Introduction to Business
OER 2018 Edition
ISBN: 9781947172548
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 5.6, Problem 1CC
Why are small businesses becoming so popular?
Expert Solution & Answer
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Students have asked these similar questions
Kenzi Kayaking, a manufacturer of kayaks, began operations this year.
During this first year, the company produced 1,000 kayaks and sold 750.
at a price of $1,000 each. At this first year-end, the company reported
the following income statement information using absorption costing.
Sales (750 $1,000) $750,000
Cost of goods sold (750 $450) 337,500
Gross margin 412,500
Selling and administrative expenses 240,000
Net income $172,500
Additional Information:
a. Production cost per kayak totals $450, which consists of $350 in
variable production cost and $100 in fixed production cost the latter
amount is based on $100,000 of fixed production costs allocated to the
1,000 kayaks produced.
b. The $240,000 in selling and administrative expense consists of
$95,000 that is variable and $145,000 that is fixed.
Required:
Prepare an income statement for the current year under variable
costing.
Don't use ai given answer accounting questions
Operating expenses
Chapter 5 Solutions
Introduction to Business
Ch. 5.1 - Describe several types of entrepreneurs.Ch. 5.1 - What differentiates an entrepreneur from a...Ch. 5.1 - What are some major factors that motivate...Ch. 5.2 - Describe the personality traits and skills...Ch. 5.2 - What does it mean when we say that an entrepreneur...Ch. 5.3 - What are three ways small businesses can be...Ch. 5.3 - What social and economic factors have prompted the...Ch. 5.4 - How can potential business owners find new...Ch. 5.4 - Why is it important to develop a business plan?...Ch. 5.4 - What financing options do small-business owners...
Ch. 5.5 - How does the small-business owner's role change...Ch. 5.5 - How does managing a small business contribute to...Ch. 5.5 - What are the benefits to small firms of doing...Ch. 5.6 - Why are small businesses becoming so popular?Ch. 5.6 - Discuss the major advantages and disadvantages of...Ch. 5.7 - What is the Small Business Administration (SBA)?Ch. 5.7 - Describe the financial and management assistance...Ch. 5.8 - What significant trends are occurring in the...Ch. 5.8 - How is entrepreneurial diversity impacting small...Ch. 5.8 - How do ethics impact decision-making with...Ch. 5 - As the owner of a small factory that makes plastic...Ch. 5 - What characteristic made Vic Ahmed a successful...Ch. 5 - How did their Ahmed and Steven Case's partnership...Ch. 5 - Is focusing on smaller cities rather than areas...
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