Answer:
$336,500
Explanation:
Grand River corporation has a taxable income of $500,000 in 20X3
They paid a federal income tax of $192,500
The amount of expense that was not added to the report is $3,000
The tax exempt income is $2,000
The deferred gain is $30,000
Therefore, the current earinings and profits of the corporation for the year 20X3 can be calculated as follows
= Taxable income-federal income taxes-expenses-tax exempt income+deferred gain
=$500,000-$192,500-$3,000+$2,000+$30,000
= $336,500
Hence the current earnings and profits for the corporation is $336,500
Need help please thanks!
Using the approximate doubling formula, we can find the population of the country in 2030:
P(t) = P(0) x 2^(t/d)
where P(t) is the population at time t, P(0) is the initial population, t is the time elapsed, and d is the doubling time.
What does magnitude imply?The definition of magnitude is "how much of a quantity." In order to compare the speeds of an automobile and a bicycle, for example, the magnitude can be utilized. It can also be used to describe how far an object has traveled or how much an object weighs in terms of its magnitude.
Given P(0) = 200 million, d = ln(2)/ln(1 + P) = ln(2)/ln(1 + 1.2%) = 57.78 years.
Therefore, P(30) = 200 million x 2^(30/57.78) = 446.36 million.
So, the predicted population of the country in 2030 is approximately 446.36 million.
The energy E released by an earthquake of magnitude M can be estimated using the formula:
log E = 1.5M + 9.1
For a magnitude 8 earthquake, we have:
log E = 1.5 x 8 + 9.1 = 21.1
Therefore, E = 10^21.1 joules.
Expressing this in scientific notation, we have E = 1.26 x 10^21 joules.
The difference between the energy released by a magnitude 8 earthquake and an explosive device that released 17 x 10^18 joules of energy is:
log E1 - log E2 = 1.5M - 1.5M' = 1.5(8 - M')
where E1 is the energy released by the earthquake of magnitude 8, E2 is the energy released by the explosive device, M' is the magnitude of the explosive device.
Solving for M', we get:
M' = 8 - (log E2 - log E1)/1.5 = 2.05
Therefore, the explosive device released the energy equivalent of a magnitude 2.05 earthquake.
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Compare and contrast the three most common types of healthcare indemnity plans.
This assignment consist of you selecting a topic from the book and finding two articles to support your thoughts and ideas surrounding that article/topicFor example, the book might talk about different management styles, to which you might find some articles that talk about how management styles have had to evolve post the pandemicThe paper is only two pages double spaced, and in no particular format other than citing correctly any referencesYou don't need a cover sheet, and should be double spaced. You can submit more than two pages but should stick pretty close to the minimum requiredRemember there should be an introduction, a body and then a summary/conclusion
BUSINESS CLASS!!
The Topic of my own choosing is: Evolution of Management Styles, a Post-Pandemic study.
What is the Management Styles?The COVID-19 pandemic has drastically impacted businesses, necessitating adaptations and adjustments for survival. Management styles have especially undergone significant transformation.
This paper so discusses the evolution of post-pandemic management styles and organizational responses to the global health crisis. It also explores traditional pre-pandemic management styles such as hierarchical and top-down approaches.
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Maite has money in an interest-bearing account. The table shows how much money is in the account at the end of each year.
Depending on the question Maite will have $1.194.05 ($1,159.27 × 1.03) there in bank at the conclusion of the seventh year.
What is exponential factor?Due to the fact that this is a mathematical sequence, we apply an exponential factor to calculate the amount of money that Maite will have in her account at the conclusion of each year.
1. This scenario shows a geometric progression.
An exponential growth factor is used to enhance the length of a geometric sequence.
2. The common exponential factor is 1.03 (which gives a growth rate of 3% annually). See the calculation for this factor below.
3. Maite's account balance will be $1,194.05 at the conclusion of the seventh year. See the calculation below.
Data and Calculations:
Year Amount
1 $1,000.00
2 $1,030.00
3 $1,060.90
4 $1,092.73
5 $1,125.51
6 $1,159.27 ($1,125.51 × 1.03)
7 $1,194.05 ($1,159.27 × 1.03)
The common exponential factor = 1.03 (1 + 0.03)
To obtain the common exponential factor, subtract Year 2 account balance from Year 1 account balance. Divide the result by Year 1 account balance. This operation can also be carried out with Year 2 and Year 3 balances or Year 4 and Year 5 balances.
