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1 year ago

Briefly define net income and net loss.

1 answer:

5 0

Net income refers to the excess of revenue over expenditure of a firm, whereas net loss refers to the excess of expenditure of a firm over its revenue.

Net income refers to the net earnings of a firm. It is calculated by deducting total expenditure from total revenue. Total expenditure may encompass several heads, including business expenses, interest payments,fees, depreciation, taxes, etc. Net income helps to calculate the earnings of shareholders per share.

Net loss refers to the amount by which total expenditure exceeds the total revenue generated by the business operations of a firm. Revenues may be generated from products or goods sold, from transactions, from investments, etc. Net loss is reported as negative net profit on the income statement of firms.

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The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entri

Mama L [17]

Answer:

The balance of retained earning is $130,000.

Explanation:

At the year end an adjusted trail balance is prepared, in which all the temporary accounts are closed and their balances are transferred to the permanent accounts. The adjusted trial balance must verify that debit and credit sides total is equal.

All the revenue and Expenses accounts are closed in Income summary account from where the net balance is transferred to the retained earning account.

Ending Balance of retained earning = Opening balance + Revenue - Expenses - Dividend

Ending Balance of retained earning = $80,000 + $125,000 - $60,000 - $15,000

Ending Balance of retained earning = $130,000

7 0

2 years ago

A consumer expenditure survey reports the following information on consumer protein spending:201820192020PQPQPQFish$2.001000$2.5

ivann1987 [24]

Answer:

(a) "Cost of living" index decrease by 14.42% between 2018 and 2019.

(b) "Cost of living" index increase by 30.73% between 2018 and 2020.

Explanation:

Note: See the attached excel file for the calculations of the "cost of living" index for eash of 2018, 2019, and 2020 using 2018 as the base year.

(a) by how much does a "cost of living" index increase between 2018 and 2019.

Cost of living index in 2018 = 100%

Cost of living index in 2019 = 85.68%

Increase (decrease) in cost of living index = Cost of living index in 2019 - Cost of living index in 2018 = 85.68% - 100% = (14.42%)

Therefore, "cost of living" index decrease by 14.42% between 2018 and 2019.

(b) by how much does a "cost of living" index increase between 2018 and 2020.

Cost of living index in 2018 = 100%

Cost of living index in 2020 = 130.73%

Increase (decrease) in cost of living index = Cost of living index in 2020 - Cost of living index in 2018 = 130.73% - 100% = 30.73%

Therefore, "cost of living" index increase by 30.73% between 2018 and 2020.

(c) by how much does a "cost of living" index increase between 2019 and 2020

Cost of living index in 2019 = 85.68%

Cost of living index in 2020 = 130.73%

Increase (decrease) in cost of living index = Cost of living index in 2020 - Cost of living index in 2018 = 130.73% - 85.68% = 45.05%

Therefore, "cost of living" index increase by 45.05% between 2018 and 2020.

Download xlsx

8 0

2 years ago

ABC stock has just closed at $70.50. A customer has an open order on the Specialist's book (DMM's book) to sell short 100 shares

Rudiy27

Answer:

A) Sell short 100 ABC at 69.45 Stop

Explanation:

When an order is placed below the market (OBLOSS - Open Buy Limits Open Sell Stops) it will be adjusted on the specialist's book for distributions on ex date. This open sell stop order = $70 - $0.55 (dividend) = $69.45

So the adjusted order will be: Sell short 100 ABC at 69.45 stop.

7 0

3 years ago

Tigger was terminated from the local ice cream shop as the staff manager. He did not manage by example including being rude to c

Lisa [10]

He failed at Human Resources functional area of management

Let understand that the functional area of management is the section of management of a firm which ensures that the important business activities are carried out efficiently.

The functional area of management is distinctively categorized into 6 part and they includes:

Strategic area of management
Marketing area of management
Finance area of management
Human resources area of management
Technology & equipment area of management
Operations area of management

In conclusion, the area that Tigger failed at is the Human Resources area because he need to serves as a good example for his Subordinate as well as effectively manage them, whereas, he failed at it.

Learn more about functional area of management here

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6 0

3 years ago

It was a meat-eating dinosaur. It was about 30 feet long. It had

Ludmilka [50]

Answer:

T-rex

Explanation:

8 0

3 years ago