Answer:
$125,000
Explanation:
Opening values of;
Total assets = $120,000
Total liabilities = $40,000
Total equity = $120,000 - $40,000 = $80,000
During the year,
Total revenues = $140,000
Total expenses = $50,000
Withdrawal by owner = $45,000
The amount withdrawn by the owner reduces the owners equity. This may be deducted from the net income.
Net income from the year = $140,000 - $50,000 - $45,000
= $45,000
This will be added to the opening owner's equity to get the closing owner's equity.
Owner's equity at the end of the year = $80,000 + $45,000
= $125,000
Answer:
The correct answer is option A) Statement of Concepts
Explanation:
The Financial Accounting and Standard Board (FASB) pronouncements intended to establish the objectives and concepts that the FASB will use in developing standards of financial accounting and reporting is Statement of Concepts.
Statement of Concepts is intended to serve the general interest of the public by setting the objectives, characteristics, specific qualities, and other parameters that guide selection of economic concepts that will be recognized and reflected in financial statements for financial reporting.
Statement of concepts guide the FASB in developing well researched and informed accounting principles that reflects the contents and inherent limitations that will be used in developing standards of financial accounting and reporting.
+ is you know what you are looking for in life, what are your goals and what you need to do to achieve them.
- is getting bored soon (changing your mind), and not enjoying your childhood.
I hope i helped :)
Answer:
net cash flow from creditors of $1.42 million
Explanation:
The movement in the long term debt account between 2008 and 2009 is as a result of the interest owed on the debt and the cash payment for the period.
Let the cash outflow to the creditor be H
$2.25 million + 0.33 million - H = $4 million
H = $2.25 million + 0.33 million - $4 million
H = ($1.42 million)
This means that the firm had a net cash flow from creditors of $1.42 million in 2019.
They make laws to regulate the economy. Hope this helps :)