Utilizing Year 5 as both a benchmark, calculate Maite's account balance at the conclusion of Year 6 as follows: (Annual 5 balance sheet shows *Exponential Factor)
= $1,159.27 ($1,125.51 × 1.03)
We take Year 6 above as the foundation to calculate Year 7 account balance.
= $1.194.05 ($1,159.27 × 1.03)
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The Complete Question :
why is entrepreneurship important to the community and economy?
Answer:
Explanation:
New and improved products, services or technology from entrepreneurs enable new markets to be developed and new wealth to be created. Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending.Entrepreneurs boost economic growth by introducing innovative technologies, products, and services.
Suppose a group of investors pooled $750,000 and founded Best National Bank in Rochester, NY. Best National Bank used $$75,000 of this to purchase shares in the New York Federal Reserve Bank. With the remaining $675,000, the bank manager purchased a building, furniture, and equipment for the bank.
Answer:
I have no idea to wat the answer is
1. What marketing concepts do players learn while enjoying a game of Monopoly?
2). What value does Monopoly create for its customers?
Please help! Thxs!
Some of the marketing concepts that players learn while enjoying a game of Monopoly are:
Product positioningBrandingMarket segmentationAdvertisingWhat are some marketing concepts players enjoying in a game of Monopoly?
Product positioning: Players must decide how to position their properties in order to attract the most visitors and generate the most revenue. This mirrors the concept of product positioning in marketing, where companies must decide how to position their products to appeal to their target market.
Branding: Players can create a brand image for their properties by choosing specific colors and names, which can help to differentiate their properties from others and make them more desirable to potential visitors. This is similar to the concept of branding in marketing, where companies create a brand image to differentiate their products from competitors and make them more appealing to consumers.
Advertising: Players can use advertising to promote their properties and attract visitors. This is similar to the concept of advertising in marketing, where companies use various forms of advertising to promote their products and increase awareness.
Market segmentation: Players can decide to focus on specific segments of the market, such as the luxury market or the budget market, in order to generate the most revenue. This is similar to the concept of market segmentation in marketing, where companies divide the market into specific segments and target specific groups of consumers with tailored products and marketing strategies.
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Wayland Company has a standard of 5.0 hours of labor per unit, at $11.00 per hour. In producing 800 units, Wayland used 3,800 hours of labor at a total cost of $41,000. What is Wayland's labor price variance
Answer:
Direct labor rate variance= $798 favorable
Explanation:
To calculate the direct labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (11 - 10.79)*3,800
Direct labor rate variance= $798 favorable
Actual rate= 41,000 / 3,800= $10.79
Which of the following characteristics is associated with a general ledger?
a.)
This is also known as the original book of entry.
b.)
If it is May, then the accounting transactions for February, March, April and May are listed.
c.)
It is categorized by account.
d.)
It is the initial documentation of a financial transaction as it originates.
Answer:
c.)
It is categorized by account.
Explanation:
The feature associated with a general ledger is that It is categorized by account. Thus, option C is correct.
What is general ledger?Account numbers used to identify different sorts of financial transactions are known as General Ledger Accounts (GLs). Revenues, costs, and transfers are the most widely utilized GLs. A "chart of accounts" is a detailed list of all the accounts in an accounting system.
Characteristics of a Ledger Account are stated as follows:-
A Ledger book is an Accounts book in which various business transactions are recorded under various accounts.It employs the double-entry method.It is also referred to as the Principal book of Account, since it is the book where transactions are finalized after the journal or all-purpose books.All forms of Accounts pertaining to assets, liabilities, capital, and revenue are stored in the Ledger.It is the sole record of a business transaction that has been categorized into relevant Accounts.It makes future financial summary preparation easier.Therefore, option C is correct.
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How are payday lenders different from a bank or credit union?
A. Payday lenders usually offer loans at a much lower rate than
banks and credit unions.
B. Payday lenders usually don't require collateral, unlike banks and
credit unions.
C. Payday lenders often offer loans to people who are unable to get a
loan from a bank or credit union.
D. Payday lenders often offer loans for a longer term than banks or
credit unions.
The difference between payday lenders and a bank or credit union is B. Payday lenders usually don't require collateral, unlike banks and credit unions.
What is payday lending?Payday lending is a type of short-term borrowing where a borrower receives a high-interest credit based on personal income.
