The Accountant Prepared the Following List from the Company's Accounting

question 211

Essay

The accountant prepared the following list from the company's accounting records for the year ended December 31, 2019:
-Determine the following amounts for Ben & Terry's Ice Cream:
A)Total Revenues for 2019.
B)Total Expenses for 2019.
C)Net Income for 2019.

• A)Total Revenues for 2019.
• B)Total Expenses for 2019.
• C)Net Income for 2019.

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Definitions:

Break-Even Point

The production level or sales volume at which total revenues equal total expenses, resulting in neither profit nor loss.

Variable Costs

Costs that change in proportion to the level of production or sales activities, such as materials and labor.

Utilization

The extent to which a resource, such as equipment or labor, is used for its intended purpose, often expressed as a percentage.

Efficiency

The ratio of the useful output to the total input in any system, reflecting how well resources are utilized without waste.