The inflation rate is the percentage change in the​ _____ from one year to the next. Deflation is a situation in which the​ _____ is​ _____ and the inflation rate is​ _____.

Answers

Answer 1

The inflation rate is the percentage change in the price level from one year to the next. Deflation is a situation in which the​ price level is​ falling and the inflation rate is​ negative.

What are the inflation and deflation rates?

Prices rise during inflation and decline during deflation. Different asset classes can simultaneously experience inflation and deflation. Both have negative effects on economic growth when taken to the extremes, although for different reasons. The Federal Reserve, the country's central bank, attempts to regulate them as a result.

Why deflation Is worse than inflation?

Because interest rates can only be decreased to zero, deflation is worse. Demand is further decreased as businesses and consumers feel less fortunate and spend less. As a result, prices decline and businesses make less money. When customers anticipate price drops, they put off purchasing as long as they can. They are aware that the price will decrease the longer they wait.

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Related Questions

The sales level that results in a project's net present value exactly equaling zero is called the _____ break-even.

Answers

The sales level that results in a project's net income exactly equaling zero is called the accounting break-even.

What is Break Even In Accounting?

Break even point refers to the point or sales unit where total cost is equal to total revenue. That is, both total revenue and total cost at the point are even and there neither profit nor loss.

Break even point can be computed for accounting break even and the cash break even points. The difference between the two is that accounting break even point include depreciation in the fixed cost while the cash break even point deduct non cash expenses from the fixed cost.

The formula for the are as follows:

Accounting break even point = Fixed cost / (Unit price - Unit cost)

Cash break even point = (Fixed cost - Depreciation) / (Unit price - Unit cost)

The break-even analysis is a tool that provides the level of units or sales necessary to cover both variable and fixed costs.

Therefore, we can conclude that the correct option is B.

Your question is incomplete, but most probably your full question was:

The sales level that results in a project's net present value exactly equaling zero is called the _____ break-even.

a. leveraged

b. accounting

c. operational

d. cash

e. present value

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Indicate which group within the Federal Reserve System has responsibility for each action listed below, a. Supervises and regulates member banks Regional Federal Reserve District Banks Board of Governors of the Federal Reserve System Federal Open Market Committee b. Distributes coin and currency Regional Federal Reserve District Banks Board of Governors of the Federal Reserve System Federal Open Market Committee c. Appointed by the president to serve 14 year terms Regional Federal Reserve District Banks Board of Governors of the Federal Reserve System Federal Open Market Committee d. Oversees national banking and consumer credit regulation Regional Federal Reserve District Banks Board of Governors of the Federal Reserve System Federal Open Market Committee e. Oversees the buying and selling of government securities as a form of monetary policy Regional Federal Reserve District Banks Board of Governors of the Federal Reserve System Federal Open Market Committee f. Comprises the Board of Governors and five regional bank presidents Regional Federal Reserve District Banks Board of Governors of the Federal Reserve System Federal Open Market Committee g. Provides information on regional economic conditions through the Beige Book report Regional Federal Reserve District Banks Board of Governors of the Federal Reserve System Federal Open Market Committee

Answers

a. Regional Federal Reserve District Banks

b. Regional Federal Reserve District Banks

c. Board of Governors of the Federal Reserve System

d. Board of Governors of the Federal Reserve System

e. Federal Open Market Committee

f.  Federal Open Market Committee

g. Regional Federal Reserve District Banks

The 12 regional Federal Reserve District Banks are in charge of overseeing and policing the member banks located within their respective districts, dispersing coin and money, and informing the Board of Governors and the Federal Open Market Committee, or FOMC, of the current state of the local economy.

The president appoints each of the seven members of the Board of Governors to a 14-year tenure. The regulation of consumer credit, as well as general banking industry oversight, are under the purview of the Board of Governors.

The primary tool of monetary policy, open market operations, are controlled by the Federal Open Market Committee, or FOMC. The five presidents of the various regional Fed banks and the seven members of the Board of Governors make up the FOMC.

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The process of generating and choosing from a set of alternatives to solve a problem is called __________ Group of answer choices

Answers

The answer is decision-making.

Determining a decision, acquiring data, and weighing potential solutions are all steps in the decision-making process.

You can make more careful, intelligent decisions by organizing pertinent information and outlining alternatives by following a step-by-step decision-making process.

This strategy raises the likelihood that you'll select the one that will satisfy you the most.

