Based on the scenario, the 5Cs of credit that the bank is
concerned with is the conditions. Conditions in the 5Cs of credit is being
defined as the state that comprises the overall economic environment in which
is composed of the purpose of the loan and as well as the interest rates.
Answer: D) poor planning.
Explanation:
It is in the Planning Stage that expectations are penned down. If this is not set out, people will.not know what is expected of them and as such will move with no specified DIRECTION on projects. In such a situation, business objectives can rarely be met.
Indeed, Poor Planning is one of the major causes of LOW PRODUCTIVITY and PROFITABILITY which is what West Side Groceries is currently going through.
Answer:
(b) After-closing balance in the Retained Earnings account on December 31, Year 1,
Total Stockholder's equity = Total assets - Total liabilities
= $220,000 - $66,000
= $154,000
After-closing balance of Retained Earnings = Total Stockholder's equity - Common stock
= $154,000 - $110,000
= $44,000
(a) Before-closing balance in the Retained Earnings account on December 31, Year 1.
Net Income = Revenue - Expenses
= $40,000 - $23,000
= $17,000
Before-closing balance of Retained Earnings:
= After-closing balance of Retained Earnings + Dividend paid - Net Income
= $44,000 + $3,200 - $17,000
= $30,200
(c) Before-closing balances in the following accounts:
Revenue = $40,000
Expenses = $23,000
Dividend = $3,200
(d) After-closing balances in the following accounts:
Revenue = $0
Expenses = $0
Dividend = $0
Because revenue and expenses are transferred to income statement and dividend are transferred to retained earnings.
To determine the tax amount you multiply the gross pay and the tax percentage. In this case, you would multiply $35,600 by .16 which equals $5,696 for the federal tax year. Remember: to convert a percentage to a decimal number, move the decimal place 2 places to the left.
