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2 years ago

Expenses, Losses, Income and Gains are associated with______accounts.

Business

2 answers:

Otrada [13]2 years ago

6 0

Answer:

nominal

Explanation:

income and gains are usually credit accounts

expenses and losses are debit accounts

GarryVolchara [31]2 years ago

5 0

Answer:

Expenses, Losses, Income and Gains are associated with nominal accounts.

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Fred, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five days conducting business and

malfutka [58]

Answer:

$9,400

Explanation:

The computation of deductible expenses is shown below:-

Airfare = $400

Lodging = $300 × 5

= $1,500

Meals = $150 × 5

= $7,500

Total deduction = Airfare + Lodging + Meals

= $400 + $1,500 + $7,500

= $9,400

Therefore for computing the total deduction we simply add airfare, lodging and meals and hence the total deduction is $9,400

8 0

3 years ago

A fire has destroyed a large percentage of the financial records of the Inferno Company. You have the task of piecing together i

oee [108]

Answer:

11.11%

Explanation:

The computation of the return on assets is given below:

But before that following calculations need to be done

Total assets = Total debt ÷ Total debt ratio

= $657,000 ÷ 0.31

= $2,119,354.839

Total equity = Total Assets - Total Debt

= $2,119,354.839 - $657,000

= $1,462,354.839

Net profit = Total equity × Return on equity

= $1,462,354.839 × 0.161

= $235,439.129

And, finally

ROA = Net profit ÷ Total Assets

= $235,439.129 ÷ $2,119,354.839

= 11.11%

7 0

2 years ago

You are thinking about buying a new car and will borrow $20,000 for this purchase at a 5 percent fixed rate for exactly one year

natita [175]

Answer:

You will pay back the lender exactly $21,000, which will represent $20,600 of purchasing power.

Explanation:

you will pay back the lender exactly $21,000, which will represent $20,600 of purchasing power.

$20,000 for this purchase at a 5 percent fixed rate

=$20,000*5/100

=$20,000*0.05 = $1,000

=$20,000 + $1,000 = $21,000

Inflation will be 2 percent this year

=$20,000*2/100

=$20,000*0.02 = $400

=$20,000 + ($1,000 - $400)

=$20,000 + $600 = $20,600

3 0

3 years ago

Select the incorrect statement regarding costs and expenses.

egoroff_w [7]

Answer: Option C

Explanation: In simple words, expenses refers to outflow of money from the pockets or account of any individual or an entity with the objective of acquiring or producing something.

Manufacturing cost refers to the amount of resources that were out flowed the organisation while producing a good or service. Since the resources are getting out flowed, these costs are always recorded as expense over the operational life of the entity.

Labor cost, electricity bill of machines and purchase cost of raw materials etc are some of many examples of manufacturing cost.

7 0

3 years ago

"_____ believe(s) that the new global division of three main trading blocks benefits the multinational giants as well as the cit

larisa [96]

The answer is Conflict theorist
Conflict theorist Claims that every members in society will have to experiences continous conflict toward one another because of the competition to obtain limited amount of resources.
They tend to see that the majority of members in society will always be dominated/controlled by smaller amount of people that control the largest amount of resources.

5 0

3 years ago