Decision-making steps include:-

Look into the situation in depth.Establish a positive atmosphere.Create quality alternatives.Investigate your choices.Choose the ideal answer.Review your strategy.Inform others of your choice and follow through.

Hence, The process of generating and choosing from a set of alternatives to solve a problem is called decision-making.

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If merchandise sold on account is returned to the seller, the seller may inform the customer of the details by issuing a

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The seller may inform the customer of the details by issuing a credit memo .

A credit note or credit memo is a commercial document issued by a seller to a buyer. A credit memo serves as the source document for the sales return journal. In other words, the credit is evidence of a decline in sales. A credit is a short form of term credit and is evidence of a reduction in the amount owed by the buyer to the seller on a previous invoice.

A document from the bank to the depositor may also indicate that the depositor's account balance is in a non-deposit event such as B. Collection of the depositor's exchange bill by the bank.

A credit memo lists the products, quantities, and agreed prices for products or services offered by the Seller to the Buyer but not returned or received by the Buyer. May be issued for damaged goods, errors, and repairs.

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What office coordinates a variety of social, curricular, and special-interest clubs and organizations you can join?

Answers

Office of Student Activities coordinates a variety of social, curricular, and special-interest clubs and organizations you can join.

Divide the total number of grade points earned for the course by the total number of credit points required to prepare students for employment.

Associate of Applied Science (AAS) and Associate of Applied Arts (AAA) degrees are designed to prepare individuals to find employment or improve their employment status in career or technical positions. I'm doing it.

Students with 15 credit hours in special-interest clubs should therefore plan to study 30-45 hours each week outside the classroom. Web classes are calculated similarly. A 3-credit class requires an additional 2 hours of fieldwork for each credit. This equates to 5-9 hours of work per week in class.

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Who is responsible for maximizing the return on investment (roi)?

Answers

Product Owner is responsible for Return on investment(ROI). Return on investment (ROI) is a performance based metric that is used to assess the efficiency or profitability of an investment or to compare the efficiency of several investment.  

It aims to quantify the amount of return on a specific investment in relation to the cost of investment. It can be used to rate the investment in various projects or assets and create apples-to-apples comparisons.

Return on investment (ROI) does not account for time passing or the holding duration, which means it may not account for the opportunity costs of the investment.

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If the price in a competitive market falls and goes below the equilibrium price, then consumer surplus might increase, but producer surplus will definitely decrease.

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If the price in a competitive market falls and goes below the equilibrium price, then consumer surplus might increase, but producer surplus will definitely decrease. The above statement is true.

What is equilibrium price?On a diagram, when two lines intersect, it usually means something. On a graph, the equilibrium is represented by the intersection of the supply and demand curves (S and D).The only price at which consumer and producer desires coincide is equilibrium, or when the quantity of the good that consumers want to buy (quantity demanded) equals the quantity that producers want to sell (quantity supplied).The equilibrium quantity is that amount that both parties seek equally. Any other price causes the market to be out of equilibrium since the amount requested does not match the quantity supplied.

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Which core process includes the activities required to produce and deliver the service or product to the external customer?

Answers

The core process which includes the activities required to produce and deliver the service or product to the external customer is order fulfillment process

Order fulfilment is a process of fulfilling a sales order according to the customer's specifications. That is, delivering goods as promised at the time of sale. There are four main steps in fulfilling a customers order which are-  processing orders, warehousing, packing, and shipping products.

After the customer places an order, there is a procedure to be followed where you need to prepare and deliver the items accordingly. This process typically takes up to 48-72 hours to be completed.

After an order has been submitted for fulfillment, it has to be received and accepted by the logistics company.

Hence, the answer was given and explained above.

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You would like to use the fixed-time-period inventory model to compute the desired order quantity for a company. You know that vendor lead time is 5 days and the number of days between reviews is 7. Which of the following is the standard deviation of demand over the review and lead time if the standard deviation of daily demand is 8

Answers

The standard deviation of demand over the review is 10 days.

How to calculate the standard deviation?

Lead time = 5 days

SD of demand = 7

Time gap between reviews = 8

The standard deviation will be:

= ✓(7 + 5) × 8

= ✓96

= 10 approximately

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Prior period adjustments to financial statements can result from: Multiple Choice Changes in estimates of salvage value. Material math errors. Discontinued operations. Changes in tax law. Changes in estimates of useful life.

Answers

The answer is  material math error.

