What is the objective of (i) income statement and (ii) balance sheet?

Answers

Answer 1

(i) The income statement shows revenues and expenses over a financial accounting period.

(ii) Balance sheet is used to keep a track of the debits and credits.

One of the targets is to reveal internet gains and losses as a consequence of commercial enterprise operations and activities over a hard and fast date range. Maximum groups put together an earnings assertion on a month-to-month foundation.

Objectives of Income Statement

It provides a clear picture to the management of the performance of the company during the period and the effect on profitability and whether there is any scope for improvement.It is useful for the potential investor to analyze and decide whether he should invest in the company or not.It also helps the investors to analyze the creditworthiness of the company.It also shows the creditworthiness of a company and its ability to pay off its current obligation and is important for the creditors of the company as it serves as an indicator of the company’s financial standing.

Objectives of Balance sheet

To provide financial informationTo reveal the financial positionTo calculate ratiosTo show the picture of assets and liabilitiesTo show solvency positionInformation about debtors and creditors

Evaluate the value and position of all the assets and liabilities. Recognize the quantity of capital owed to the owner on the 12 months-give up. Use as a reference in case demand for a loan arises. The principle objective at the back of preparing a balance sheet is to provide invested people with a concept of the enterprise’s financial situation, as well as to reveal what the corporation possesses and owes.

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Related Questions

Question 4 of 20
A company has a net sales revenue of $250,000. Its cost of goods sold is
$180,000. Using vertical analysis, what percentage of its revenue is spent on
its goods?
OA. 1.30%
OB. 13%
OC.7.20%
OD. 72%

Answers

the percentage of 250000 to 180000 is 72% or answer D

with an example, explain why a substantive disagreement may never be resolved

Answers

A substantive disagreement can never be resolved because of the differing opinions of the people involved.

What is a substantive disagreement?It is a disagreement between two or more people.It is a disagreement between people with different opinions and points of view on the same subject.

If the people involved in the substantive disagreement are quite sure that their views are correct, that substantive disagreement can never be resolved, because none of the people involved will surrender to their opponents' point of view.

An example of this is two people arguing over whether the best pet is a cat or a dog, and each person wants to defend one of those animals.

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The Myers-Briggs Type Indicator (MBTI) is a popular personality test that is also ___________.
Select one:
A.
reliable
B.
valid
C.
comprehensive
D.
All of these
E.
None of these

Answers

The Myers-Briggs Type Indicator (MBTI) is a popular personality test that is also D. All of these.

What is the usefulness of Myers-Briggs Type Indicator?

Myers-Briggs Type Indicator serves as a tool that gives individuals the understanding of their own communication preference.

It should be noted that Myers-Briggs Type Indicators are:

reliablevalidcomprehensive

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The Myers-Briggs Type Indicator (MBTI) is a popular personality test that is also option D. all of the above. Read below about Myers-Briggs Type Indicator

What is Myers-Briggs Type Indicator?

The Myers-Briggs Personality Type Indicator is a self-report inventory designed to identify a person's personality type, strengths, and preferences. The questionnaire was origibated by Isabel Myers and her mother Katherine Briggs in connection to their work with Carl Jung's theory of personality types.

Therefore, the correct answer is as given above. Option D. all of these is the correct answer.

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6. Which should be entered on the credit side of the trade receivables control account? A Credit sales B Discount allowed C Interest charged D Returns outwards

Answers

To be entered on the credit side of the trade receivables control account is a Credit sales and Discount allowed. Option A n B is further explained below.

What is Credit sales?

Generally, Transactions in which the buyer defers payment are known as credit sales. When a seller intends to sell a product, they often choose this date.

In conclusion, Credit sales and discounts are recorded on the credit side of the trade receivables management account.

Answers

In order to calculate the Total factory overhead costs: -

We Know,

Predetermined Factory Overhead Rate = Total Factory Overhead Costs / Direct Labor HoursFactory overheads applied to Job 305 = Predetermined overhead rate × Direct labor hours

Statement showing Computations

Particulars Amount

Estimated total factory overhead costs 620,000.00 Direct labor hours 80,000.00 Predetermined factory overhead rate = 620,000 / 80,000 7.75

Factory overhead applied to Job 200 = 2500 × 7.75 19,375.00 Factory overhead applied to Job 305 = 3000 × 7.75 23,250.00

JOURNAL ENTRY Dr. Cr.

