Answer:
$2,433
Explanation:
Net Income = Sales - Expenses
where,
Sales = $3,033
and
Expenses = $600
therefore,
Net Income = $3,033 - $600 = $2,433
Answer:
Contra account.
Explanation:
A contra account is an account that has an opposite of what is the normal balance for the class of such an account. a company would be able to report the original amount and in so doing also be able to report the reduction and then what is the net amount would be reported. in other words such an account is used to reduce the value of another related account. And thereafter the net value is what is going to be reported.
Answer:
The main difference between Accrual and Cash Basis accounting is the moment when an income or expense is recorded.
Cash Basis recognize and record an income or an expense only when cash is transferred between the parties. However, Accrual Basis recognize them as soon as they occur without the need of cash transaction.
Based on the precious the most used Method is the Accrual Basis, thus, the easiest method, as it does not have to way to the cash operation to record the revenue or the expense.
If a person write a check for $759 to make a payment on a loan, then the account balance would be changed as in the balance sheet of the person.
<h3>What is account balance?</h3>
An Account balance is limited as the amount of monetary system that is hold in a specific account in the bank account or in any another account.
From the given case, if a person make a payment of loan, then the account balance would be:
Assets = $36,767 ($37,526 – $759)
Liabilities = $12,086 ($12,845 -$759)
Equity = $32,500
Therefore, the balance of Equity remains unaffected by the payment of loan.
Learn more about the loan, refer to;
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We can use the formula for binomial
distribution in calculating for the probability that exactly two customers out
five will default on their payments.
The formula is:
P(r) = nCr*q^(n-r)*p^r
Where:
n = sample size, 5
r = successes, 2
q = failure rate, 96% = 0.96
r = success rate, 4% = 0.04
Substituting on the formula:
P = 5C2*0.96^3*0.04^2
<span>P = 0.0142 or 1.42%</span>