The characteristics of payday lending include:
Small-term loansSmall amounts of money are involvedAvailable at short noticeInterest rates are high.Thus, the difference between payday lenders and a bank or credit union is B. Payday lenders usually don't require collateral, unlike banks and credit unions.
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Answer: the answer is C (PAYDAY LENDERS OFTEN OFFER LOANS TO PEOPLE WHO ARE UNABLE TO GET A LOAN FROM A BANK OR CREDIT UNION!!!)
Explanation: I just took the test!
Sarah was frustrated with her supervisor, and was not motivated to do her job. She felt that her coworkers were treated better than she was, even though she worked long hours and met her performance goals. Which of the motivation theories below explains Sarah's lack of motivation?
Sarah was frustrated with her supervisor, and was not motivated to do her job. Equity theory explains Sarah's lack of motivation.
What is Equity theory?
According to the proposition of provocation known as equity, workers feeling of fairness plays a significant part in what motivates them to do their best at work. Workers keep track of the inputs and labors of their work in a internal tally, which they use to assess how their inputs and labors compare to those of others. The input, outgrowth, and comparison situations are the three main factors of equity proposition. The quantum of work a person invests into a relationship is appertained to as their input. The benefits that a person derives from a connection are appertained to as the outgrowth.
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What are two types of expenses when considering your budget?
The two types of expenses when considering your budget include variable and fixed expenses.
What is a budget?A budget is described as a sort of financial planning, and it emphasizes how revenue will be generated and the various expenses. It is mainly conducted periodically and also re-evaluated.
When considering a budget plan, the two types of expenses taken into consideration include fixed expenses and variable expenses. Fixed expenses are the sort of expenses that remain unchanged and only change a few times and occasionally. For example, tuition fees, and insurance payments. The variable expenses include the expenses that change frequently and are mainly dependent on the purchase choices that are made every day. For example, medical bills, and clothing.
It can be concluded that the two types of expenses when considering your budget include variable and fixed expenses.
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1. When you played the New York City Budget game, how did this change your opinion on how governments operate cities? What are some of the ways a city can earn revenue?
2. What are the similarities and differences between balancing a city budget and balancing a personal budget?
Identify the South African barriers to entry market share
Barriers to entry in South Africa include:
High startup costsLimited access to financingWhat are some barriers to entry ?Some industries in South Africa entail expensive start-up costs like procurement of equipment, infrastructure development or acquiring licenses which can be limiting for new entrants.
Several startups may encounter challenges in obtaining financial aid due to limited capital availability or stringent borrowing rules as well as exorbitant interest charges. The regulatory framework within the country is multifaceted and applies robust controls across a multitude of sectors that may be restrictive for businesses trying to establish themselves.
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What is a gearing ratio?
Answer:
Gearing ratios are financial ratios that compare some form of owner's equity (or capital) to debt, or funds borrowed by the company. Gearing is a measurement of the entity's financial leverage, which demonstrates the degree to which a firm's activities are funded by shareholders' funds versus creditors' funds.
Explanation:
Which of the following did Judge Parker NOT mention as one of the principles of ethics?
Answer:
Remain open-minded
Explanation:
After Polly Shrum sells a stock, she avoids following it in the media. She is afraid that it may subsequently increase in price. What behavioral characteristic does Shrum have as the basis for her decision making? Please explain your answer.
After Polly Shrum sells a stock, she avoids following it in the media. She is afraid that it may subsequently increase in price. Shrum has fear of regret. She is hesitant to examine stock prices out of concern that they may have increased and she may have lost out on possible gains.
To prevent the fear of regret, the investor may become less risk-averse in the future and may purchase any stock recommended by the media without completing any background investigation. During lengthy bull markets, regret theory leads some investors to continue to invest aggressively, dismissing warning signals of a coming disaster.
According to regret theory, people anticipate remorse if they make the wrong option and take it into account while making decisions. Fear of regret may either deter or motivate people to act. Regret theory has the potential to influence an investor's rational conduct, diminishing their capacity to make financial decisions that benefit them rather than damage them.
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Evaluating the possible positive and negative outcomes of different
economic decisions is called:
A. marginal cost analysis.
B. cost-benefit analysis.
C. revenue projection analysis.
D. opportunity cost analysis.
Answer:
marginal cost analysis
2. A Canadian confectionary company has Indian distributors for a specific small cake product. The distributor has put in a request for the confection to be available with red decorations. This specific cake has become very popular for consumption during several significant holidays. The manufacturer has the food colouring available and has used it on other products it carries. Sales figures for this product are in the growth phase of its life cycle. Should the manufacturer agree to make this change? Describe two considerations with regards to this change.