An adjusting entry is essentially a bookkeeping modification that improves the accuracy of the financial statements by reflecting the revenue and spending on an accrual basis, which is typically but not always the case. At the conclusion of the accounting period, adjustments are made. This might happen towards the end of the month or at the end of the year.

Prior period adjustments are errors or mistakes committed in the prior reporting period. These mistakes must be remedied or eliminated by taking suitable corrective action. Prior period items include factual errors, arithmetic errors, and errors in applying accounting rules.

Therefore, material math error is the correct option.

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____________reflect(s) the consequences of executing process steps. Group of answer choices Material Groups Organizational Data Transaction Data Project Management None of the above

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(B) Transaction Data reflects the consequences of executing process steps.

What is transactional data?In the context of data management, transactional data is information recorded from transactions. In this sense, a transaction is a series of information exchanges and related activities (such as database updating) that is handled as a unit for the purpose of satisfying a request.Transaction Data reflects the outcomes of process steps being carried out.What is Organizational Data?Organizational data describe the fundamental properties of organizations, their internal structures and processes, and their behavior as corporate players in various social and economic environments.What is project management?Project management is the process of managing a team's effort to fulfill all project goals within the limits set. This data is typically described in project documentation, which is prepared at the start of the development process.

As the definition itself states, Transaction Data reflects the outcomes of process steps being carried out.

Therefore, (B) transaction Data reflects the consequences of executing process steps.

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Complete question:

____________reflect(s) the consequences of executing process steps. Group of answer choices Material Groups

(A) Organizational Data

(B) Transaction Data

(C) Project Management

(D) None of the above

Where is the company most vulnerable, from a communication stand point?

Answers

The company is most vulnerable from a communications standpoint, in  public and government relationships.

The company cannot withhold their own business information while giving millions of people access to every other business. Company with strong positive reputations attract better people. They are perceived as providing more value, which often leads them in allowing to charge a premium.

When a company has no real structure it can be vulnerable from a communications stand point because individuals outside that company tend to think that no one within the company is ever on the same page. In return, the company becomes more vulnerable.

Also, a company becomes most vulnerable from a communications standpoint, in public and government relationships. Here the task is to maintain the trust of the public and the government.

Hence, the answer was given and explained above.

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APV and WACC are similar in that they reflect the tax benefit of Blank______. Multiple choice question. leverage relocation equity waiting

Answers

APV and WACC are similar in that they reflect the tax benefit of leverage.

How to illustrate the information?

It should be noted that the adjusted present value (APV) is used to value a project.

The weighted cost of capital (WACC) implies the rate at which a company is expected to pay all its security holders in order to finance its assets.

In conclusion, APV and WACC are similar in that they reflect the tax benefit of leverage.

Complete question:

APV and WACC are similar in that they reflect the tax benefit of ...........

a. leverage

b. relocation

c. equity

d. waiting

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You are in the process of preparing the final draft of an important proposal. Accuracy will be extremely important to the success of this proposal. Which of the following proofreading strategies would be most appropriate for this situation

Answers

The proofreading strategies would be most appropriate for this situation:  Print a double-spaced copy of the report, read the message at least twice, and enlist a proofreading buddy.

What is Proofreading ?

Proofreading means examining your text carefully to find and correct mistakes in grammar, punctuation, and spelling or typographical errors. The most basic rule of thumb for effective proofreading is to find ways to experience what you have written differently than how you wrote originally.

That is, just reading silently from your computer screen or working from beginning to ending, allows you to get too caught up in the “flow” of your writing, to “read” what you intended to say, not what you actually did write.

First, even before you begin to proofread:

Be sure you've revised the more substantive parts of your paper.Set your paper aside for a while (15 minutes, a day, a week) between writing and proofing.Eliminate all the unnecessary material before looking for mistakes.Know what to look for.

Therefore, we can conclude that the correct option is A.

Your question is incomplete, but most probably your full question was:

You are in the process of preparing the final draft of an important proposal. Accuracy will be extremely important to the success of this proposal. Which of the following proofreading strategies would be most appropriate for this situation?

A. Print a double-spaced copy of the report, read the message at least twice, and enlist a proofreading buddy.

B. Proof electronically, using the down arrow to reveal one line at a time as you look for misspellings and small mistakes.

C. As you begin to proofread, tell yourself that you won’t find any errors because the document should be fairly clean by this point.

