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fredd [130]
3 years ago
10

Harvey works for Ice Cream Dream, a company that sells commercial ice cream makers. Ice Cream Dream normally has a gross profit

percentage of 30%. Harvey's wife loves ice cream, so he decides to buy her a commercial ice cream maker for her birthday. Harvey paid $650 for a machine that would have normally retailed for $1,000. What, if any, amount must be included in Harvey's gross income
Business
1 answer:
kvv77 [185]3 years ago
5 0

Answer:

$50

Explanation:

Sales - gross profit

Sales = $1000

Gross profit = 1000 *30%

= $300

1000 - 300

= $700, this value is the actual cost

Actual cost = $700

The amount paid = $650

To calculate the amount to be included, we subtract the amount paid from actual cost

= $700 - $650

= $50

Amount to be included in harveys grow income = $50

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IKEA employees are inspired to work hard by an anecdote from their Swedish founder, Ingvar Kamprad, who told how he was berated
MAVERICK [17]

Answer:

Hero

Explanation:

Hero -

It refers to a person can be male as well as a female , who is admired for his or her noble and courageous activity , is referred to as a hero .

Many people makes the hero his or her ideal an tries to follow the lifestyle , character , behavior and nature , and tries to copy him .

Hence , from the given scenario of the question ,

The correct answer is hero .

5 0
2 years ago
What are the typical sources for gathering factual data for informal reports? check all that apply. printed material surveys and
Liono4ka [1.6K]

<span>A good report is based on compact, precise, provable pieces of evidence. The typical sources for gathering factual data for informal reports include all in the list, the printed material, surveys and questionnaires, electronic resources and by observation. Printed material will help you to spot past performance and procedures used to explain former glitches. Data from collections of individuals can be made from using surveys, questionnaires, and inventories. Interviewing people directly involved with the issue creates outstanding main data.</span>

5 0
2 years ago
Vermeillen Corporation uses a standard costing system in which variable manufacturing overhead is assigned to production on the
Delicious77 [7]

Answer:

1 ) Variable Overhead Rate Variance = ( SR - AR )* AH

                                                         = ( $21 - $20) 3,500

                                                        = $3,500 Favorable

2 ) Labor Rate =  ( SR - AR )* AH

                      =  ( $24 - $24.9) 2,290

                      =$2,061 U

Explanation:

TOTAL =  Standard cost - Incurred cost

Standard Cost = $70,000 + $4,550

                        = $74,550

Standard Rate = $74,550 / 3,550

                        = $21

cost incurred = AR * machine hours

cost per machine hour = $70,000/3,500

                                      =$20

2) Labor Rate =  ( SR - AR )* AH

                      =  ( $24 - $24.9) 2,290

                      =$2,061 U

AR = $57,021/2,290 = $24.9

AR = Actual Rate

SR = Standard Rate

AH = Actual hours

8 0
2 years ago
"" In order to produce 100 oatmeal cookies, GoodieCookieCo incurs an average total cost of $0.25 per cookie. The company’s margi
Alenkinab [10]

Answer:

Total cost to produce 50 oatmeal is $20

Explanation:

We have given average total cost to produce 100 oatmeal cookies = $0.25

So Total cost = 0.25×100 = 25

Total variable cost  to produce 100 cookies = marginal cost×100 = 0.1×100 = 10

Total fixed cost to produce 100 cookies = total cost-total variable cost = 25-10 = $15

Total cost of producing 50 cookies

=total fixed cost + total variable cost

=total fixed cost +(marginal cost ×50)

=15+(0.1×20)

=15+5

=$20

8 0
2 years ago
Wendy wants to start a business. She knows many unaccredited investors who she knows will help her jumpstart her business. What
vodka [1.7K]

Available Options are:

A. Investors' allowable investment depends on the accredited or non-accredited status.

B. Investors may invest a combined $50 million within a 12-month period.

C. Investors may invest no more than $1 million combined for the first year of the business.

Answer:

Option C. Investors may invest no more than $1 million combined for the first year of the business.

Explanation:

The non-accredited investors do not invest more than $1 million for first year. Furthermore, for Investor it also imposes investment in current business conditions which says that Investor can invest in its business with greater of:

1. $2000

2. Or the lesser of (If the net worth of Wendy is less than $100,000)

  • 5% of its total income for the year
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There is also an option which is available if the net worth of Investor exceeds above $100,000 then he can invest up to lesser of 10% of his income or net worth, otherwise he will have to follow the above conditions.

Here, it also has an upper limit, which means that the investor can not invest more than $100,000 in the subsequent year, whatever the level of net worth or income he had for the year.

This means the non-accredited investor can not invest more than $1 million.

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