Work in Process Dr. 42,625.00

To Factory Overhead 42,625.00

Therefore, Total factory overhead cost is 42,625.00.

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What will be the end result for the taxpayer who filed his federal income tax return using the 1040EZ form shown below?

Answers

The end result for the taxpayer who filed his federal income tax return using the 1040EZ form shown below will be that he'll owe $180.

What is a federal income tax return?

This refers to the tax return a taxpayer send to the IRS each year through Form 1040, U.S. Individual Income Tax Return.

In this context, the end result for the taxpayer who filed his federal income tax return using the 1040EZ form shown below will be that he'll owe $180.

Therefore, Option A is correct

Missing option "A he'll owe $180 B he'll receive a refund of $173 C he'll owe $3921 D he'll receive a refund of $3921"

Answers

Answer:

doctor

Explanation:

because if you are an engineer you will work harder then a doctorans you will get more money when your a doc

ENG-114-02E-2022SP-Prof Research & Reporting

Answers

ENG-114-02E-2022SP-Prof Research & Reporting involves teaching professional communication skills.

What is Communication?

This is the act of exchanging information through different types of medium such as writing etc.

The course above is taught with the use of articles reviewed by peers for as better understanding of how to communicate better in this type of scholarly environment.

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3. Blackwell bonds have a face value of GHS 1,000 and are currently quoted at 98.4. The bonds have a 5 percent coupon rate. What is the current yield on these bonds?

Answers

The current yield on these bonds is 5.08%.

current Yield = annual Coupon / current Price

Annual coupon = 50

current price = 984

Current yield = 50/984 = 0.0508 i.e. 5.08% current yield.

The current yield of a bond is calculated by using dividing the annual coupon price by the bond's contemporary marketplace price.

A bond's yield to maturity (YTM) is the annualized interest charge that discounts the bond's coupon and faces price payoffs to the marketplace charge. that is, it is the hobby charge that the bondholder receives on the bond.

Current yield. a bond's annual coupon divided via its market price. current yield= annual coupon / bond price. yield to maturity (YTM) is the discount fee that equates a bond's fee with the prevailing value of its destiny cash flows.

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A measure of the burden of continual deficit financing over time is the ratio of:.

Answers

A measurement of the burden of continual deficit financing over time is the ratio of the debt to the GDP.

Budget Deficit

A budget deficit emerges when costs exceed revenue, and can indicate the financial health of a country. The government normally uses the period budget deficit when referring to spending rather than firms or individuals. Accrued deficits form national debt.

One of the direct risks of a budget deficit is inflation, which is the constant boost of price levels. In the United States, a budget deficit can compel the Federal Reserve to release more money into the economy, which feeds inflation.

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What is principle of management?

Answers

Answer:

principal of management is Techniques are procedures or methods, which involve a series of steps to be taken to accomplish the desired goals. Principles of management are broad and general guidelines for decision-making behaviour.

Instructions: Enter your answers as whole numbers.

Answers

A. 90, 000 B. 90, 000 C. 90, 000 D. 90, 000. Since the the Spanish consumers are indifferent between the domestic and imported product, hence, demand and supply remain constant at same price, €1 per cap.

What is Supply?

In economics, supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object.

Therefore, the correct answers are as given above.

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Upscale hotels in the United States recently cut their prices by 20 percent in an effort to bolster dwindling occupancy rates among business travelers. A survey performed by a major research organization indicated that businesses are wary of current economic conditions and are now resorting to electronic media, such as the Internet and the telephone, to transact business. Assume a company’s budget permits it to spend $5,000 per month on either business travel or electronic media to transact business. Graphically illustrate how a 20 percent decline in the price of business travel would impact this company’s budget set if the price of business travel was initially $1,000 per trip and the price of electronic media was $500 per hour. Suppose that, after the price of business travel drops, the company issues a report indicating that its marginal rate of substitution between electronic media and business travel is 1. Is the company allocating resources efficiently? Explain

Answers

The graphical representation is provided in the attached. It demonstrates how a 20% decrease in the cost of business travel would affect this company's budget if the cost of business travel was initially $1,000 per trip and the cost of electronic media was $500 per hour. This is an exercise related to Resource allocation.

What is resource allocation?

The practice of assigning and managing assets in a way that meets an organization's strategic planning goals is known as resource allocation.

From the information given, is the company allocating resources efficiently?

It would be incorrect to state that the company is allocating resources efficiently.

What is the explanation for the above?