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Buyer sarah is purchasing a residential property. she plans to live in the home and operate a daycare business out of it. having mentioned this to her agent, the agent should?

Answers

Buyer Sarah is purchasing a residential property is (c) specify the use as a daycare in  Objectives.

A goal must be quantitative to be powerful. For an instance, 'Make plenty of money cannot be objective, while 'increase profit by using 20%” is a powerful objective as long as it is time-certain. How can you acquire the objective? the solution is – the key effect.

A purpose is a workable outcome this is usually a vast and lengthy-time period while an objective defines measurable actions to reap the general goal.

A goal is an idea of the future or preferred end result that a person or a group of human beings envision, plan and decide to obtain. People endeavor to attain goals within a finite time by way of placing closing dates.

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Chester has negotiated a new labor contract for the next round that will affect the cost for their product cid. labor costs will go from $7.91 to $8.51 per unit. assume all period and other variable costs remain the same. if chester were to absorb the new labor costs without passing them on in the form of higher prices, how many units of product cid would need to be sold next round to break even on the product

Answers

Break-even quantity is the minimum quantity that wishes to be offered in order no longer to make a loss. In other words, at this quantity, the sales revenue just compensates for the fixed and variable prices. In phrases of contribution margin which is defined as the difference between the sales price and unit variable cost, it is the quantity at which the constant fee by myself is recovered. consequently, at a spoil-even amount, the contribution margin could be the same as the fixed cost.

Let Q be break-even quantity, then

Fixed Costs = Contribution Margin = Q * (S-V) where S and V are selling price and variable cost per unit.

Fixed costs = 6412 which does not change for the next year.

Both variable cost and selling price are set to change due to the new labor contract.

The units sold previous year can be calculated from direct labor cost and original labor cost per unit given:

Selling price = Original Price + (New labor cost - Old labor cost)/2

S2 = (33.74 + (8.41-7.91)/2) = 33.99

Direct Material Cost = Unit Material Cost * Q

Unit Material cost = Direct Material cost of previous year / Quantity sold previous year = 21313/1650 = 12.92

Similarly, Unit Carrying cost = 319/1650 = 0.19

Total Unit Variable Cost = Direct Labor + Direct material + Carrying cost

                                        = 8.41  + 12.92 + 0.19

                                        = 21.52

We can now derive Q at which fixed cost is the same as contribution margin

FC = CM * Q

6412 = (S2 - V2) * Q = (33.99 - 21.52) * Q

Q = 6412 / (33.99-21.52) = 514

Thus the break-even quantity at which the contribution margin will be the same as the fixed cost is 514 units.

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Suppose your budget for these project is 600000.the projects are not divisible. which project should you accept

Answers

Explanation:

Drrrrrrgf-gggggffdddfffgghhgffdxddfghhcgjjfut

The net asset value is calculated by dividing the current _______ value of the fund's portfolio (reduced by liabilities) by the number of outstanding shares.

Answers

The net asset value is calculated by dividing the current assets value of the fund's portfolio (reduced by liabilities) by the number of outstanding shares.

What is net asset value (NAV)?

The worth of an investment fund is represented by its net asset value, or NAV, which is determined by adding up all of the fund's assets and deducting all of its liabilities.

NAV is used by mutual funds and ETFs to determine the cost per share of the fund.The net asset value of an investment fund is calculated by dividing the number of outstanding shares by the net value of the fund's assets less its liabilities.Commonly, NAV is used to compute the price per share of a mutual fund or ETF.The closing market values of the securities in the portfolio are used to determine NAV at the conclusion of each trading day.A pooled investment security called an exchange-traded fund (ETF) functions very similarly to a mutual fund.ETFs often follow a certain sector, index, commodity, or other asset, but unlike mutual funds, they can be bought or sold on a stock exchange just like conventional stocks.Anything from the price of a single commodity to a sizable and varied group of securities can be tracked by an ETF.ETFs may even be designed to follow particular investment strategies.

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A manufacturing company has budgeted production of 940 for the month. Each unit requires $1.25 in variable overhead cost. The budgeted fixed cost is $950 per month. The total budgeted overhead cost will be $_____________.

Answers

The total budgeted overhead cost for a single unit is $2.26. The calculation of the budgeted overhead is formulated below.

What is Inventory?

Inventory is the current asset of a company, which the company sells to generate revenue and profits, the inventory is reported in the statement of financial position in the assets side under the current asset head. The details about the inventory can be checked and reviewed in the notes to the financial statements.