Based on the above scenario, Since it is in its growth phase, I believe that the manufacturer should agree to make this changes.
Why agree to the changes?Note that there are regulations on how to use of the existing food coloring and as such it is vital for the company to see or consider this change.
Note that since it is in its growth phase, the product is widely accepted and there are lot of holiday sales.
Therefore, Based on the above scenario, Since it is in its growth phase, I believe that the manufacturer should agree to make this changes.
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Solomon Ski Company manufactures snow skis. During the most recent accounting period, the company’s finishing department transferred 4,150 sets of skis to finished goods. At the end of the accounting period, 480 sets of skis were estimated to be 50 percent complete. Total product costs for the finishing department amounted to $285,350.
Required
Determine the cost per equivalent.
Determine the cost of the goods transferred out of the finishing department.
Determine the cost of the finishing department’s ending work in process inventory.
The various costs for Solomon Ski Company during the recent accounting period are determined as follows:
1. Cost per equivalent unit is $65.
2. Cost of finished goods transferred out from the finishing department is $269,750.
3. Cost of the ending WIP inventory is $15,600.
What is the cost per equivalent unit?The cost per equivalent unit refers to the average cost per unit based on the total production costs divided by the total equivalent units of production.
The equivalent units of production depend on the degree or percentage of completion for the various cost classes.
Data and Calculations:Transfer to finished goods = 4,150
Ending inventory = 480
Degree of completion of the ending inventory = 50%
Total equivalent units = 4,390 (4,150 + 480 x 50%)
Total production costs = $285,350
Cost per equivalent unit = $65 ($285,350/4,390)
Cost of finished goods = $269,750 ($65 x 4,150)
Cost of the ending WIP = $15,600 ($65 x 240)
Thus, equivalent units refer to the degree of work completed per unit.
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design an approach that your team would recommend for Joseph and Nicholas to cover one area each that you deem necessary to aid in the planning and controlling functions
The combines strategic planning, performance measurement, effective communication, and continuous improvement to support Joseph and Nicholas in their planning and controlling functions. It ensures a well-defined direction, data-driven decision-making, collaboration, and a focus on growth and adaptability.
In order to aid in the planning and controlling functions, the following approach can be recommended to Joseph and Nicholas:
1. Establish Clear Objectives and Goals: The first step in planning is to establish clear objectives and goals for the team. It is important to have a clear understanding of what needs to be accomplished and what the team's priorities are.
2. Assign Responsibilities: Assigning specific responsibilities to team members helps to ensure that everyone is working towards a common goal. Joseph and Nicholas should each be assigned to cover one area that is necessary for planning and controlling functions. This will help to ensure that all aspects of the project are covered and that there is no overlap or duplication of efforts.
3. Develop a Schedule: Developing a schedule that outlines the key milestones and deadlines for the project is essential to effective planning and control. This will help to ensure that the project stays on track and that deadlines are met.
4. Monitor Progress: Regularly monitoring progress against the schedule and objectives is necessary to ensure that the project is progressing as planned. This will help to identify any issues or problems that arise and allow for corrective action to be taken.
5. Communicate: Effective communication is critical to the success of any project. Joseph and Nicholas should establish a regular communication schedule to ensure that everyone is up-to-date on the project's progress, any issues or problems that arise, and any changes to the schedule or objectives.
6. Make Adjustments: Finally, it is important to be flexible and make adjustments as needed. If the project is not progressing as planned, adjustments may be necessary to the schedule or objectives to ensure that the project stays on track and that goals are met.
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Cynthia is interested in investing in Clothing Unlimited Inc. Which attribute from the stock quote can Cynthia use to determine how the stock has performed over the past year?
A. current price
B. net change
C. open price
D. a positive or negative result for the one-year change
E. previous close price
Answer:
D. a positive or negative result for the one-year change
Explanation:
The most relevant parameter of a stock's performance is the stock's returns. If a stock has been consistent in producing good returns, the past financial year's results play a big role in determining whether to invest in its stock or not.
If Cynthia is interested in investing in Clothing Unlimited stock, she needs to look at its past performances and compare it with lay year's results. If the stock has been yielding consistent positive results, there is a big possibility that the trend will continue into the future.
