Answer:
Net Income is $485.4
Explanation:
According to the accounting equation
Assets = Equity + Liabilities
So putting value of assets = 3,525, and assuming equity = x, then:
3252 = Liabilities + x
Liabilities = 3252 - x
Now putting this value in the debt to equity formula,
Debt / Equity = 0.34
(3252 - x) / x = 0.34
3252 - x = 0.34x
1.34x = 3252
x = 3252 / 1.34 = $2427 This is the value of equity.
Now
Return on Equity = Net Income / Equity
and return on equity is $2427, so by putting values in the equation, we have:
0.20 = Net Income / 2427
Net Income = $485.4
This is a False Statement.
Generally Accepted Accounting Principles (GAAP) need not be followed by managerial accountants when preparing management reports.
Specifically, management accounting aims to
- provide Information for internal Organisation managers
- providing details to governmental regulating bodies
- Information for shareholders, the accounts payable department, and other parties outside the company
- information to shareholders, accounts payables, and other parties outside the company, as well as information to management inside the firm.
To Learn more about Management Accounting, Click the links.
brainly.com/question/21597572
brainly.com/question/18414655
#SPJ4
Answer:
c. $3,800
Explanation:
Calculation for the amount of taxable income
Using this formula
Taxable income =Interest income from a checking account+Interest income from corporate bonds +Interest income from federal bonds
Let plug in the formula
Taxable income =$1,000+$2,050+$750
Taxable income=$3,800
Therefore on his current year tax return the amount of his taxable income will be $3,800
Answer:
prepayment penalty, maintain, insurance, mortgage
Explanation:
Prepayment penalty clause relates to the situation that the borrower shall not prepay the borrowed amount as to the creditor it will be loss in the form of interest, thus, it do not want that the borrower shall collect from any other source.
The property should not loose its value, or the value shall not be degraded as that will result in loss, as when the borrower fails to repay the loan, creditor has the right to sell it, if it will not be maintained the value will degrade.
Insurance is required so that same as in above mentioned point that the value is not lost, and then the value of loan is fully recoverable.
If the value of loan exceeds 80% of value of property there shall be mortgage as the lender ensures his payment and no failure shall be there.