Question 1 of 10

What happens to the matter and energy in fossil fuels when the fuels are burned? Help

Tatiana [17]

The fuel is exposed to heat and oxygen and it burns producing byproducts and heat. The heat is ultimately often used in an engine to reduce motion for transportation some other form of mechanical motion or Electricity

8 0

2 years ago

Which of the following items is included in the calculation of GDP? a.purchase of 100 shares of Microsoft stock b.purchase of a

Nady [450]

Answer:

The correct answer is option e.

Explanation:

The GDP of a country is the value of final goods and services produced in the geographical boundaries of a nation in a year. It does not include the value of intermediate goods produced. This is because it may lead to double counting. So the value of intermediate goods is included as a part of the value of the final good. It also does not include the value of services provided by homemakers.

Financial transactions such as purchase and sale of stocks and shares are not included. This is because it does not involve the production of any good or service. Sale of second-hand goods is also not included because of the problem of double counting.

7 0

3 years ago

GDP calculated via factor payments includes: a consumption, investment, and government. b wages, interest payments, rent, and pr

erica [24]

Answer:

b wages, interest payments, rent, and profits

Explanation:

The GDP refers to the Gross domestic product which reflects the finalized market value of the goods and services that are to be produced within the country

Plus According to the factor payments, the GDP are to be calculated based on wages, interest payments, rents, and profits and the same is to be considered while calculating the GDP

8 0

3 years ago

Why is the accrual-based income statement superior to a cash-based income statements in measuring profitability? (Select all tha

Leno4ka [110]

The accrual-based income statement superior to a cash-based income statements in measuring profitability because It reports the expenses incurred in generating the revenues regardless of when the cash was paid.

What distinguishes the accrual basis of accounting from the cash basis of accounting?

When money is received or spent, it is recorded as revenue using the cash foundation of accounting. When using the accrual basis of accounting, revenues are recorded as they are earned and expenses as they are incurred.

What is an income statement with an accrual basis?

Accounting on an accrual system records revenue and corresponding costs as they are incurred, rather than when money is exchanged. Accordingly, businesses report revenue when it is earned rather than when it is received.

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3 0

1 year ago

Please prepare the multi-step income statement, the statement of stockholders' equity and the classified balance sheet.

goldenfox [79]

Answer:

Operating Income = $53,000

Net Income = $39,000

Ending balance of common stock = $300,000

Ending balance of retained earnings = $95,000

Ending total stockholders' equity = $395,000

Total current assets = $198,000

Net long-term assets = $265,000

Total long-term assets = $285,000

Total assets = $463,000

Total liabilities = 68,000

Explanation:

a. Multi-step Income Statement

Multi-step Income Statement put each revenues and expenditures items into different categories to show gross profit and net income. This can be prepared as follows:

Multi-step Income Statement

For the year ended

Details $

Sales Revenue 545,000

Sales Discount (45,000)

Net Sales Revenue 500,000

Cost of Goods Sold (400,000)

Gross profit 100,000

Operating expenses:

Rent Expense (12,000)

Depreciation Expense (10,000)

Salaries Expenses (25,000)

Operating Income 53,000

Non-operating expenses:

Interest Expense (6,000)

Income before tax 47,000

Income Tax Expense (8,000)

Net income 39,000

Dividend paid (4,000)

Retained earning for the year 35,000

b. Changes in Retained Earnings

Details $ 

Beginning retained earnings 60,000

Retained earning for the year 35,000

Ending retained earnings 95,000

c. Movement in Common Stock

Details $ 

Beginning balance of common stock 250,000

Additional shares issued 50,000

Ending balance of common stock  300,000 

c. Statement of stockholders' equity

Details $ 

Beginning balance of common stock 250,000

Additional shares issued 50,000

Ending balance of common stock 300,000

Ending retained earnings 95,000

Ending total stockholders' equity 395,000

d. Classified Balance Sheet

Classified balance sheet shows each of the componets of assets, liabilities and equity. This can be prepared as follows:

Classified Balance Sheet

As at the year ended

Details $ $ 

Long-Term Assets

Buildings 65,000

Equipment 220,000

Total Long-Term Assets 285,000

Accumulated Depreciation 20,000

Net Long-Term Assets 265,000

Current Assets

Cash 12,000

Accounts Receivable 150,000

Supplies 36,000

Total Current Assets 198,000

Total Assets 463,000

Financed by:

Ending total stockholders' equity 395,000

Current Liability

Accounts Payable 28,000

Long-Term Liability

Notes Payable (Due in 2years) 40,000

Total Liabilities 68,000

Total Equity $ Liabilities  463,000 

Conclusion

As both the Total Assets and Total Equity and Liabilities are each equal to $463,000, it implies the financial statement is accurately prepared since both must always be equal.

7 0

3 years ago