Answer:
154.34%
Step-by-step explanation:
We are asked to determine what percentage of 357 is 551.
Let us assume that x% of 357 is 551.
So,
⇒
⇒ ......... (1)
⇒ x = 154.34%
So, it is clear from the step (1) that when we take the basic ratio then multiply with 100, then we will get the percentage. (Answer)
Following are the general entry to the given question:
For Question 1:
Date Account Titles and Explanation Dr Cr
31-Jan-2024 Revenue Service $17,500
Summary of Income $17,500
(Finishing the revenue account)
31-Jan-2024 Summary of Income $7,100
Expense of Salary $3,600
Expense on rent $1,800
Expense of Depreciation - equipment $300
Expense on Supplies $400
Expense on Utilities $1,000
(To close the expenditure account)
31-Jan-2024 Summary of Income $10,400
Retained Earnings $10,400
(To bring net income into line with retained profits)
31-Jan-2024 Retained Earnings $1,000
Dividend $1,000
(To close net dividend to retained earnings)
For Question 2:
A net income of $10,400 is generated. They may compute it by subtracting total expenses from the entire revenue.
Total Revenue= $17,500
Total Expenses=$7,100
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