Answer:
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Answer: $57,600
Explanation:
Accounting works by the Accrual basis. What this means is that transactions are recorded in the period they occur not in the period they are paid for.
In the above, Lee Inc. billed its customers $57,600 for services performed during the year. This is a service company and since their revenue comes from billings, this is their revenue for the year.
It does not matter that some of the services have not been paid for, it matters that the services were performed during the year.
The interest earned by the Sherwood Day Corporation is calculated by subtracting from the net income all the expenses including the interest expense and the tax expense. Mathematically,
interest earned = $200,000 - ($40,000 + $30,000)
= $130,000
Answer:
Suppose that the number of students with an allergy to pencil erasers increases, causing more students to switch from pencils to pens in school.
- This will shift the demand curve to the right, increasing the total demand at all price levels.
Moreover, the price of ink, an important input in pen production, has increased considerably.
- This will shift the supply curve to the left, increasing the price of pens at every demand level.
What is sure is that the price of pens will increase. It is likely that the quantity demanded increases, but the extent by which the quantity demanded will increase is unknown.
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