Because most resources are finite, people and society are compelled to make decisions. Economics is the study of how people and communities decide how to distribute limited resources.
Is the study of scarce resources a part of economics?Economics is the study of scarcity and how it impacts a variety of complex social issues, including how resources are used, how goods and services are generated, how output and welfare rise over time, and a host of other intricate issues.
What do economists refer to as scarce resources?Natural resources, such as gold, oil, silver, and other fossil fuels, are innately rare. As demand outpaces supply, these resources become scarce and their prices may increase. Some commodities, like diamonds, command high prices due to their rarity and market dominance.
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True, economics is the study of the choices people make in attempting to manage their scarce resources. This covers decisions made by businesses and consumers on an individual basis, as well as decisions made by governments and other organizations.
What are Scarce Resources?In contrast to the limitless aspirations and requirements of people and society, scarce resources relate to the restricted supply of resources.Natural resources like land, water, and minerals are examples of scarce resources. Intangible resources like human capital are other examples of scarce resources (e.g. education, skills, and experience).Scarce Resources are limited, thus decisions must be made regarding how to distribute them in the most effective and efficient way feasible.Scarce resources give birth to the idea of opportunity cost, which is the price paid for giving up a chance to do something.The pricing, production, and distribution of products and services in an economy are all factors that economists analyze in relation to the distribution of limited scarce resources.One of the main concerns in economics and a major driver of economic expansion and development is the management of scarce resources.Scare Resources has an impact on how people, businesses, and governments make economic decisions as well as how economic policies and procedures are implemented.To learn more about Scare Resources from the given link :-
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which stakeholder group(s) benefit(s) the most from shake shack's commitment to high wages and salaries?
Employees, customers, and the proprietors are all present. While increased pay and salaries help employees directly, owners profit from reduced turnover rates and more motivated personnel, while consumers benefit from a greater level of customer care and attention to detail.
Who are the top three stakeholders?A typical corporation’s key stakeholders are its investors, workers, customers, and suppliers. However, as corporate social responsibility has gained prominence, the notion has been expanded to encompass communities, governments, and trade groups.
Because they are immediately affected by the project’s outcome, primary stakeholders (also known as key stakeholders) have the most stake in its success. They actively participate in a project. Feb 8, 2021. Internal stakeholders and external stakeholders are the two categories of stakeholders. It is critical to analyze how an organization’s decisions affect stakeholders since they frequently have the capacity to shift the priorities of how a business operates.
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true or false economists believe that all people except for the very very wealthy have limited resources
Answer:
False.
Explanation:
I lookee it up.
which is an example of an intangible benefit? question 15 options: an online package tracking system that improves service and decreases the need for clerical staff a new scheduling system that reduces overtime a sophisticated inventory control system that cuts excess inventory a user-friendly system that improves employee job satisfaction
A user-friendly system that improves employee job satisfaction is an example of an intangible benefit.
A user-friendly system that improves employee job satisfaction is an example of an intangible benefit. Intangible benefits are those which cannot be easily measured or quantified, but which provide a benefit to an organization.
Step 1: Define intangible benefits. Intangible benefits are those that are not easily measured or quantified, but provide a benefit to an organization.
Step 2: Identify an example of an intangible benefit. A user-friendly system that improves employee job satisfaction is an example of an intangible benefit.
Step 3: Explain how the example provides a benefit. A user-friendly system improves employee job satisfaction by making it easier for employees to complete their tasks, which in turn makes them more productive, efficient, and motivated.
Step 4: Explain why the example is an intangible benefit. The benefit is intangible because it cannot be easily measured or quantified.
Step 5: Summarize the example of an intangible benefit. A user-friendly system that improves employee job satisfaction is an example of an intangible benefit, which cannot be easily measured or quantified, but provides a benefit to an organization.
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An insurance company is analyzing the following three bonds, each with five years to maturity, annual coupon payments, and duration as the measure of interest rate risk.
What is the duration of each of the three bonds?