In a service sector company there is no inventory, but a manufacturing and those companies which sell goods have large amount of inventory.

The budgeted overhead can be calculated as:

The total per unit variable cost + Fixed costs per unit.

Calculating fixed cost per unit

$950 / 940 units = $ 1.01

The total per unit variable cost + Fixed costs per unit.

$1.25 + $ 1.01 = $ 2.26

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Spending plans are divided into three categories with roughly ______% of the after tax budget going to the category of needs and _____________ % of the after tax budget going to wants, with the rest going to esi.

Answers

Spending plans are divided into three categories with roughly 50 % of the after tax budget going to the category of needs and 30% of the after tax budget going to wants, with the rest going to 20 % .

What is the 50-30-20 budget method?

The 50-30-20 approach that is often used in budgeting is known to be one one the of the simplest and very straight  way in the aspect of money management options.

Note that this ideal is often made for those who need to form a budget but they are said to not possess the time or the patience to be able to keep track of their spending in a well detailed manner.

The ways is that one need to spend 50 percent of their after-tax pay on needs, 30 percent in regards to wants, and the last 20 percent in regards to savings or paying off any kind of debts.

Hence, Spending plans are divided into three categories with roughly 50 % of the after tax budget going to the category of needs and 30% of the after tax budget going to wants, with the rest going to 20 % .

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Liam’s boss asked him to determine if their company is operating with too many borrowed funds. which ratio will liam utilize to help him with his decision?

Answers

The ratio that would help Liam to come with this decisions is what is called the leverage ratio.

What is the leverage ratio?

This is the term that is used to refer to the financial measurement that is used to assess the ability of a company to get to its financial needs.

This ratio is used to check if the company is able to meet with its financial obligation or not.

It helps to measure the expenses mix of the company in such a way that they would be able to tell the changes in out put and how it affects the income that was used for operation.

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Law of demand is defined as the relationship between price and quantity from a buyer's perspective.
a. true
b. false

Answers

It is true that the Law of demand is defined as the relationship between price and quantity from a buyer's perspective

What is law of demand?

The law of demand states that that as the price of a good increase, the quantity demanded will fall and as the price of a good falls, the quantity demanded also rise.  

Here, consumers tend to buy more goods and services as the price go down or fall, hence more of a product will be purchased at lower prices than at higher prices.

Therefore, the Law of demand is defined as the relationship between price and quantity from a buyer's perspective

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If the marginal cost (mc) curve is rising and is above the average fixed cost (afc) curve, then:_______

Answers

If the marginal cost (mc) curve is rising and is above the average fixed cost (afc) curve, then the average fixed curve will decline, although the marginal cost curve has nothing to do with this.

The average fixed costs or AFC curve is always downward sloping because of the reason that fixed costs are distributed over a greater volume when the quantity which is produced increases.

AFC is always equal to the vertical difference between ATC and AVC. Why the other cost curves are U-shaped is explained by variable cost to returns.

The marginal cost (MC) curve is explained as the change in total cost divided by the change in the output. Under perfectly competitive markets, the MC curve is the same as the supply curve of any firm.

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Is zero economic profit inevitable in the long run for a monopolistically competitive firm?

Answers

The firm will not continue to earn profit because the cost of production will rise as new firms enter the market. The supply curve shifts to the right as new firms enter, prices fall, and profits fall. Firms will keep entering the industry until economic profits reach zero .Some businesses will leave a sector if it experiences financial losses. will leave.

As the supply curve shifts to the left, price rise and losses fall. The entry of a large number of new firms causes the market supply curve to shift to the right. As the supply curve shifts to the right, market prices begin to fall, and economic profits for both new and existing firms fall.

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According to which fiduciary duty is an agent prohibited from forcing on his or her client a sale, lease or opportunity to buy...?

Answers

According to Loyalty and fiduciary duty is an agent prohibited from forcing on his or her client a sale, lease, or opportunity to buy

This is further explained below.

What exactly does it mean to have loyalty fiduciary duty?

According to the loyalty and fiduciary obligation, it is against an agent's duty of loyalty and fiduciary responsibility to pressure a client into a sale, lease, or opportunity to acquire real estate. This is specified in both obligations.

In conclusion, the duty of looking out for the interests of the health and safety of another person or organization is referred to as a fiduciary obligation. It may be said that a duty of fiduciary responsibility covers both the duty of loyalty and the requirement of care, although this definition is very simplistic. To put it another way, the activities of the fiduciary are required to always be in the best interests of the client or beneficiary.

