Answer:
Sumner's has a loss of $-7750 from the sale of the equipment
Explanation:
Solution
Given that:
We compute the amount of profit and loss, few steps will be taken which is given below:
Step 1: we compute the book value of the equipment which is shown below:
Book value = purchase price - depreciation claimed
= $79,100 -$39,550
= $39550
Therefore then book value is $39,550
Step 2: we calculate the amount of Sumner's gain or loss which is shown below:
The gain (loss) is = the value (sale) - book value
= $31,800 - 39550
= -7750
Therefore the loss from the sale of the equipment is -$7750
Which implies that Sumner's has a loss of $-7750
Answer:
Beane's cash payment for income tax = $81,000
Explanation:
Income tax expense = $82,000
Decrease in federal income tax payable = $6,000
Increase in state income tax payable = $7,000
Beane's cash payment for income tax = (Income tax expense) - (increase in state income taxes payable) + ( Decrease in federal income taxes payable)
Beane's cash payment for income tax = 82000 - 7000 + 6000
Beane's cash payment for income tax = $81,000
The Fed is concerned principally with the availability of money and credit <u>for the entire economy.</u>
Explanation:
- The Federal Reserve System is the central bank of the United States.
- The Fed's main duties include conducting national monetary policy, supervising and regulating banks, maintaining financial stability, and providing banking services.
- The Fed is concerned principally with the availability of money and credit for the entire economy. It does not issue Treasury securities.
- It does not have an obligation to meet the financial needs of the federal government. Its responsibility is to provide a stable monetary framework for the economy.
- The goals of monetary policy are to promote maximum employment, stable prices and moderate long-term interest rates.
- By implementing effective monetary policy, the Fed can maintain stable prices, thereby supporting conditions for long-term economic growth and maximum employment.
The reason is <span>Marketing research is expensive.
</span>The established firm usually has a large amount of capital at its disposal, so they could do market research in order to strengthen their position.
Small business on the other hand, usually struggle to even barely continuing their operation for the next month.
Answer:
yes
Explanation:
As we know that the unearned revenue is a liability account that contains the normal credit balance also the sales revenue i.e. a revenue account contains the normal credit balance.
So if the unearned revenue is incorrectly listed as a sales revenue so still the trial balance is in the balance as both accounts have a credit balance
Therefore, the given statement is true
