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Answer and Explanation:
The Preparation of the simple income statement and a balance sheet is shown below:-
Corporation X
Income Statement
for the Year Ended xxxx
Particulars Amount
Sales $1,000,000
Less: Cost of goods sold $500,000
Gross profit $500,000
Less: Other expenses $60,000
EBIT $440,000
Less: Interest $70,000
EBT $370,000
Less: Income tax $100,000
Net income $270,000
Number of shares outstanding $80,000
Earning per share $3.375
(Net income ÷ Number of shares outstanding)
Corporation X
Income Statement
for the Year Ended xxxx
Particulars Amount
Assets
Cash $70,000
Accounts Receivable $150,000
Inventory
Raw Material $80,000
Finished Goods $250,000
Total Current Assets $550,000
Plant & Equipment $410,000
Total Assets $960,000
Liabilities
Accounts Payable $160,000
Other Current Liabilities $60,000
Total Current Liabilities $220,000
Long term Debt $200,000
Equity $540,000
Total Liabilities & Equity $960,000
Answer:
these housing services contribute to GDP = $18000
Explanation:
given data
Tom pay rent = $8000
Sarah house rented = $10,000
solution
housing services contribute to GDP is express as
housing services contribute to GDP = Tom pay rent + Sarah house rented ............1
As GDP include both rent and estimate rent owner occupy home
put here value in equation 1 we get
housing services contribute to GDP = $8000 + $10000
housing services contribute to GDP = $18000
Answer:
is a time deposit of money in an international bank located in a country different from the country that issued the currency.
Explanation:
In economics or financial accounting, money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.
Simply stated, money refers to any asset which can be used to purchase goods and services by customers.
This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.
Additionally, the rate at which an asset can be used to purchase any goods or services refers to its liquidity. Thus, liquidity is a quality or characteristics of money as a medium of exchange. Therefore, money is a generally accepted medium of exchange around the world.
The three (3) main functions of money all over the world are;
I. Medium of exchange.
II. Unit of account.
III. Store of value.
The European System of Central Banks (ESCB) which was established under the Treaty on European Union (TEU).
It comprises of the European Central Bank (ECB) and the national central banks of all the 27 European Union (EU) member states, irrespective of adopting the Euro (£) or not. This has helped the European Union (EU) member states to achieve tight corporations and memorandum of understanding (MOUs) such as TARGET2 (single payment system).
Eurocurrency is a time deposit of money in an international bank located in a country different from the country that issued the currency.
Based on the economic theory of demand and supply, Say's Law argues that a given "<u>value of supply"</u> must create an equivalent "<u>value of demand</u>" somewhere else in the economy.
This is based on the idea that supply would deduce the size of the macro-economy, which in turn makes sense in the long run.
Jean Baptiste Say is a French economist famous for being an adherent supporter of business competition, free trade, and removing restraints on business activities.
His Say's law was famous as it tried to define the market condition. Say's law is sometimes referred to as the <u>Law of</u> <u>Market</u>.
Hence, in this case, it is concluded that the correct answer is option D. "<u>value of supply; the value of demand."</u>
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