Duration of the Bond
a. $10,000 par value, coupon rate = 8. 5%, rb = 0. 15 years
b. $10,000 par value, coupon rate = 10. 5%, rb = 0. 15
c. $10,000 par value, coupon rate = 12. 5%, rb = 0. 15
The duration of each of the three bonds are:
a. 4.17
b. 4.06
c. 3.96
What is bond?A bond is a fixed-income investment that simulates a loan from an investor to a borrower (typically corporate or governmental). The terms of the loan and the payments are outlined in a bond, which can be compared to an I.O.U. between the lender and borrower. Companies, municipalities, states, and sovereign governments all use bonds to finance their operations and capital expenditures. Bondholders are the issuer's creditors, or debt holders.
a.
FV = 10,000
Pmt = 10,000 x 8.50% = $850
N = 5
R= 0.15
Price PV= Pmt x PVIFA(n,R) + FV x PVIF(n,R)
= 850 x 3.35216 + 10000 x 0.49718
= 7821.10
Duration = sum of t x CF x PVF / price
= 32617.04 / 7821.10
= 4.17
b.
FV = 10,000
Pmt = 10,000 x 10.50% = $1050
N = 5
R= 0.15
Price PV= Pmt x PVIFA(n,R) + FV x PVIF(n,R)
= 1050 x 3.35216 + 10000 x 0.49718
= 8491.57
Duration = 34442.50 / 8491.57
= 4.06
c.
FV = 10,000
Pmt = 10,000 x 12.50% = $1250
N = 5
R= 0.15
Price PV= Pmt x PVIFA(n,R) + FV x PVIF(n,R)
= 1250 x 3.35216 + 10000 x 0.49718
= 9162
Duration = 36267.96 / 9162
= 3.96
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you save bank has a unique account. if you deposit $7,000 today, the bank will pay you an annual interest rate of 3 percent for 4 years, 3.6 percent for 3 years, and 4.3 percent for 7 years. how much will you have in your account in 14 years?
The amount that will you have in your account in 14 years would be $10,703. You can keep adding the interest earned each year to the principle to calculate the final amount after 14 years.
The interest earned on the deposit in the future will also be calculated based on the principle and the interest rate of that period. To calculate the future interest earned in each year, you can use the formula:
Future Interest Earned = Principle x Interest Rate
To calculate the total amount you will have in your account in 14 years, we need to calculate the interest earned for each of the different periods of time separately and then add them together.
For the first 4 years, you will earn an annual interest rate of 3 percent on $7,000, which is $210 per year or $840 total.
For the next 3 years, you will earn an annual interest rate of 3.6 percent on $7,000, which is $252 per year or $756 total.
For the final 7 years, you will earn an annual interest rate of 4.3 percent on $7,000, which is $301 per year or $2,107 total.
So in total, after 14 years, you will have:
$7,000 + $840 + $756 + $2,107 = $10,703
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if consumer incomes rise and this leads to an increase in the demand for chocolate, then chocolate is a(n) if consumer incomes rise and this leads to an increase in the demand for chocolate, then chocolate is a(n) normal good inferior good neutral good necessity complement
If consumer incomes rise and this leads to an increase in the demand for chocolate, then chocolate is a(n) normal good.
A normal good is a good for which the demand increases as consumers' income rises.
So, chocolate is a normal good because as people have more disposable income, they are more likely to buy more chocolate and enjoy its taste.
This is the opposite of an inferior good for which demand decreases as income increases.
On the other hand, a neutral good is a good for which the demand remains unchanged as income changes and a necessity is a good that people need to survive regardless of their income, like food, shelter, and clothing.
A complement good is a good that is typically consumed with another good, for example, chocolate is often consumed with coffee.
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Julian wants to open a bakery. He uses his savings and borrows some funds from his family to start his business. In the given scenario, Julian uses _____ to fund his business
He utilizes his own money to start a bakery using money through his savings and a small loan from his family.
How do business angels and venture capital funds differ from one another?Investments made from angel investors in setup and small firms with remarkable development potential are known as venture capital. The fact that venture capital firms often invest later in a company's life than angel investors does is a clear distinction between the two groups of investors.
Which of following is the main justification for starting a firm for an entrepreneur?The primary motive is not money but rather freedom and enthusiasm.
