Answer:
The opening balance is the amount of money that is available in the bank at the beginning of each financial period, such as the start of each month or each year. It is the amount brought forward and first figure entered in the account at the beginning of each period. When the amount is newly opened, the opening balance is the first amount entered in the account
Therefore, the opening balance is the difference between the closing balance and the deposit less the withdrawals within a period
Closing Balance = The Opening Balance + Total Income - Total Expense
Therefore;
<em>The Opening Balance = Closing Balance - Total Income + Total Expense</em>
Explanation:
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Answer and Explanation:
a. In case when the new bills are kept by the people so the supply of money would be increase by a very similar amount as it was dropped off the plane. That's because the banking is not in the image, so there is no impact on the money multiplier.
b. If the amount is deposited in the bank, the cash supply would rise with the money multiplier being taken into account. Money Multiplier = Deposited currency / reserve ratio. The overall supply of money that will raise be 1 billion / 0.1.
c.Again, if a 100% reserve banking is exercised by the bank, so the boosted money supply would be the same value as it has been deposited.
d. If half of the value is held by the public and half of the value is deposited with the bank at 10% of the reserves, the supply of money rises by half of the amount which is held by the public in addition of half of the value / reserve ratio that is 10%.
Answer:
Explanation:
Safety Hire
Income statement for the Month of June 30,2019
particulars Amount ($) Amount($)
Equipment hire income $170,000
Total income 170,000
Less; Expenses
Wages expenses $75,000
Advertising Expense $30,000
Electricity $18,000
Telephone Expense $7,500
Total expenses $130,500
Net Income(Total Income-Total Expenses) $39,500
Answer:
C - Monthly payments must be made for 30 years.
D - The annual interest rate is 4.8 percent.
E - The homeowner is borrowing $200,000.
Explanation:
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