The purpose of a budget it to help you achieve your short-term and life-span goals
Income Taxes Using appropriate headings and subtotals prepare a multiple-step consolidated income statement.
An Income tax is a tax imposed on people or entities in admire of the income or profits earned by way of them. income tax generally is computed because the manufactured from a tax price instances the taxable earnings. Taxation fees can also vary by using the kind or characteristics of the taxpayer and the type of profits.
Consolidated Income statement
Particulars Amount
Net Sales $ 5,864. 6
Less: Expenses
Cost of Products sold = $ 3,6594.4
Gross Profit = $2,205.2
Less: Operating expenses
Selling general, and administrative expenses $ 1,515.3
Other expenses $ 432.7
Operating Income = $ 275
Less: Non-operating expenses
Interest and other non-operating expenses $ 104.7
Income before Taxes = 152.5
Less: Income Tax expense $ 17.9
Income after Taxes = $134.6
Less: Loss on sale of Discontinued Operations
(net of income taxes) $9.4
Net Income $ 125.2
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Both have the same interest rate which is 3%.
<h3>
What is interest?</h3>
- In finance and economics, interest is the payment of an amount above the repayment of the principal sum by a borrower or deposit-taking financial institution to a lender or depositor at a specific rate by a borrower or depositor.
- It differs from a fee that the borrower may pay to the lender or a third party.
To find the higher interest rate:
Given that,
- Interest rate per month = 0.25%
- Interest rate per quarter = 0.75%
If we calculate the annual interest for monthly and quarterly rates, it will be:
Monthly
- No. of months in a year = 12
- Monthly rate = 0.25%
So,
- Annual Interest = 0.25 × 12
- = 3%
Quarterly
- No. of quarters in a year = 4
- Quarterly rate = 0.75%
So,
- Annual Interest = 0.75 × 4
- = 3%
Therefore, both have the same interest rate which is 3%.
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Answer:
A. The Receipt Capture feature uses Optical Character Recognition (OCR) technology to read and transform receipt data to QuickBooks Online. ⇒ TRUE
B. If QuickBooks Online finds an expense already entered in QuickBooks Online, it will suggest that you match the receipt to the existing transaction. ⇒ TRUE
C. You can snap a picture of a receipt, then review, match, or add it directly from the QuickBooks Online mobile app. ⇒ TRUE
D. QuickBooks Online will fill in the fields it can for the expense using the OCR data. ⇒ TRUE
Explanation:
the other options are false because:
- E. You can assign a payee, account, payment date, category, description, amount, and memo to the expense transaction in the Review screen.
- F. You can only have one sender email registered to forward receipts in each company. ⇒ FALSE, you can connect to multiple accounts, generally for different clients. You can use the "Add new sender" link.
The beginning period retained earnings, net profit/net loss made during the accounting period, and cash and stock dividends paid during the accounting period. (i may be wrong because there was no picture but i this is right)