According to a study by Cox Business, more than half all small business entrepreneurs open their own operations in order to work for themselves. They were inspired to build an item from the roots up as well.
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while conducting business with a customer from italy, zoe was careful to speak slowly and clearly, using short sentences and familiar words. however, she noticed that the customer had a glazed expression and did not understand her. zoe should
The action that should taken by Zoe in the business communicating is b. graciously accept the blame for not making her meaning clear. This must be done so as not to hurt or give a bad impression to the other person as a partner.
In economic and business, Business communication generally can be defined as the communication that is intended to help a business achieve a fundamental goal, Business communication can happen through information sharing between employees as well as people outside the company, or also through the business partner when communicate about busines project.
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what would be the equivalent taxable yield of this bond to a taxpayer in a 35% combined tax bracket
The original taxable yield of a bond to a taxpayer in a 35 combined duty type is the yield after taking into account the levies the taxpayer must pay.
To calculate it, the investor must first abate the borderline duty rate from 1. In the case of a 35 combined duty type, the investor would abate0.35 from 1 and get0.65. This number is also multiplied by the bond's yield to get the original taxable yield. For illustration, if the bond has a yield of 6, the original taxable yield for a taxpayer in a 35 combined duty type would be3.9.
Taxable Equivalent yield is important for investors to consider when making investments. It helps them to understand how important of the returns they will actually get to keep after levies. Knowing the original taxable yield can help investors make informed opinions when investing in bonds.
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the value of a company to its owners equals total resources of the company. group startstrue or false
The value of the company "owners does not equal the total resources of the company. present value of all the future cash flows that the company is expected to generate in the future. " is false because.
These cash overflows are deduced from the coffers of the company, similar as its people, products, services, and capital. still, the value of a company to its possessors isn't just the sum of the value of all its coffers. The value of a company to its possessors is determined by the capability of the company to induce unborn cash overflows that are advanced than the cost of its coffers.
thus, the value of a company to its possessors is the net present value of all anticipated unborn cash overflows, and not the sum of all its coffers.
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if a company initially recorded prepaid rent as an asset, which is the correct adjusting entry to record the amount of rent that has expired?
To record the amount of rent that has expired, the company would make the following adjusting entry: Debit Rent Expense and Credit Prepaid Rent.
When a company initially records prepaid rent as an asset, it is recognizing that it has paid for rent in advance and that the benefit of that rent will be received in the future. However, as time goes on, some of that prepaid rent will have expired and can no longer be considered an asset.
To correct this, the company will make an adjusting entry at the end of the accounting period to recognize the portion of the prepaid rent that has expired.
The adjusting entry will include a debit to Rent Expense, which increases the expense account and reflects the use of the rent, and a credit to Prepaid Rent, which decreases the asset account and reflects the expired portion of the prepaid rent.
This will ensure that the company's financial statements accurately reflect the rent expense for the current period and the remaining prepaid rent that will be used in future periods.
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suppose you have just finished your third year of college and expect to graduate with a bachelor’s degree in accounting after completing two more semesters of coursework. the salary for entry-level positions with an accounting degree is approximately $48,000 in your area. shelton industries has just offered you a position in its northwest regional office. the position has an annual salary of $40,000 and would not require you to complete your undergraduate degree. if you accept the position, you would have to move to seattle.
Tuition and books for years 1-3 of college - Irrelevant YES
Food and entertainment expense which are expected to be the same in Seattle as where you currently live - Irrelevant YES, Rest Relevant YES
What is Relevant cost?Relevant cost is a managerial accounting term that refers to avoidable costs that occur only when specific business decisions are made. The concept of relevant cost is used to eliminate extraneous data that may complicate decision-making. Relevant cost, for example, is used to determine whether to sell or keep a business unit.
A sunk cost is the inverse of a relevant cost because it has already been incurred regardless of the outcome of the current decision. A big decision for a manager is whether to close a business unit or keep it open, and the decision is based on relevant costs. Assume a retail sporting goods store chain is considering closing a group of stores catering to the outdoor sports market. The relevant costs are those that can be avoided as a result of the closure, as well as the revenue lost when the stores close. If the costs of closure outweigh the revenue lost, the outdoor stores should be closed.