Answer:
Cynthia is interested in investing in Clothing Unlimited Inc. Which attribute from the stock quote can Cynthia use to determine how the stock has performed over the past year?
A.
current price
B.
net change
C.
open price
D.
positive or negative result for the one-year change
E.
previous close price
Explanation:
cyber security systems had sales of 3,700 units at $75 per unit last year. the marketing projects of a 10 percent increase in unit volume sales this year a 40 percent increase returned merchandise will represent 8 percent of total sales what is your bet dollar sales projection for this year?
Answer:
$393,162
Explanation:
Units sold last year were 3,700
the projection for this year is an increase of 10% in volume.
projected units sales for this year will be
=110% of 3,700
=1.1 x 3,700
=4,070 units
The selling price last year was $75.
projected price this year is an increase by 40%
price for this year will be 140% of $75
=140/100 x $75
=1.4 x $75
=$105
Projected sales in dollar will be sales volume x selling price
= 4070units x $105
=$427,350
Purchase return = 8% of projected sales in dollars
=8/100 x $427,350
=34,188
Net projected sales
= $427,350 - $34,188
=$393,162
Where should you be on the focus-chaos scale to benefit from this course?
Based on the focus-chaos scale, to benefit from any course, you have to be on the left side of the scale.
What is the focus-chaos scale?This is a scale that is used to describe the focus and planning attribute of different types of people.
The people on the left are in the focus section and then to organize their lives well and embarked on planned activities. Youl'll have to lean towards this side to benefit from most courses as they require you to be organized in your learning.
The right side has the chaotic people who may not be organized, but someone find a way to live life successfully. It is harder to pass courses using this.
The complete question wasn't given so I gave a general discussion.
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Which form of business having Unlimited liability?
a.
Sole proprietor business
b.
Corporate business
c.
None of the above
d.
Partnership business
Answer:
A
Explanation:
Within a sole proprietorship, the single business owner is subject to bankruptcy and even loosing personal belonging to debt if things go wrong. So this form has unlimited liability.
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match each phrase that follows with the term it describes.
Clear All
Evaluation of how profit will change based on an alternative course of action
Possible result of using an inappropriate overhead allocation method
Revenue forgone from an alternative use of an asset
Strategy that focuses on reducing the influence of bottlenecks
Not relevant to future decisions
Product cost distortion
Opportunity cost
Differential analysis
Sunk cost
Theory of constraints
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match each phrase that follows with the term it describes.
Clear All
Recognizes that a dollar today is worth more than a dollar tomorrow
Often referred to as the discounted cash flow method
Also referred to as capital budgeting
Average income as a percentage of average investment
Can be determined by initial cost divided by annual net cash inflow of an investment
Cash payback period
Capital investment analysis
Average rate of return
Net present value method
Time value of money concept
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match the following descriptions and examples with the four performance perspectives in the balanced scorecard.
Clear All
Focuses on operational efficiencies and issues like improving manufacturing performance
Focuses on obtaining and retaining customers and customer base
Focuses on traditional accounting measures of performance, such as net income and cash flow
Focuses on research and development initiatives and employee training, retention, and satisfaction efforts
Customer
Learning and growth
Internal processes
Financial
Answer:
1. Match each phrase that follows with the term it describes:
a. Evaluation of how profit will change based on an alternative course of action
Correct term: Differential analysis
b. Possible result of using an inappropriate overhead allocation metho
Correct term: Product cost distortion
c. Revenue forgone from an alternative use of an asset
Correct term: Opportunity cost
d. Strategy that focuses on reducing the influence of bottlenecks
Correct term: Theory of constraints
e. Not relevant to future decisions
Correct term: Sunk cost
2. Match each phrase that follows with the term it describes:
a. Recognizes that a dollar today is worth more than a dollar tomorrow
Correct term: Time value of money concept
b. Often referred to as the discounted cash flow method
Correct term: Net present value method
c. Also referred to as capital budgeting
Correct term: Capital investment analysis
d. Average income as a percentage of average investment
Correct term: Average rate of return
e. Can be determined by initial cost divided by annual net cash inflow of an investment
Correct term: Cash payback period
3. Match the following descriptions and examples with the four performance perspectives in the balanced scorecard:
a. Focuses on operational efficiencies and issues like improving manufacturing performance
Correct option: Internal processes
b. Focuses on obtaining and retaining customers and customer base
Correct option: Customer
c. Focuses on traditional accounting measures of performance, such as net income and cash flow
Correct option: Financial
d. Focuses on research and development initiatives and employee training, retention, and satisfaction efforts
Correct option: Learning and growth
- Màng quấn PE có tính chất hóa học của hydrocacbon không tác dụng trong môi trường có axit, thuốc tím, kiềm.
