Analyze transactions- Post individual transactions into a single account, Transfer journal entries to ledger-Summarize data in the ledgers, Prepare the financial statements-Evaluate profit/loss of the firm, Record transactions in journals--Prepare income statement, Take a trial balance-Record financial data, Analyze source documents- Separate purchasing receipts from sales documents.
<h3>What is profit and loss?</h3>
Profit is the excess amount of the firm, which the business has attended in the financial year of working. I t includes the net profit. Loss is the amount that a firm occurred during a year, it covers the net loss of the firm.
Thus, the statement are matched above.
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Answer:
Option B $9 million is the correct answer.
Explanation:
The current portion of income tax expense is the taxable for the year multiplied by the prevalen tax rate in the year.
Current portion of income tax expense=taxable income*tax rate
taxable income is $30 million
tax rate is 30%
current portion of income tax expense=$30 million*30%=$ 9 million
Option B is the correct answer
However,if one chooses option A,it implies that one had used pretax net income of $25 million in computing the income tax expenses instead of taxable income on which tax is payable
Answer:
Excess reserves
Explanation:
Money supply in the economy is regulated by the central bank of Federal Reserve through various methods.
One of them is the use of reserve ratio.
Reserve ratio is the percentage of total deposit in a bank that commercial banks are required to keep aside and not use.
If there is no excess reserves and the Fed lowers required reserve ratio, it means banks will now have more money they can use to service customers.
The excess excess of the reserve can now the used to give out loans
Answer:
There are several ways to compute the degree of operating leverage (DOL). A fairly intuitive approach is expressed below.
DOL = (sales - variable costs) / (sales - variable costs - fixed costs)
For Kendall, the DOL is computed as follows:
DOL = (1,000 * $60 - 1,000 * $60 * .30) / (1,000 * $60 - 1,000 * $60 * .30 - $30,000) = 3.5
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Answer:
The correct answer is:
$17 trillion.
Explanation:
The Gross Domestic Product or GDP represents the overall market value of all the goods and services a country produces and it measures the size of the economy. The GDP is determined with the following formula:
GDP = C + G + I + NX
where:
- C: private consumption or consumer spending
- G: government spending
- I: businesses' capital spending
- NX: net exports (exports - imports)
In the example:
GDP = $3 trillion + $10 trillion + $4 trillion = $17 trillion
