The required reserves are 50,000
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Answer:
increase the public debt from $460 billion to $480 billion
Explanation:
Other things equal an increase of treasury bonds from $100 billion to $120 billion in the economy would:
"increase the public debt from $460 billion to $480 billion"
Since the public debt consists of the debt instruments issued by the US goverment, thus, Treasury Bills, Tresaury Notes, Treasury Bonds and U.S. Savings Bonds would constitue public debt, the sum of which would be $460 billion and an increase in treasury bonds from $100 billion to $120 billion would increase the public debt by $20 biilion to $480 billion.
For his first year of business, Bob’s accounting profit was $5,000 (5,000 = 80,000-67,000-4%*200,000), and his economic loss was $35,000 (-35,000 = 5,000 - 40,000) based on the information shown on the question above. The accounting profit is a recorded profit based on every business transaction occurring in a one-year period. The economic profit (loss) is a difference between a revenue and its opportunity cost.
Answer:
Revenue (Consulting revenue + Rental revenue)=33000+22000=55000.
Operating expense (salaries expense+rent expense)=20000+12000=32000
Selling and administrative expense = 8000
Explanation:
Armani Company
Year end Income statement 2019
Revenue = 55000
less: Operating expense =(<u>32000</u>)
Gross Profit 23000
less :Selling and administrative expense = (<u>8000</u>)
Net profit 15000
Notes: Question should be mentioned the company nature of business so that we can identify company real business.
Answer:
$114,000
Explanation:
Given that,
Net credit sales = $2,250,000
Opening allowance for Doubtful Accounts = $36,000
Uncollectible accounts receivable written off = $90,000
Firstly, we need to find the excess amount to be adjusted to allowance for Doubtful Accounts. It is calculated as follows:
= Uncollectible accounts receivable written off - Opening allowance for Doubtful Accounts
= $90,000 - $36,000
= $54,000
Allowance amount:
= 10% of the balance in receivables
= 0.1 × $600,000
= $60,000
Therefore, the required adjustment to the Allowance for Doubtful Accounts at December 31, 2017 is determined by summing up the excess amount and allowance amount.
= Excess amount to be adjusted to allowance for Doubtful Accounts + Allowance amount
= $54,000 + $60,000
= $114,000