- Không màu mùi, hòa tan kém trong nhiệt độ cao.
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Which country listed has the highest human development ranking?
Which 2 countries listed have very high GDP rankings, but much lower rankings in human development?
Which country has a lower GDP ranking and a lower HDI ranking?
Answer:
The answers to all 3 questions are:
1. Norway
2. China and India
3. Afghanistan
Explanation:
Just completed the 2020 Edge Assignment
The country that has the highest Human development Ranking is Norway and the nations that have very high GDP are china and India. The nation having low HDI is Afghanistan.
Waht is Huamn developnet Index ?The HDI is a measure of human development that involves the human condition and capacity. The United Nations uses this measure to compare the nations of the world on the basis of standards of living, education, and focus on economic growth along with social justice. The top-ranking counties on the scale include Norway.
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What are some of the most important service issues for you? In other words, what do you consider excellent service? Poor Service? Does the price of a service have the same effect on a buyer's perception in terms of quality? Why or why not?
Excellent service can be characterized by several factors, including timely and efficient delivery, high-quality products or services, attentive and personalized customer service, and a seamless and hassle-free experience. Customers often appreciate companies that go above and beyond to provide exceptional service and exceed their expectations.
On the other hand, poor service can be characterized by slow or unreliable delivery, low-quality products or services, unresponsive or indifferent customer service, and a frustrating or complicated experience. Customers may perceive poor service as a lack of value or respect for their time and money.
Price can play a role in a buyer's perception of service quality. Customers may expect higher levels of service and quality for premium-priced products or services, while they may be more forgiving of lower-quality experiences for lower-priced options. However, it is essential to note that the price alone does not determine the quality of service or product, and customers' perceptions may vary based on their individual needs, expectations, and experiences.
the following balance where extracted from the book of Alfsal, a sole trader as at 31/12/2014 capital 198000 ,drawing 10700, building 300000, office equipment (cost le 22000) 15000, patent 24000, delivery van at cost63000, Accumulated depreciation delivery vans 14000, stock 01/01/2014 29000, sale485,000, purchase 196000, return outward 5300, return inward 17000, creditor 21900, debtor 34800, discount received 1400, wages and salaries 105,000, general expenses 13000,stationary 4800, tem loan(received on 01/04/2014) 50,000. vat 17300. provision for bad debts 2500. Advertising 5700. insurance 9,000. loan interest paid 1,000. bank42,600. PRSI/USU 10,200. profit and loss balance 01/01/2014 65,000. you are given the following aditional information: stock for resale at 31/12/2014 was le 19,000. stationary paid in advance was le 1,200. provision should be made for interest due on loan. the rate of interest is 6%per annum. wages and salaries are to be divided 75%for employees and drawings. building 10% of cost. delivery van 10% of net book value. office equipment 20% of cost. provision for bad debts is to be adjusted to 10% of debtors . you are required to prepare a trading and profit and loss account for the year ended 31/ 12/2014. balance sheet as at 31/12/2014.
Here is the trading and profit and loss account for the year ended 31/12/2014:
The Trading and Profit and Loss AccountFor the year ended 31/12/2014
Particulars Amount
Sales €485,000
Less: Cost of Goods Sold €196,000
Gross Profit €289,000
Less: Expenses
- Wages and Salaries (75%) €78,750
- General Expenses €13,000
- Stationary €4,800
- VAT €17,300
- Provision for Bad Debts €3,480
- Advertising €5,700
- Insurance €9,000
- Loan Interest €600
- PRSI/USU €10,200
Net Profit €157,370
Here is the balance sheet as at 31/12/2014:
Balance Sheet
As at 31/12/2014
Assets Liabilities
Cash €42,600
Bank €1,200
Debtors €34,800
Stock €19,000
Capital €213,570
Drawings €10,700
Building €300,000
Office Equipment €15,000
Patent €24,000
Delivery Vans €49,000
Accumulated Depreciation €28,000
Provision for Bad Debts €3,730
Loan €50,000
Profit and Loss €157,370
Total €618,570
Total €618,570
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