The economy consists of producers, who make and sell goods and services, and consumers, who buy the goods and services.
Producers rely on consumers to buy from them, and consumers rely on producers to provide the goods and services they want.
Money allows this relationship to work.
Answer:
D they both will increase
Explanation:
Goodluck on that.
Answer:
a. $495,000
Explanation:
Data provided
Federal taxable income = $500,000
State A income tax expense = $45,000
Depreciation Modification = $300,000, $250,000
The computation of taxable income is shown below:-
Federal taxable income + State A income tax expense - Depreciation Modification
= $500,000 + $45,000 - ($300,000 - $250,000)
= $545,000 - $50,000
= $495,000
Preparing closing entries, which involves journalizing and uploading the entries to the ledger, is the eighth phase in the accounting cycle. During closure, there are four entries. To the Income Summary account, the initial entry cancels revenue accounts.
<h3>What order should the steps for closing an account be taken in?</h3>
Following is the basic order of closing entries: Clear the balances in the revenue accounts by debiting each revenue account and crediting the income summary account. To eliminate the balances in all expenditure accounts, credit all expense, accounts and debit the revenue summary account.
A journal entry debiting all revenue accounts and crediting the income summary is used to accomplish this. The same procedure is then used to calculate expenditures. Crediting the expense accounts and debiting the income summaries closes out all expenditures.
To know more about closing entries, refer:
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Answer:
50% share.
Explanation:
Given:
There are only three firms in a market.
The largest firm has sales of $500 million.
The second-largest has sales of $300 million.
The smallest has sales of $200 million.
Question asked:
The market share of the largest firm is ?
Solution:
As we know:
Total sales of the largest company = $500 million.
Total sales of the market = Sales of largest firm + Sales of second largest firm+ Sales of smallest firm
Total sales of the market = $500 million + $300 million + $200 million
= $1000 million
Therefore, the market share of the largest firm is 50%.
