Hargrave professional group performs legal services on account. The effect of this transaction on the balance sheet equation for Hargrave is Increase in assets.
<h3>What is Asset?</h3>
An asset is considered a resource of the business which has an economic value in the future of the business and helps business activities to take place smoothly.
Hargrave professional group performs legal services on account which reflects the Buying and sales of goods and services on credit. So this refers to the incoming cash in the business which indicates the effect of this transaction on the balance sheet equation for Hargrave is an Increase in assets.
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The market-to-book ratio is 1.59%
<h3>How does market to book ratio work?</h3>
A financial valuation statistic called the Market to Book Ratio, commonly known as the Price to Book Ratio, is used to assess how a company's current market value compares to its book value. The current stock price of all outstanding shares represents the market value (i.e. the price that the market believes the company is worth).
<h3>How do you interpret a high market to book ratio?</h3>
A high book-to-market ratio could indicate that the stock of the company is being valued by the market below its book value. The price-to-book ratio, which is only the opposite of the book-to-market ratio formula, is well-known to investors.
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Answer:
Income statement for the year XXXX ended August 31th
Consulting fees earned 27,000
Rent expense 9,550
Salaries expense 5,600
Telephone expense 860
Miscellaneous expenses <u> 520 </u>
Total expenses 16,530
Net income 10,470
Explanation:
To solve for net income we have to subtract revenue for expenses
the expenses will have the word expense in their name,
Is important to notice dividends are not expense as they represent the distribution of earned to the stockholders or owners of the company. It doesnt' represent an expense associate with the outgoing business activities.