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ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30, 2016. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 2% of sales, or $ 1,000, and 2% of cost of sales, or $400. Prepare the June 30, 2016, fiscal-year-end adjusting journal entry for future returns and allowances related to sales. Prepare the June 30, 2016, fiscal-year-end adjusting journal entry for future returns and allowances related to cost of sales
The June 30, 2016, fiscal-year-end adjusting journal entry for future returns and allowances related to sales would be:
Debit: Returns and Allowances (sales) $1,000
Credit: Sales $1,000
Explanation: The company estimates that 2% of its sales will be returned or allowed for, so it debits the Returns and Allowances account for $1,000 (2% of $50,000 in sales) and credits the Sales account for the same amount, to reduce the reported sales for the year.The June 30, 2016, fiscal-year-end adjusting journal entry for future returns and allowances related to cost of sales would be:
Debit: Cost of Merchandise Sold $400
Credit: Returns and Allowances (cost of sales) $400
Explanation: The company estimates that 2% of its cost of merchandise sold will be returned or allowed for, so it debits the Cost of Merchandise Sold account for $400 (2% of $20,000 in cost of sales) and credits the Returns and Allowances account for the same amount, to reduce the reported cost of sales for the year.
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almost always the only first chance to impress a potential employer or hiring manager is through what?
A resume is almost always the only opportunity to impress a potential employer or hiring manager. It is critical to constantly plan for a career.
How to Make a Good First Impression on a Potential Employer?In the application process, making a good first impression is critical. You might only have a few minutes with a potential employer before they decide whether or not you're a good fit for the job. Unqualified candidates' applications are quickly rejected by employers. If you are only applying because it appears to be interesting work but you have no actual experience in the field, your time may be better spent on education or internships. When known, address the targeted cover letter to the person conducting the candidate search, which introduces your key qualifications and highlights your fit with the position.
The available position for which you are applying must be specifically mentioned in the cover letter. Spelling and grammar are important. The spacing of words on the page, the overall appearance, and the feel of the paper all play a role (in a paper resume). Prior work experience is typically listed in chronological order, but some applicants may structure the flow of their resume around skills. Combining these two strategies is also common.
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An essential element of communicating with marketing employees is _____________.
a. the marketing mix
b. strategy.
c. objectives.
d. the target market.
e. training.
According to the question, training is a critical part of interacting with marketing personnel.
What does an employee do for a livelihood?A individual who works for an institution in exchange for pay or a salary is called an employee. To make the team, employees discuss conditions and formally engage into arrangements with their employers by executing tender documents or employment contracts.
What kind of person is that?What does "Employee Type" mean? Employment category refers to the many categories of workers that an organisation may employ directly or through third parties. There are several types of employees, such as comprehensive, part-time, and temporary workers, there are laws and rules that are applicable with each.
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A(n) ______ is a detailed examination of the events that occurred from first detection to final recovery. Group of answer choices After Action Review (AAR) Incident Response (IR) Incident Planning (IP) Incident Damage Assessment (IDA) Business Impact Analysis (BIA)
A(n) After Action Review (AAR) is a detailed examination of the events that occurred from first detection to final recovery.
What is After Action Review (AAR)?An after-action review (AAR) is a method for improving process and execution by comparing the intended and actual outcomes of an action, determining which practices to maintain, which practices improving, or which practices to initiate, and then putting those changes into practice at the next iteration of the action. Formal AARs were first developed by the U.S. Army. Formal AARs are used by all US military services and many non-US organizations.Their use has extended to business as The intent of an AAR is at odds with the practice of assigning blame or issuing warnings. In contrast to a post-mortem, an AAR places a strong emphasis on individual participant actions. The participants apply what they learned from the review but no recommendations for other people are made. Formal AAR meetings are typically led by a facilitator or trained "AAR Conductor," and they can be chronological reviews or tightly focused on a few key issues selected by the team leader. Short-cycle informal AARs are typically led by a team leader or assistant and are very quick.Cascaded AARs can be used to keep each level of the organization focused on its own performance within a particular event or project.learn more about After Action Review (AAR)
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how long after your federal taxes are accepted to get refund
You are on the IRS's refund schedule as soon as your return is accepted. After your e-filing return is accepted by the IRS, refunds are normally issued in even less than 21 days.
