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Lorico [155]
3 years ago
13

The first step in successfully creating and using a budget is

Business
1 answer:
mr Goodwill [35]3 years ago
8 0

Answer:

Determine your income. Start with how much money you make after tax each month

Explanation:

i hope this help

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Every year 3 Managers are promoted to Partner level.
Sophie [7]

Answer: 2 years

Explanation:

Years of existing of the firm=30 years

Number of associates= 300,

Number of Managers= 70;

Number of partners= 30;

Total number of workers=400

Number of years  associates has been changed in last 30 year=30/5=6

Number of years  managers has been changed in last 30 year=30/3=10

Number of times for partner=x

Number of years  partners has been changed in last 30 year=30/x=15

15x=30

x=30/2

x=2 years

6 0
3 years ago
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valina [46]

Answer:

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4 0
2 years ago
What is advertisement
Elis [28]

Answer:

Advertising is a marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or idea. Sponsors of advertising are typically businesses wishing to promote their products or services.

Explanation:

5 0
3 years ago
Which of the below individuals has the best capacity to pay back a loan?
insens350 [35]

Answer:

D. John

Explanation:

John has an annual income of $100,000 which is equivalent to a monthly salary of $ 8,334.00 ($100,000 divide by 12 months)

Applying the 28/36 borrowing rule, Mr. John cannot exceed 36 percent of his monthly income to service debts. It means that John has $ 3000 available every month to service his loans.

John intends to take a loan of $ 10,000. This amount is within his ability to pay. Even if he has other debts, he only needs months to clear the loan plus interest.

If we apply the same rule to Paul, his monthly salary is $2, 084.00. He has $ 750.00 available to pay the loan every month. A loan of $ 50,000 with interest will take about seven years to clear. Considering he may want to take other loans in that period and the value of the car by then, Paul is likely to default.

Eileen will have  $720 available for repayments per month and annually $ 8640.00 to repay $400,000.00; she will need about 47 years. Considering her age, it's not viable.

3 0
3 years ago
Please prepare the multi-step income statement, the statement of stockholders' equity and the classified balance sheet.
goldenfox [79]

Answer:

Operating Income = $53,000

Net Income = $39,000

Ending balance of common stock = $300,000

Ending balance of retained earnings = $95,000

Ending total stockholders' equity = $395,000

Total current assets = $198,000

Net long-term assets = $265,000

Total long-term assets = $285,000

Total assets = $463,000

Total liabilities = 68,000

Explanation:

a. Multi-step Income Statement

Multi-step Income Statement put each revenues and expenditures items into different categories to show gross profit and net income. This can be prepared as follows:

Multi-step Income Statement

For the year ended

<u>Details                                                        $        </u>

Sales Revenue                                     545,000

Sales Discount                                   <u>  (45,000)  </u>

Net Sales Revenue                             500,000  

Cost of Goods Sold                          <u>  (400,000) </u>

Gross profit                                          100,000

Operating expenses:

Rent Expense                                       (12,000)

Depreciation Expense                         (10,000)

Salaries Expenses                             <u>   (25,000)  </u>

Operating Income                                53,000

Non-operating expenses:

Interest Expense                                 <u>  (6,000) </u>

Income before tax                                 47,000

Income Tax Expense                          <u>   (8,000) </u>

Net income                                            39,000

Dividend paid                                      <u>  (4,000)  </u>

Retained earning for the year          <u>   35,000 </u>

b. Changes in Retained Earnings

<u>Details                                                          $           </u>

Beginning retained earnings                60,000

Retained earning for the year            <u>   35,000 </u>

Ending retained earnings                  <u>  95,000 </u>

c. Movement in Common Stock                

<u>Details                                                                  $           </u>

Beginning balance of common stock         250,000

Additional shares issued                            <u>    50,000 </u>

Ending balance of common stock          <u>   300,000 </u>

c. Statement of stockholders' equity

<u>Details                                                                  $           </u>

Beginning balance of common stock         250,000

Additional shares issued                            <u>    50,000 </u>

Ending balance of common stock               300,000

Ending retained earnings                           <u>    95,000  </u>

Ending total stockholders' equity            <u>  395,000  </u>

d. Classified Balance Sheet

Classified balance sheet shows each of the componets of assets, liabilities and equity. This can be prepared as follows:

Classified Balance Sheet

As at the year ended

<u>Details                                                      $                     $           </u>

<u>Long-Term Assets</u>

Buildings                                           65,000

Equipment                                   <u>   220,000  </u>

Total Long-Term Assets                285,000

Accumulated Depreciation      <u>       20,000 </u>

Net Long-Term Assets                                                265,000

<u>Current Assets</u>

Cash                                                  12,000

Accounts Receivable                     150,000

Supplies                                        <u>   36,000 </u>

Total Current Assets                                                 <u>   198,000 </u>

Total Assets                                                              <u>    463,000 </u>

<u>Financed by:</u>

Ending total stockholders' equity                               395,000

<u>Current Liability</u>

Accounts Payable                           28,000

<u>Long-Term Liability</u>

Notes Payable (Due in 2years)     <u>  40,000</u>

Total Liabilities                                                           <u>    68,000  </u>

Total Equity $ Liabilities                                          <u>   463,000  </u>

Conclusion

As both the Total Assets and Total Equity and Liabilities are each equal to $463,000, it implies the financial statement is accurately prepared since both must always be equal.

7 0
3 years ago
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