Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (3,500 units) $2,135,000
Production costs (4,000 units):
Direct materials $1,049,200
Direct labor 451,200
Variable factory overhead 73,600
Fixed factory overhead 115,600 1,689,600
Selling and administrative expenses:
Variable selling and administrative expenses $52,400
Fixed selling and administrative expenses 22,000 74,400

Required:
Prepare an income statement according to the absorption costing concept.

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

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