When the cost of business travel is reduced by 20%, the new price of business travel is as follows:

1000 * 20%

= $200

New price =

1,000 - 200

= $800

Recall that the budget limit is $5,000:

Number of travel units assuming the budget is fully allotted for travel

= 5000/800

= 6.25 journeys

Number of travel units assuming the funding is entirely devoted to media

= 5000/500

= 10 media

We can establish a budget line B2 with media on the y-axis and travel on the x-axis based on the information provided.

When the price is reduced, the budget line changes to the right, reading the budget line's slope and steepness.

It should be remembered that the Marginal Rate of Substitution (MRS) is the budget line's gradient. This line is formed from a change in the y-axis and a change in the x-axis.

Thus:

Budget line = - dy/dx

= - 10/6.25

Budget Linen = -1.6

This indicates that for every unit of business trip, we must sacrifice 1.6 units of media.

Remember that the MRS is -1, which implies that for every unit of business trip, the corporation gives away one unit of media.

In other words, they are paying the same price as for business travel, resulting in an inefficient use of resources.

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calculate the break even sales dollars if the fixed expenses are $7000 and the contribution ratio is 40%?

Answers

Explanation:

break even points is the situation where thier is no profit or loss

the formula for break even point is fixed cost divided by contribution

break even = fixed cost

_________

contribution

fixed cost = $7000

contribution = 40%

= 7000/40

= 175

Break even points is the situation where their is no profit or loss. The break-even sales in dollars is $17500.

Determine the volume of output or a specified ideal sales mix by performing a break-even analysis. As the meter and computations are not used by other parties like investors, regulators, or financial institutions, the study is exclusively for a company's management to use.

The formula for break even point is fixed cost divided by contribution.

Given,

Fixed cost = $7000

Contribution = 40%

Break-even sales = $7000/40%

= $17,500

Therefore, $17500 is the break even sales dollars.

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Financial statement data for years ending December 31 for tango company follow

Answers

The inventory turnover for Tango company are: 4.8, 5.3.

Inventory turnover

Using this formula

Inventory Turnover = Cost Of Goods Sold / ((Beginning Inventory + Ending Inventory) / 2)

20Y7

Inventory Turnover =$3,864,000 /($770,000+$840,000)/2

Inventory Turnover=$3,864,000/$805,000

Inventory Turnover=4.8

20Y6

Inventory Turnover = $4,001,500 /($740,000+$770,000)/2

Inventory Turnover= $4,001,500 /$755,000

Inventory Turnover=5.3

Therefore the inventory turnover for Tango company are: 4.8, 5.3.

The complete question is:

Financial statement data for years ending December 31 for tango company follow

20Y7 20Y6

Cost of goods sold $3,864,000 $4,001,500

Inventories:

Beginning of year 770,000 740,000

End of year 840,000 770,000

Determine the turnover for 20Y7 and 20Y6.

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Determine whether the outcome is a Type I error, a Type II error, or a correct decision.

A test is made of H0: m = 45 versus H1: m is not equal to 45. The true value of m is 45, and H0 is not rejected.

Correct Decision
Type II
Type I

Answers

The true value of m is 45, and H0 is not rejected, than the correct decision is Type II.

condition:-

H0: m = 45 VS H0: m ≠ 45

The true value of m = 45

H0 is not rejected, & H0 is not rejected.

∴ here we not reject the when H0 is not true hence is is a type II error.

H0 is rejected.

∴ Here we reject the H0 when H0 is true hence it is a type I error

A type II error occurs if one fails to reject the null hypothesis when the alternative is True.

A type I blunders is a fake high-quality end, whilst a kind II errors is a false bad conclusion. making a statistical decision always includes uncertainties, so the risks of creating those mistakes are unavoidable in speculation trying out.

A type I error is a type of fault that takes place throughout the hypothesis checking out process when a null hypothesis is rejected, although it is correct and must no longer be rejected.

Decision error confer with the probability of creating a wrong conclusion while doing hypothesis checking out. when a researcher sets out to do a examine, she usually has a speculation, or a prediction of what she thinks the effects will be.

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A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500. How
much does the company have in Assets?

Answers

Answer: 80,000

Explanation:

Assets = Liabilities + Stockholders' equity = $23,500 + $56,500

The company's assets, an orchestra of resources and potential, amount to $80,000.

Liabilities: Liabilities are the financial footprints that a company leaves behind, representing the promises made to others to repay debts and fulfill obligations.

