The correct answer is; October 1st and September 30th.
Further Explanation:
There are approximately 3 types of fiscal years. They are;
- Business
- Federal
- Non-profit
The federal fiscal year always starts on October 1st and will end on September 30th the following year. These are divided into four quarters each year. This will cover a 12 month calendar year.
A fiscal year can contain 365 or 366 days depending if there is a leap year. This is used as a starting place to start commencing your record keeping in order and when to conclude for the year.
When keeping financial records numerous things needs to be kept for the following year. Some of the things that needs to be kept are; precise records, receipts, contracts, check stubs, and the budget used.
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Answer:
Fightin' Blue Hens Corporation
Income Statement
For the year ended December 31, 2021
Service Revenue $420,000
Operating expenses:
- Salaries Expense $320,000
- Rent Expense $16,000
- Depreciation Expense $32,000 <u>($368,000)</u>
Operating income $52,000
Other revenues and expenses:
- Interest Expense $4,200 <u> ($4,200)</u>
Net income before taxes $47,800
*The totals of the trial balance sheet were added incorrectly, they both debit and credit total $876,600.
Answer:
Incremental approach.
Explanation:
A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on a periodic basis.
Basically, the first step of the budgeting process is to prepare a list of each type of income and expense that will be integrated or infused into the budget.
This ultimately implies that, before preparing a budget, it is of utmost importance to know total income (inflows) and expenses (outflows).
The final step to be made by the management of an organization in the financial decision-making process is to make necessary adjustments to the budget.
In Business management, an incremental approach is a budgeting approach which is often used when the relationship between inputs and outputs for a particular project are weak or nonexistent. Thus, the incremental approach involves selecting the actual performance or current (previous) year's budget as a base while adding incremental amount of money for the new budget period.
This ultimately implies that, the actual performance or current (previous) year's budget are only taken as a starting point.
Answer: A company maintains a website that provides information about its products and that provides an address or number that a customer can contact to obtain an order form to purchase products directly from the company.
Explanation:
With different states having varying laws but yet still sharing a lot of business interests, it is important that the states know when they can have jurisdiction over a person.
Minimum contacts is the solution and is used to determine whether an entity has sufficient contacts in a state to warrant jurisdiction over them.
Simply having a website that can be accessed by people in a state does not fall under the provisions required for minimum contact to be met so the courts in this state cannot have personal jurisdiction over this company.