What are the choices?????????
Answer:
Net Income = $45000
Explanation:
The basic accounting equation states that the value of assets is always equal to the sum of the values of liabilities and equity.
Total Assets = Total Liabilities + Total equity
At the beginning of the year:
295000 = 190000 + Total equity
Total Equity = 295000 - 190000
Total Equity = $105000
The net income earned during the year is appropriated in two ways. It is either retained in the business and transferred to retained earning or paid out as dividends or both. Transfer to retained earnings from net income increases equity.
At the end of the year:
355000 = 220000 + Total Equity
Total Equity = 355000 - 220000
Total Equity = $135000
Ending balance of equity = Opening balance of Equity + issuance of equity(Common stock) + Net Income - Dividends
135000 = 105000 + 35000 + Net Income - 50000
135000 = 90000 + Net Income
Net Income = 135000 - 90000
Net Income = $45000
Answer:
The answer is A.
Explanation:
A letter of credit is a promise given by an issuing bank at the request of its customer in which the bank promises to pay the beneficiary the states amount within a specified period of time. It has three elements – the beneficiary/seller, the buyer/applicant and the issuing bank.
While A banker's acceptance is a short term instrument given by a bank that obligates itself to make a payment at a later date. It is like a post-dated check.
Answer:
C
Explanation:
Understanding how promotion will support the company: is based on the mental thinking of the person and not based on what he/she was taught.
Answer:
The answer is $3,300.
Explanation:
To calculate interest paid on an amount, the following formula is used:
Simple interest = Principal × Rate × Time
Principal = $110,000
Rate in decimal = 9% = 0.09
Time in years = 4 months = 4/12 years
∴ Simple interest = $110,000 × 0.09 × 4/12 = $3,300.