Stockholders' Equity: Stockholders' equity embodies the company's heart and soul, reflecting the collective contributions of its owners and shareholders, ultimately shaping the residual value that belongs to them.

Assets: Assets are the vibrant lifeblood coursing through a company's veins, encompassing all the resources it possesses, both tangible and intangible, that fuel its potential for growth and prosperity. They are the seeds of future possibilities that blossom into success.

Calculating the company's total assets, by using the accounting equation:

Assets = Liabilities + Stockholders' Equity

Assets = $23,500 + $56,500

= $80,000

Therefore, the company has $80,000 in assets.

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Solomon Ski Company manufactures snow skis. During the most recent accounting period, the company’s finishing department transferred 4,150 sets of skis to finished goods. At the end of the accounting period, 480 sets of skis were estimated to be 50 percent complete. Total product costs for the finishing department amounted to $285,350.

Required

Determine the cost per equivalent.

Determine the cost of the goods transferred out of the finishing department.

Determine the cost of the finishing department’s ending work in process inventory.

Answers

The various costs for Solomon Ski Company during the recent accounting period are determined as follows:

1. Cost per equivalent unit is $65.

2. Cost of finished goods transferred out from the finishing department is $269,750.

3. Cost of the ending WIP inventory is $15,600.

What is the cost per equivalent unit?

The cost per equivalent unit refers to the average cost per unit based on the total production costs divided by the total equivalent units of production.

The equivalent units of production depend on the degree or percentage of completion for the various cost classes.

Data and Calculations:

Transfer to finished goods = 4,150

Ending inventory = 480

Degree of completion of the ending inventory = 50%

Total equivalent units = 4,390 (4,150 + 480 x 50%)

Total production costs = $285,350

Cost per equivalent unit = $65 ($285,350/4,390)

Cost of finished goods = $269,750 ($65 x 4,150)

Cost of the ending WIP = $15,600 ($65 x 240)

Thus, equivalent units refer to the degree of work completed per unit.

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All else held constant, which of the following will decrease the allocation to the risky asset?
An increase in the expected return of the risky asset
An increase in risk aversion
An decrease in the volatility of the risky asset
A decrease in the risk-free rate

Same question but for increase the allocation of the risky asset

Answers

Answer:

an increase in risk aversion

Explanation:

This would cause a decrease in allocation to “risky” investments… at least that’s what we learned in MGT1104, for #2, not sure, would either be decrease in volatility or increase in exp. Return

What unique things would separate you from other applications applying for this money

Answers

The unique things that would separate the person from other people that are applying include

well-written essaygood educational backgroundvolunteering work that the person may have engaged in.

What are the required things that the person applying should have?Good educational backgroundVolunteering works would be an added advantageA well-written essayHave good characters and there should be no previous issues that show that the person had broken a law.

Therefore, the above statement would be beneficial for the person applying for the money.

Answers

Based on the consumption, investment, imports and exports, the GDP for Wrexington in 2008 was $2,450

How much GDP did Wrexington have?

The exports were:

= 67 / 0.67

= $100

The GDP is x:

GDP = Consumption + Government spending + Investment + Net exports

x = 0.6x + 212 + (0.6 x 0.5 × x) + (100 - 67)

x = 0.9x + 245

0.1x = 245

x = $2,450

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When there is no room for growth within a company, an employee cannot __________. a. Be promoted to new positions horizontally b. Find other jobs from a new employer c. Be considered for salary increases d. Be promoted vertically to new positions

Answers

D. be promoted vertically to new positions

Answer:

D: Be promoted vertically to new positions

Explanation:

finleeoleary is right

what systems are available and specifically the financial benefits iy holds for the user and owner.

Answers

Answer:

A financial management information system generates data that recipients find to be relevant to their decision-making and reporting processes.

Given the true/false statements are true (facts), select the best logical induction made from those statements:
Betsy likes oranges. Jose does not like oranges. Benjamin likes oranges.
a. People only like oranges
b. People like apples and oranges
c. People like all fruit
d. People do and do not like oranges

Answers

The best logical induction that can be made is d. People do and do not like oranges.

What is logical induction?

This refers to making a generalization about a population based on individual pieces of information about the population's members.

Betsy and Benjamin like oranges but Jose does not. This means that people can either like or dislike oranges.

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Discuss how you will use the "8-Step process
to critical thinking" in your personal and
professional life. Provide examples to
support your answers

Answers

I will use the "8-Step process to critical thinking" in my personal and professional life in many ways.

