Answer:
Net income for the year = $257,000
Explanation:
Retained earnings for the year= Net income - dividends paid.
Since no dividends were paid, retained earnings for the year = net income for the year. At the end of each accounting period, retained earnings are reported on the balance sheet, and the retained profits for the year are added to the beginning balance of retained earnings, to give a cumulative ending balance of $2,499,000.
therefore retained earnings for the year = ending retained earnings balance - beginning retained earnings balance = $2,499,000.-$2,242,000= $257,000.
Net income for the year is thus = $257,000 since no dividends were paid.
The main source of income for the Federal Reserve System is interested in US government assets that the Federal Reserve has purchased through open market activities.
<h3>
What determines the supply of money?</h3>
The Central Bank controls the money supply through its "monetary policy," and the economy must function with that predetermined amount of money. The money supply is seen as entirely vertical because the economy has no bearing on its amount (on models).
By increasing or decreasing the monetary base, the Fed can regulate the amount of money in circulation. The amount of money in circulation plus the deposits that depository institutions have with the Federal Reserve make up the monetary base, which is correlated with the size of the Fed's balance sheet.
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Business rules apply to businesses and government groups, but not to other types of organizations such as religious groups or research laboratories. this statement is false.
A company is defined as an organization or company engaged in commercial, industrial, or professional activities. A business can be either a commercial enterprise or a non-profit organization. Legal forms range from limited liability companies to sole proprietors, corporations and partnerships.
Business improves quality of life in two ways. First, we provide quality goods and services to people who need them for their enjoyment, comfort and health. Second, businesses provide people with employment opportunities through which they generate income and improve their quality of life. SMEs are important because they provide entrepreneurial opportunities and produce more satisfying and meaningful work than positions in large, traditional companies. Boost your local economy, keep money closer to home, and support your neighborhood and community.
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Answer:
2017 depreciation expense= 10,060*3/12=$2,515
2018 depreciation expense=$10,060
Explanation:
The depreciation expense of machine for the whole year shall be calculated as follows:
Depreciation expense=[(89,920-9,440)/8]=$10,060
Since the machine is only used for 3 months in the year ended December 31, 2017, therefore the depreciation expense in 2017 will be calculated as follows
2017 depreciation expense= 10,060*3/12=$2,515
2018 depreciation expense=$10,060
