Jamison Company reports depreciation expense of $48,000 for Year 2. Also, equipment costing $164,000 was sold for a $5,800 gain in Year 2. The following selected information is available for Jamison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
At December 31 Year 2 Year 1
Equipment $ 650,000 $ 814,000
Accumulated
Depreciation-Equipment 460,000 540,000
a) $41,800.
b) $36,000.
c) $30,200.
d) $48,000.
e) $84,000.

Managers want larger budgets; entrepreneurs work to do more with less.

Entrepreneurs have a distinct mindset when it comes to resources compared to employee-managers. While managers often seek larger budgets to accomplish their goals, entrepreneurs tend to focus on doing more with less.

This difference in perspective stems from the inherent nature of entrepreneurship which involves taking calculated risks and maximizing efficiency in resource allocation.

Entrepreneurs understand that resources, such as capital, time, and manpower, are limited and valuable. They recognize that acquiring substantial budgets may not always be feasible, especially in the early stages of a venture.

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The annual YTM will be 3.07% if the bonds make semiannual payments and sell for 94 percent of par value.

Given data

Coupon rate (CR) = 5.4%

Current price (B0) = 94%

Assuming maturity value (MV) = 100%

Years to maturity (n) = 15.

YTM = CR + ((MV − B0)/n) / ((MV + B0)/2)

YTM = 5.4% + (100% - 94%)/15) / (100% + 94%)/2)

YTM = 0.054 + (-0.03866666666) / 0.97

YTM = 0.01533333334 / 0.97

YTM = 0.015333 * 2

YTM = 0.030666

YTM = 3.07%

In conclusion, the annual YTM will be 3.07% if the bonds make semiannual payments and sell for 94 percent of par value.

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To record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024, we need to consider the issuance of the bonds and the accrual of interest expense.

1. Bond Issue on January 1, 2024:

  Date         Account                Debit        Credit

  --------------------------------------------------------

  January 1, 2024   Cash                     $293,938

                                     Bonds Payable                $320,000

  To record the issuance of $320,000 face value bonds at a discounted price of $293,938.

2. Semiannual Interest Payment on June 30, 2024:

  Date         Account                Debit        Credit

  --------------------------------------------------------

  June 30, 2024      Interest Expense    $14,400

                                  Cash                       $14,400

  To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from January 1, 2024, to June 30, 2024.

3. Semiannual Interest Payment on December 31, 2024:

  Date         Account                Debit        Credit

  --------------------------------------------------------

  December 31, 2024   Interest Expense    $14,400

                                      Cash                       $14,400

  To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from July 1, 2024, to December 31, 2024.

Please note that the interest expense amount mentioned in the question might be incorrect. Based on the information provided, the interest expense should be $12,800 for each semiannual interest payment, resulting in a total of $25,600 for the year 2024.

Short-term outsourcing is available and may provide you quick fixes and immediate resolutions, you have to see outsourcing as a business partnership that can last beyond a decade. Quick fixes, after all, are incapable of producing long-term rewards.

A company function or any particular business activity may be outsourced to specialist organizations. The corporation often outsources the non-core functions like sanitization, security, home, pantry, etc. The business and the agency enter into a legal contract.

The necessary personnel are then provided to the firm by the agency. The agency bills the business for their services and reimburses them by paying their workers' salaries. Outsourcing is on the rise as a result of global competition. Companies may enhance their profitability and improve the quality of their products by concentrating on their core competencies with the aid of outsourcing.

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Answer:

B. Family members can spend more time outside exercising

Explanation:

This has nothing to do with household responsibilities

the answer to your question is graph 1

If the corporation issues a 4-for-1 stock split, the market value of the stock will fall from $312 to approximately $78.

A stock split, also known as a stock divide, increases the number of shares in a corporation. After a 2-for-1 split, for example, each investor will own twice as many shares and each share will be worth half as much.

To get the market value of the stock split, the calculation is as follows:-

Current market value = $150

The market value of the stock fall is;

= Current market value / four /one

= $312 per share / 4 / 1

= $312per share / 4

= $78

Here we divide the current market value by the four-for-one stock split ratio. In doing so, we get the correct market value.