What is an E-file?You can send the IRS your tax information immediately from your computer by using e-filing. The benefits of electronic filing include: In contrast to mailed paper returns, yours is received by the IRS practically immediately. E-filed tax returns have fewer mistakes. Your financial information does not need to be entered again by the IRS.
What follows an e - filing?It normally takes the IRS 24 to 48 hrs to certify your return when you submit electronically. You are on the IRS's refund schedule as soon as your return is accepted. After your electronically filed report is accepted by the IRS, refunds are normally issued in even less than 21 days.
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diane initially deposited $11,500 into a money market account and made no additional deposits or withdrawals. when she closed the account in exactly one year, its value had grown to $12,500. calculate the annual growth rate for the money market account. round your answer to two places after the decimal.
The annual growth rate is 8%
Initial deposit by Diane = $11,500
The grown value = $12,500
The average annual growth rate is the average rise or fall in the value of a portfolio, cash flow, or investment asset over a given time frame. It is calculated by averaging the stated year-over-year growth rates. By deducting the old value from the new value and dividing it by the original value, the growth rate is determined.
Calculating the annual growth -
Grown value - Initial Value / Grown Value
= 12,500 - 11,500 / 12,500
= 1000/12,500
= 0.08
= 8%
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rick deposited $2,700 into an account 9 years ago for an emergency fund. today, that account is worth $4,025. what annual rate of return did rick earn on this account assuming no other deposits and no withdrawals?
The annual rate of return did rick earn on this account assuming no other deposits and no withdrawals 4.54 percent
What is withdrawals?Owner withdrawals, often known as withdrawals, are payments made from an owner's stock in a business. In other words, it's money that the proprietor withdrew from the business for personal use. Instead of being a cost to the company, the withdrawal lowers equity. Due to the fact that cash is being taken out of the company, a withdrawal may have a negative effect on the liquidity of the organization. Cash transfers from a firm to its owner are known as withdrawals by owner. These monetary transfers lower the amount of stock in a company but have no effect on its profitability.Cash transfers from a firm to its owner are known as withdrawals by owner. These monetary transfers lower the amount of stock in a company but have no effect on its profitability.To learn more about withdrawals refer to:
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what is the standard deduction for 2022 married filing jointly
From the previous year, the standard deduction for married couples filing jointly in 2022 would be $25,900.
How does a standard deduction work?A predetermined amount that reduces the amount of income that is subject to taxation is known as the standard deduction.
Your standard deduction is the sum of the basic standard deduction and any additional standard deductions for old age or blindness.
In general, your filing status, age, blindness, and whether or not another taxpayer can claim you as a dependent all affect your standard deduction. Inflation is also taken into account every year.
The standard deduction is not available to all taxpayers. Additional Standard Deduction: You are eligible for an additional deduction if you are 65 years old or older at the end of the tax year.
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carlos and connie own a farm as tenancy by the entirety (tbe). the farm is currently valued at $2 million. all of the following statements are correct except a) carlos and connie are spouses. b) if carlos dies, connie becomes full owner of the farm by right of survivorship. c) if carlos dies, connie receives a stepped-up basis in 100% of the farm. d) if connie dies, $1 million is included in her gross estate for estate tax purposes.
The statement, if Connie dies, $1 million is included in her gross estate for estate tax purposes is not correct.
What is estate tax?Estate and inheritance taxes are levied on property transfers at death. An estate tax is levied on the deceased's estate, whereas an inheritance tax is levied on the deceased's heirs.The Estate Tax is a tax levied on the right to transfer property at death. It includes a lot of an accounting of everything you own or have certain interests in at the time of death. Federal and state estate taxes are paid from your estate's assets before the remaining assets are distributed to your heirs. A qualified grantor trust's executor or trustee is responsible for filing the applicable federal and state estate tax returns and ensuring that all taxes are paid from the estate.To learn more about estate tax refer to :
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D) When one spouse passes away, the remaining spouse inherits the entire estate, which is known as tenancy by the totality. Therefore, $1,000,000 will not be considered for tax purposes; ideally, it should be $2,000,000.
