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?
Find 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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Of the 13 employees in a certain department, 1 has an annual salary of $38,000, 2 have an annual salary of $45,000 each, 2 have an annual salary of $42,500 each, 3 have an annual salary of $40,000 each, and 5 have an annual salary of $48,500 each.
Answers (1)
Which element of a high-performance work system determines how the details of the organization's necessary activities will be grouped, whether into jobs or team responsibilities?
Answers (1)
Successful small business owners are a. not good sources for information on starting your own business because they generally do not understand failure. b. valuable sources for information since you can learn from their experiences. c.
Answers (1)
1. Why is it important for business and professional students to develop good communication skills?
Answers (1)
Select the correct answer. Which of the following is the best example of a strong work ethic? A. Jessie works late every night to get the work done B. Robert takes extra time to make sure his report is accurate and thorough C.
Answers (1)
New Questions in Business
Which statement describes the equity‑efficiency trade‑off? There is always a more equitable outcome that is also more efficient. Government intervention can increase efficiency in a market. The least efficient economic outcome is the fairest outcome.
Answers (1)
You would like to buy shares of Nokia (NOK). The current bid and ask quotes are $20.13 and $20.15, respectively. You place a market buy-order for 300 shares that executes at these quoted prices. How much money did it cost to buy these shares?
Answers (1)
Should the law allow someone that becomes voluntarily incapacitated through intoxication or other means escape from a contractual obligation using incapacity as a defense?
Answers (1)
Price per Ticket Quantity Demanded $13 1,000 11 2,000 9 3,000 7 4,000 5 5,000 3 6,000 Refer to the information and assume the stadium capacity is 5,000.
Answers (1)
Carol Bates, a young, dynamic, and affluent banker, likes to shop online and try out new products. She likes to keep herself updated about the latest products introduced in the market.
Answers (1)