Answer:
As a result of operations, there will be an understatement of McGinnis’ net income for the most recent fiscal year of 30900
Explanation:
Services 40900
Weekly wage 10000
FY end on June 30900
The cash basis is a method of recording accounting transactions for revenue and expenses only when the corresponding cash is received or payments are made. Thus, you record revenue only when a customer pays for a billed product or service, and you record a payable only when it is paid by the company
Interest
Interest is the monetary charge for borrowing money—generally expressed as a percentage, such as an annual percentage rate (APR). Key factors affecting interest rates include inflation rate, length of time the money is borrowed, liquidity, and risk of default. Interest can also express ownership in a company.
Answer:
The answer is E. $24,000
Explanation:
Straight line depreciation method equals
Cost of asset - salvage value / number of years.
Cost of asset is $135,000
Salvage value is $15,000
Number of years is 5 years
$135,000 - $15,000/5 years
$120,000/5 years
=$24,000
Straight line method of depreciation has equal amount all through the year.
The first year through it end life.
Therefore, machines' first year depreciation under the straight-line method is $24,000
The <em>federal reserve </em>affects money available for banks to loan by using the<u> reserve requirement</u> tool.
<h3>What is the reserve requirement in monetary policy? </h3>
Reserve requirement is said as the set-aside funds by the commercial banks that they utilize for meeting their liabilities and instant withdrawal from customers.
Therefore, when Fed increases the rate of <em>reserve requirement</em> then banks need to hold the <u>large amount </u>which reduces their ability to loan more funds. It ultimately reduces the money supply and <em>vice-versa</em>.
Learn more about monetary policy here:
brainly.com/question/13926715
Answer:
a. True
Explanation:
TIE means times interest earned, whose formula is provided below:
Times interest earned=EBIT/interest expense
With the above formula, we can determine the EBIT (earnings before interest and tax)
Depending on the company's cost structure, when the operating costs are added to EBIT, the result would be the company's sales revenue
EBIT=Sales revenue-operating costs
Sales revenue=EBIT+operating costs