Tenancy by the Entirety: What Is It?A type of joint property ownership known as tenancy by the entirety is exclusively available to married couples. Spouses are able to jointly own property under the terms of a tenancy by the entirety. This indicates that the interests in the property are equal and undivided for each spouse.
Due to the right of survivorship created by this type of legal ownership, the surviving spouse will automatically acquire full title to the property in the event that one spouse passes away.
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5. question 5 in what three ways does a small closing process at the end of each milestone differ from a formal, more comprehensive closing phase at the end of the project?
The final action before a team disbands is a formal closure at the conclusion of a project. An impact reporting meeting is a part of the project's formal closure.
Stakeholders offer comments on any future modifications that need to be made once a milestone is closed during the project. An endeavour to produce or alter a particular good or service is referred to as a project. Projects are transitory work initiatives having a defined start and finish. Projects may involve other businesses and providers or may be contained entirely inside a single division or unit. A project is described as a series of activities that must be finished in order to achieve a certain result. The Project Management Institute (PMI) defines a project as "any temporary undertaking having a clear beginning and finish."
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the purpose of a form letter or template in business writing is to
An example of a template that harmonizes the letter-writing process is the form letter. This eliminates the need to create separate documents for each individual recipient. A template letter can be used as many instances as need.
What does a business letter need to accomplish?A business writing is an official letter that is issued from one firm to another in a professional manner. These emails can be used for formal correspondence between individuals and business clients, employees, and stakeholders.
What is a template or form letter?An example of a template that harmonizes the letter-writing process is the form letter. This eliminates the need to create separate documents for each individual recipient. A template letter can be used as numerous times as needed.
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company naturelle sells mounted butterflies, using butterfly baid it buys from another firm for $20,000. it pays its workers $35,000, pays $1,000 in taxes, and has a profit of $3,000. what is its value added?
$39,000 is its value added. Total value added in a business is determined by tabulating the unit value added for each unit of a sold good
What is meant by value added?Total value added in a business is determined by tabulating the unit value added for each unit of a sold good. Total value added therefore equals revenue less intermediary consumption. Thus, value added is described as a firm's total receipts less the cost of goods and services it has acquired from other businesses.Wages and salaries, interest, depreciation, rent, taxes, and profit are all considered to be part of value added. More specifically, it refers to the extra characteristics a business may include in a good or service to offer consumers or clients a perception that the value of the product or service has grown. To raise the perceived value of the product by the consumer, this could involve modifying the product's design or adding extras.
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reading the newspaper this morning, you found an article that mentions a woman named simone who used to live down the street from you. simone was recently hired by the first state bank to assist in the evaluation and forecasting of future financial and economic conditions in the communities served by the bank. in which area of finance does simone work?
If Simone was recently hired by the first state bank to assist in the evaluation and forecasting of future financial and economic conditions in the communities served by the bank, Then she is working in the financial market and institution domain .
Any location or system that gives buyers and sellers the ability to trade financial assets, such as bonds, shares, the various international currencies, and derivatives, is referred to as a financial market. The connection between people with capital to invest and those who need capital is facilitated by financial markets. Financial markets enable participants to transfer risk (often through derivatives) and advance trade in addition to making it feasible to raise funds. Investors and financial institutions each have a segment of the financial market. The phrase "financial institution" refers broadly to businesses that serve as brokers, agents, and intermediates in financial transactions. Financial market transactions are subject to risk even while regulations and best practices serve as a guidance.
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what product characteristics affect logistics costs? discuss the effects of these characteristics on logistics costs.
Product weight is one factor that affects logistics costs. Shipping prices will be greater for heavier items compared to lighter ones.
How does factor 75 compare to factor?
Factor, a meal delivery business that was once known as Factor 75, promises to bring foods that are tasty, fresh, and healthful. Factor can be a wonderful choice for people looking for a solution to spend less time cooking while still improving their health because of its weekly rotating menu of wholesome, high-quality products. The employment of variable components rises as production rises, while the employment of these parts falls as production falls. The labour force, energy, and raw materials employed directly in production are some examples of typical variable components.
