Answer:
a. Cash basis of accounting - $7,400,000
b. Accrual basis of accounting - $5,271,000
Explanation:
Mainly there are two methods of accounting for recording transactions in financial statements. They are - Cash basis of accounting and the accrual basis of accounting
Under the cash basis of accounting, whenever the cash is received it will be recorded. So, $7,400,000 would be recorded as a company's income before income taxes.
And, under the accrual basis of accounting, whether cash is received or not but it will be recorded in the books of accounts.
So, the income before income taxes would be
= Revenue - expenses
= $7,400,000 - $2,129,000
= $5,271,000
Answer: See explanation
Explanation:
• Natural resources occur in the environment.
This is true. In our environments, we can see natural resources. They include coal, tin, limestone, iron ore etc.
• Example of services are teaching, banking, insurance, tailoring etc. In an economy, services are regarded as the intangible parts as they can't be touched. It is an important part of every nation.
• Example of goods are clothes, pens, cars etc.
Goods are physical and tangible items. They include laptops, chairs, phones etc.
• A renewable resource cannot be exhausted.
This is true. A renewable resource cannot be exhausted e.g. sunlight.
Answer:
$4,469
Explanation:
Calculation for what The adjusted cash balance per the books on January 31 is
Using this formula
Adjusted cash balance = cash balance per books -bank service charges - EFT automatically deducted - NSF Check
Let plug in the formula
Adjusted cash balance= $5325 - $31 -$500 -$325
Adjusted cash balance= $4,469
Therefore The adjusted cash balance per the books on January 31 is $4,469
Answer:
Michelin sells tires to Nissan to install on their 2019 Sentras that are produced and sold in the United States.
- Not included in the GDP since tires are a component of new cars, they are not a final product.
American consumers import $3.5 billion of woven apparel from Bangladesh.
- Included in the GDP as imports, which reduce total net exports (NX).
The U.S. government spent $523.1 billion on national defense.
- Included in the GDP as government spending (G).
Entrepreneur and Shark Tank investor Barbara Corcoran purchases 15% of Cousins Maine Lobster food truck company for $55,000.
- Not included int he GDP since sale of stocks or ownership stakes at businesses are not considered final goods or services.