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After demonstrating how to return 2023 murano’s folded rear seats to their upright position, what should you remind new owners?.

Answers

New owners should be reminded to Gently rock the seatback forward to verify it is latched.

What is Murano?

Nissan has been producing and marketing the Nissan Murano, a mid-size crossover SUV, since May 2002 for the 2003 model year. It is currently in its third iteration.

The Murano was developed by Nissan America in La Jolla, California, as the company's first crossover SUV for the US and Canada. It was built on the same Nissan FF-L platform as the third-generation Altima.

Sales of the Murano in Europe started in 2004.

Before the Rogue debuted on sale in September 2007, the Murano was the sole crossover SUV offered by Nissan in the United States. Since 2004 as a model for 2005, Nissan's second SUV based on a car had been available for purchase in Canada.

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What are the symptoms and long-term complications of genital human papillomavirus (HPV)?

Most people with HPV never develop symptoms, but sometimes the infection can develop into genital warts, cervical cancer, or other genital cancers.
Many people with HPV have few or no symptoms, but sometimes the infection spreads to cause serious issues with the nervous system or circulatory system.
Symptoms include fever, swollen glands, headaches, and fatigue; when the infection is left untreated, it can cause serious issues like cancer and even stroke.
Symptoms include joint pain, headaches, and abdominal pain; when the infection is left untreated, it can lead to serious issues like heart disease or cancer.

Answers

HPV is such that Most people with HPV never develop symptoms, but sometimes the infection can develop into genital warts, cervical cancer, or other genital cancers.

What are some symptoms that come with HPV?

A person with HPV might not know that they have the virus for a long time because most people don't develop any symptoms.

However, this isn't a free pass because HPV can lead to damaging effects such as genital warts and cancers.

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A company produces and sells 10,125 desks each year. Each production run has a fixed cost of $500 and an additional cost of $15 per desk. To store a desk for a full year costs $8. What is the optimal number of desks the company should make during each production run

Answers

500 desks company should make during each production run.

Lets simplify the problem through simple steps given in the image:

Yearly Working cost = ( 200+ 5x) * 250/x

Total cost = 2x +  ( 200+ 5x) * 250/x

Total cost = 2x + 5000/x + 12500

Using minimum cost = 2- 500000/x^2 = 0

x^2 = 250000

x = 500

Hence 500 desks company should be made to run.

The ongoing increasement of an individual's want and need for varying goods and services is called?

Answers

The ongoing increasement of an individual's want and need for varying goods and services is called  Conspicuous Consumption.

What is  conspicuous consumption?

Conspicuous Consumption serves as the term that describes and explains the consumer practice of buying as well as  using goods of a higher quality and price.

It should be noted that  the Conspicuous consumption serves as an act of displaying ostentatious wealth  so as to be able to  gain status and reputation in society.

Hence, The ongoing increasement of an individual's want and need for varying goods and services is called  Conspicuous Consumption.

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write the answer in a income statement sheet

Answers

The income statement has net income of $4710.

Income statement

Income statement for the year ended November 30, 2020

Repair Revenue $9900

Installation fees  $1600

Total revenue $11,500

Expenses:

Salaries expense $2600

Rent expense $2000

Advertising expense $850

Supplies expenses $185

Utilities expense $235

Insurance expense $150

Delivery expense  $770

Total expenses $6790

Net income $4710

($11,500-$6790)

Therefore the income statement has net income of $4710.

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Writing the net income in an Income statement sheet for Riley Repair Shop for the year ended November 30, 2020, is as follows:

Riley Repair Shop

Income Statement

For the year ended November 30, 2020

Revenue:

Repair Revenue     $9,900

Installation fees        1,600

Total revenue                       $11,500

Expenses:

Salaries                  $2,600

Rent                          2,000

Advertising                 850

Supplies                      185

Utilities                       235

Insurance                   150

Delivery                     770

Total expenses                   $6,790

Net income                          $4,710

What is an income statement?

An income statement is a financial statement that summarizes an entity's revenue and expenses to determine the net income.

It is also called an income summary and determines the entity's financial performance for a financial period.

Thus, Riley Repair Shop's income statement shows that it earned a net income of $4,710 for the year ended November 30, 2020.

Learn more about preparing income statements at https://brainly.com/question/24498019

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