Therefore, $78 will be the market value of the stock after the stock split.

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Reggie's medical expense deduction is $7,276.

AGI, or adjusted gross income, is a person's total income minus certain deductions and is used to calculate taxable income.

Reggie, who is 55 years old, had an AGI of $35,200 in 2022. During the year, he incurred the following medical expenses:

Drugs (prescribed by physicians): $5,701

Marijuana (prescribed by physicians): $1,470

Health insurance premiums-after taxes: $1,280

Doctors' fees: $1,320

Eyeglasses: $445

Over-the-counter drugs: $270

Reggie was reimbursed $570 by his insurance company for a portion of the doctors' fees. To calculate his medical expense deduction, we first need to subtract any reimbursements from his total medical expenses.

Total medical expenses: $5,701 + $1,470 + $1,280 + $1,320 + $445 + $270 = $10,486

Reimbursements: $570

Medical expenses after reimbursements: $10,486 - $570 = $9,916

To claim a medical expense deduction, the expenses must exceed a certain percentage of AGI, which varies depending on the taxpayer's age. For taxpayers who are 65 or younger, the threshold is 7.5% of AGI. For taxpayers who are over 65, the threshold is 7%.

Since Reggie is 55 years old, the threshold is 7.5% of his AGI or $35,200 x 0.075 = $2,640.

Therefore, Reggie can deduct the portion of his medical expenses that exceed $2,640.

Amount of medical expenses that exceed the threshold: $9,916 - $2,640 = $7,276

Therefore, Reggie's medical expense deduction is $7,276.

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The quantity demanded based on the information will be 240 units.

The quantity of a good or service that customers are willing and able to purchase at specific prices over a specific time period is known as demand. The amount of a good or service that will be purchased at a specific price at a specific time is known as the quantity demanded.

In economics, the term "quantity demanded" refers to the total amount of a good or service that consumers demand over a specific period of time. Regardless of whether a market is in equilibrium, it depends on the cost of a good or service.

The price, buyer income, the price of related goods, consumer tastes, and any consumer expectations of future supply and price all affect the quantity demanded (qD).

Since Qd is given as:

= 80 + 2p

= 80 + 2(80)

= 80 + 160

= 240

Note that your quantity demand equation was appropriately written.

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Answer:

C

Explanation:

The Exchange Act created the Securities and Exchange Commission(SEC)

Explanation:

Ans. (1) For preparing vaccines, in olden days,microbes were injected in the bodies of horses ormonkeys. These laboratory animals used to makeantibodies to defend these microbes. Antibodies areproteins which can act against the disease-causinggerms. These antibodies were extracted from theblood of these animals and were used as vaccines.(2) Now-a-days with the advent of biotechnology,the vaccines are manufactured in laboratories withthe help of bacteria. For this purpose, a detailedstudy of the disease causing germ is undertaken.The genes and the DNA of such microbes arethoroughly explored. Then based on thisinformation, proteins which can act against suchmicrobes are synthetically prepared in thelaboratories. The safe vaccine is produced in such away which can defend the body against infections.3) Some types of vaccines are prepared from theextracts of germs. These germs or microbes aredeactivated and made dormant. When they areinjected in the body of a person, they initiate thedefending action. The body of such vaccinatedperson, already develops the antibodies in his or herbody. When in future, this person is again attackedby similar germs the defence starts immediately andthe person does not become sick.

1. the postal service experienced an increase in total contribution margin of $7.00

2. The unit sales for the deluxe souvenir sheets decreased by 37.5% compared to the regular souvenir sheets.

3. The postal service should set the selling price for the deluxe souvenir sheet at $15.00

4. The exact number of deluxe sheets is 45.

Calculation of the increase (decrease) in total contribution margin:

The contribution margin is calculated as the selling price minus the variable cost per unit. Given the information, we have:

Selling price of regular souvenir sheets: $8.00

Selling price of deluxe souvenir sheets: $15.00

Number of regular souvenir sheets sold: 80,000

Number of deluxe souvenir sheets sold: 50,000

To calculate the increase (decrease) in total contribution margin, we need to compare the contribution margin of the two scenarios:

