Answer:
Explanation:
In the income statement, the total revenues and the total expenses are recorded.
If the total revenues are more than the total expenditure then the company earns net income
And, If the total revenues are less than the total expenditure then the company have a net loss
This net income or net loss would reflect in the statement of the retained earning account.
The calculation is shown below:
= Net Sales + interest revenue- cost of good sold - administrative expense - selling expenses - interest expense - income tax expense
where,
Income tax expense = (Net Sales + interest revenue- cost of good sold - administrative expense - selling expenses - interest expense) × income tax rate
= ($2,409,400 + $38,100 - $1,463,800 - $222,000 - $286,700 - $48,900) × 30%
= $426,100 × 30%
= $127,830
The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:
Then poverty will fall and inequality will rise.
<h3>
What is poverty?</h3>
- Being in a state of poverty means having few material possessions or little money.
- Numerous social, economic, and political factors can contribute to or be a result of poverty.
- There are two primary metrics of poverty used in statistics and economics: Relative poverty is the inability of a person to maintain a minimal standard of living in comparison to others in the same period and place.
- Absolute poverty is the comparison of income to the amount required to meet fundamental personal necessities, such as food, clothing, and shelter.
- Depending on the community or the country, many terms are used to define relative poverty.
<h3>
What is income inequality?</h3>
- The disparity in how income is allocated among people or populations is known as income inequality.
- It is also known as the wealth gap, wealth disparity, wealth and income discrepancies, or the gap between the rich and the poor.
- Therefore, the poverty will fall and inequality will rise.
Know more about absolute poverty here:
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I think its true...........................
Answer
Minimum required return in august will be $59320
Explanation:
We have given the west division of Cecchetti Corporation had average operating assets of $638,000
Net operating income = $78000
Minimum required rate of return = 14 % = 0.14
We have to find the minimum required return in august
Minimum required return is given by
Minimum required return = Average assets × minimum return rate
His PMI insurance also known as his mortgage insurance
