Presented below are condensed data from the financial statements of Laugh Factory for 2015 and 2014. The figures are expressed in thousands. Use this information to answer the questions that follow.
Required: Was Laugh Factory profitable both years? What are the amounts of the total revenues and total expenses, respectively, for 2015? Which financial statement provides this information to you?
Definitions:
Variable Pay
Compensation that is dependent on performance or results achieved, as opposed to fixed salaries, incentivizing employees to achieve organizational goals.
Outsourcing Compensation
The practice of hiring external entities to manage compensation and benefits planning, often to optimize costs.
Outsourcing Policy
A strategic decision by a company to use external resources to perform tasks, handle operations or provide services that are either difficult to manage or outside of the company's core competencies.
Administration
The process or activity of running a business or organization, including management of operations, finances, and personnel.
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