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
Answer:
FTC: prohibits deceptive practices and provides information about choosing products
SEC: prohibits insider trading and regulates brokers and investment advisers
Answer:
A Mission and Vision Statement for Misty Mount Corporation.
Explanation:
A Mission & Vision statement is vital for any corporation.
The mission statement defines the fundamental purpose of the corporation and provides a coherent guide for the decision making process.
The vision statement ensures that the decisions that are made are in sync with what the corporation wants to achieve.
Answer:
Economist Brown : Perfectly Inelastic (Vertical) Aggregate Supply
Economist Black : Perfectly Elastic (Horizontal) Aggregate Supply
Explanation:
Economy is at equilibrium where : Aggregate Demand = Aggregate Supply.
Aggregate Demand is downward sloping curve, as aggregate demand is inversely related with price. Increase in AD shifts the AD curve rightwards.
Aggregate Supply is usually upward sloping curve, as it is directly related to price. However, as per given special cases by Economists Black & Brown, it is as undermentioned :
- Black : AD increase (rightwards shift) increases only price if - Aggregate Supply is perfectly inelastic i.e non respondent to price & AS curve is vertical.
Real GDP is the total value of goods & services produced by an economy, valued at constant base prices. Increase in real GDP implies increase in production quantity.
- Brown : AD increase (rightwards shift) increases only Real GDP (quantity) if - Aggregate Supply is perfectly elastic (infinitely respondent to price, so prices constant) & AS curve is horizontal.
Nonbanks.......................................................