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what was her percent of profit based on selling price? follow the problem-solving process and round your answer to the nearest hundredth if necessary.
The formula for calculating profit % is profit percentage = (profit/cost price) x 100.
Why it is called profit?Prefects, a Latin noun that means "progress," and profiler, a Latin verb that means "to advance," are the roots of the word "profit."A transaction's or set of transactions' excess returns above costs especially: the premium that commodities command over their marginal cost. 3.: Typically, net income for a specific time frame. Middle English profit, Old French profit (Modern French profit), Latin prefects ("advance, progress, growth, increase, profit"), and proficient ("to go forward, advance, make progress, be profitable or beneficial") are the sources of this word. The total income a firm receives from the sale of products or services that are connected to its core business operations is referred to as revenue.To learn more about profit refer to:
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Brief Exercise 3-09 The adjusted trial balance of Miller Company at December 31, 2020, includes the following accounts: Owner's Capital $16,400, Owner's Drawings $7,000, Service Revenue $39,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. Prepare an income statement for the year
Revenue from services 39,000 Expenses $16,000 spent on salaries and wages; $2,000 spent on insurance. Rent costs 4,000; supply costs 1,500. Depreciation costs 1,300. 24,800 total expenses 14,200 in net income.
What are gross and net income?The amount of an employee's income that remains after payroll deductions for expenses like taxes, benefits, and other charges is known as gross pay.
What does salary net income mean?The total pay received after all required deductions, such as taxes, from the total gross pay, is known as the net salary. This is the total amount, after any deductions, that is credited to the employee's bank account.
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tiger trade has the following cash transactions for the period. accounts amounts cash received from sale of products to customers $ 37,000 cash received from the bank for long-term loan 42,000 cash paid to purchase factory equipment (47,000 ) cash paid to merchandise suppliers (11,400 ) cash received from the sale of an unused warehouse 12,400 cash paid to workers (23,400 ) cash paid for advertisement (3,400 ) cash received for sale of services to customers 27,000 cash paid for dividends to stockholders (5,400 ) assume the balance of cash at the beginning of the period is $4,400. required: 1. calculate the ending balance of cash. 2. prepare a statement of cash flows. (cash outflows should be indicated by a minus sign.)
If the income statement includes subtotals like "Total expenses," for example, the best method is to use the subtotal number the place our missing account is and subtract out the different bills from that section.
The answer to that subtraction trouble is the fee of the lacking earnings statement account.
What is economic statements from incomplete records?Incomplete information refers to a situation in which an employer is no longer the usage of double-entry bookkeeping.
Instead, it is using a more informal accounting system, such as a single-entry system, to preserve a reduced quantity of data about its financial results.
Beginning money balance $3,400 Add: Cash receipts: Sale of merchandise to customers 32,000 Long time period loan 37,000 Sale of unused warehouse 11,400 ...Ending cash stability is $ 32200 Particulars Amount $ Opening Cash
merchandise suppliers (11,400 ) cash received from the sale of an unused warehouse 12,400 money paid to workrs
Examples of merchandising corporations include dealerships, supermarkets and clothing stores. service organizations include insurance plan providers, consultants and accountants. Both merchandising groups and service businesses have interaction in the sale of some thing to make a profit.
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explain how some of the ancient civilizations described in this module conduct business in order to make a profit. give examples. what was the purpose of business in cases where it was not to make a profit?
In ancient civilizations, business was conducted in a variety of ways to make a profit.
In the Indus Valley civilization, merchants traded goods with other civilizations in order to make a profit. For example, they would buy and sell jewelry, pottery, and other items. In Ancient Greece, merchants used bartering as a way to make a profit. They would trade goods such as olive oil, grains, and animals for other goods such as spices and cloth. In some cases, the purpose of business was not to make a profit. In Ancient Egypt, business was used to support the state’s economy. Merchants would purchase and sell goods to provide resources to the government, as well as to support the military and religious institutions. In Ancient China, merchants were also used to support the government by providing resources and services. They would also contribute to the state by paying taxes. The term "ancient civilization" refers to the first established and stable settlements that served as the foundation for succeeding governments, countries, and empires.
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