15 ASDFGH
Revenues COGS $5,000,000 $2,000,000 Gross Profits $3,000,000 Depreciation $500,000 EBIT $2,500,000 Interest $500,000 EBT $2,000,000 Taxes $500,000 Net Income $1,500,000 Refer to the income statement above. If we wish to convert the income statement to a common size income statement, what should be entered for revenues? a. 10 b. 50 C. 500 d. 100
For each of the drop down menus, choose the answer that makes the following statement correct. For firms in perfectly (purely) competitive markets, long run economic profits are: because firms will Select answer this market if profits are less than that and Select answer this market if profits are greater than that.
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago