Lauren is trying to find her net income. She used the statement and the steps shown.
Step 1
List all income, including tips and commissions, and list all expenses, including food, entertainment, and clothing.
Step 2
Total all the income. Then total all the expenses.
Step 3
Add the total of the income and the expenses.
Which explains Lauren's error?
Lauren made an error in step 1 because she should not include tips and commissions in her income.
Lauren made an error in step 1 because she should not include entertainment in her expenses.
Lauren made an error in step 2 because she does not need to total the expenses.
Lauren made an error in step 3 because she should have subtracted the expenses from the income.
Answers (2)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Lauren is trying to find her net income. She used the statement and the steps shown. Step 1 List all income, including tips and ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Knox Inc. is deciding between the two dividend payment plans below: Year Plan A Plan B 1$3.00$0.50 2$3.05$1.75 3$3.10$3.25 4$3.15$6.80 Stockholders are expected to discount Plan A by 15% and Plan B by 10%.
Answers (1)
If it is known that the income elasticity of demand for the same good is 2.5, estimate the percentage change in demand if consumer income increases from $100 to $300.
Answers (1)
If Dirk's Doughnuts is a perfectly competitive firm and is currently incurring economic losses of $500: a. firms will enter the market. b. individuals will demand fewer doughnuts. c. the market supply curve will shift to the right. d.
Answers (1)
Which eu country has recently established formal border controls along one of its borders?
Answers (1)
The following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output 7.0 hours Standard variable overhead rate $ 13.
Answers (1)
New Questions in Business
What is a possible negative aspect of economic growth? a. Increased trade B. Increased population C. Increased standard of living D. Increased pollution
Answers (1)
The drivers that explain changes in costs as units produced change are called: a. activity based cost drivers b. unit-level drivers c. non-unit-level drivers d. All of these choices are correct.
Answers (1)
Luis and Amy are programmers employed by X Corp. They work in cubicles next to each other. Both have M. Sc. degrees in computer science (Luis also has a Ph. D. in philosophy).
Answers (1)
Accounting professors earn more than English professors at most universities. Explain this with a supply and demand graph.
Answers (1)
What is the Present Value of the following cash flows at an interest rate of 7% AER? A.) $900 received one year from now. B.) $900 received 10 years from now. C.) $900 received each year beginning 1 year from now and ending in 10 years. D.
Answers (1)