What is the "8-Step process to critical thinking"?

The "8-Step process to critical thinking" includes the following categories:

ReflectionAnalysisInformation AcquisitionCreativityStructuring argumentsDecision makingCommitmentDebate.

The 8-step process involves a process of identifying, observing, describing, questioning, researching, establishing, responding, and sharing knowledge to achieve life improvements.

In my personal and professional life, I need to seek knowledge, information, and understanding to enhance the application of concepts and innovations to living and work.

After acquiring the required information, I will carry out a critical analysis and synthesis before taking action. Results obtained from my actions must be reflected upon to provide guidance for future activities.

Thus, the "8-Step process to critical thinking" will remain useful in my personal and professional life.

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List four sources you can use to locate job leads

Answers

Take a notepad, and write down all the work that you can do that will pay you — this will be your skillset.

Pick out keywords from them. Say “writing" or “coding" “Agile" or “mathematics”. Highlight them in your profile.

Make a list of all the jobs you can do with your above skillset. This you can use the help of job portals. Now, look out for companies that hire for such jobs, and start your search.

While a personalized resume for every job is necessary, your generalized profile on professional networking sites such as LinkedIn or job portal sites such as Naukri needs to be updated accordingly.

Most important — tell everyone you know that you are actively seeking a job, and what type of job you want, along with your skill set. Post it on social media, job sites, etc; you will never know who will help you. People in jobs get notifications about opportunities quite a lot, and if you made it known that you are looking for one, they will let you know.

Keep searching. All my jobs, I got it because I never stopped searching. I search for openings, find the contact details of the company, get in touch with them, and most importantly, I keep on bugging them till I get a satisfactory response from them. For my current job, I called HR every day until they scheduled an interview.

Keep upskilling yourself. Education is never over with your college. There are so many skills that you should equip yourself with, and there are so many tutorials available online and offline for them, like Coursera, Udemy, EdX, etc. Utilize them, sometimes they have free content as well.

1) Social Network (online like Monster.com)

2) Employment agencies

3) Job Fairs

4) Unemployment office

how lack of planning can affect getting the job done as a hospitality supervisor?

Answers

The lack of planning can affect getting the job done as a hospitality supervisor as it can bring about high risks.

What is planning?

It should be noted that planning simply means the stores that are put in place to achieve a desired goal.

In this case, the lack of planning can affect getting the job done as a hospitality supervisor as it can bring about high risks in the company.

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Two identical firms compete as a Cournot duopoly. The inverse market demand they face is P = 123 - 3Q. The total cost function for each firm is TC(Q) = 3Q. The price charged in this market will be

Answers

The price changed in this market will be mathematically given as

P=93

What is the price change in this market?

P = 123 - 3Q

Generally, the equation for the statement is mathematically given as

P = 123 - 3Q

Therefore

[tex]\frac{d \pi}{ d \Q1}[/tex]=123-6Q1-30Q2-3=0

Where

Q1=120-3Q2/6

Hence

Q1=120-3(120-3Q1/6)/6

Q1=13.333

In conclusion,

P = 123 - 3(2*13.333)

P=93

Answers

The Maturity Value that Ann must pay is $89,461.

Assuming the rate of interest is compounded annually.

Given,

Principal value = $60,000 = P

Rate of interest = 5.12% = i

Number of years = 8 = T

Since maturity value = Amount

Now, using the formula for calculating the amount,

Amount = P × {(1+i)^T}

Now, substituting the given values in the above formula for amount we get,

Amount = $60,000 × {(1+0.0512)^8}

= $60,000 × {(1.0512)^8}

= $60,000 × 1.49101776418

= $89,461.0658

= $89,461 (Approximately)

Hence, The Maturity Value that Ann must pay is $89,461.

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Say, 3 customers enter a store. On the basis of past experience, the store manager estimates the probability that any one customer will make a purchase is 0.30. What is the probability that two of the next three customers will make a purchase?

Answers

The probability that two of the next three customers will make a purchaseis mathematically given as

P(1) =0.441

What is the probability that two of the next three customers will make a purchase?

Generally, the equation for Probablity is mathematically given as

P(1) = 3 C 1 (0.3)^1 (0.7)^2

P(1) =0.441

n=1000

E (x) =np = 1000x0.3

E (x) =3.00

Variance= mpq

Variance= 300 x0.7

Variance= 210

In conclusion,

P(1) =0.441

E (x) =3.00

Variance= 210