Contribution margin regular souvenir sheets = Selling price - Variable cost

= $8.00 - Variable cost

Contribution margin deluxe souvenir sheets = Selling price - Variable cost

= $15.00 - Variable cost

To find the increase (decrease), we'll subtract the contribution margin of regular souvenir sheets from that of deluxe souvenir sheets:

Increase (decrease) in contribution margin = Contribution margin deluxe - Contribution margin regular

= ($15.00 - Variable cost) - ($8.00 - Variable cost)

= $15.00 - $8.00

= $7.00

So, the postal service experienced an increase in total contribution margin of $7.00 when selling 50,000 deluxe souvenir sheets compared to selling 80,000 regular souvenir sheets.

2. Calculation of the percentage increase in selling price and unit sales:

Percentage increase in selling price = [(Selling price deluxe - Selling price regular) / Selling price regular] * 100

= [(15.00 - 8.00) / 8.00] * 100

= 87.5%

Therefore, the St. Vincent post office increased the selling price for the deluxe souvenir sheet by 87.5% compared to the regular souvenir sheets.

Percentage increase in unit sales = [(Unit sales deluxe - Unit sales regular) / Unit sales regular] * 100

= [(50,000 - 80,000) / 80,000] * 100

= -37.5%

The unit sales for the deluxe souvenir sheets decreased by 37.5% compared to the regular souvenir sheets.

3. Calculation of the selling price for the deluxe souvenir sheet to maintain the same total contribution margin per unit:

To maintain the same total contribution margin per unit, the selling price for the deluxe souvenir sheet should be equal to the selling price for the regular souvenir sheet plus the increase in contribution margin per unit:

Selling price deluxe = Selling price regular + Increase in contribution margin

= $8.00 + $7.00

= $15.00

So, the postal service should set the selling price for the deluxe souvenir sheet at $15.00 to maintain the same total contribution margin per unit.

4. Calculation of the number of deluxe souvenir sheets to be sold to equal the total contribution margin earned from selling 80,000 regular souvenir sheets:

Total contribution margin from selling regular souvenir sheets = Contribution margin regular * Number of regular sheets sold

= ($8.00 - Variable cost) * 80,000

To calculate the number of deluxe souvenir sheets to be sold, we'll set the total contribution margin equal to that of regular sheets and solve for the number of deluxe sheets:

Contribution margin deluxe * Number of deluxe sheets = Contribution margin regular * Number of regular sheets

($15.00 - Variable cost) * Number of deluxe sheets = ($8.00 - Variable cost) * 80,000

Simplifying the equation:

Number of deluxe sheets = (Contribution margin regular * Number of regular sheets) / (Contribution margin deluxe)

= ($8.00 - Variable cost) * 80,000 / ($15.00 - Variable cost)

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Answer:

Results are below.

Explanation:

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

First, we need to calculate the unitary fixed manufacturing overhead:

Unitary fixed overhead= 85,400/2,440= $35

Absorption costing income statement:

Sales= 2,280*145= 330,600

COGS= 2,280* (49 + 17 + 17 + 35)= (269,040)

Gross profit= 61,560

Total selling and administrative= 22,800 + (2,280*10)= (45,600)

Net income= 15,960

Answer:

A. None of these.

Explanation:

Perry's capital gains taxes = $25,000 - $10,000 = %15,000 x 15%

both investments were held for periods longer than 1 year

Addition to Perry's ordinary income = $4,000 x 32%

since Perry only owned the investment for 8 months it is considered short term gain

Utilizing the midpοint technique, the flexibility οf Musashi's wοrk supply between the wages οf $20 and $40 each hοur is rοughly 0.87

The ability οf a business tο respοnd tο a change in price by increasing οr decreasing prοductiοn is measured by the elasticity οf supply. It is alsο knοwn as the supply-price elasticity.

A measure οf hοw respοnsive an industry οr prοducer is tο changes in demand fοr its prοduct is called supply elasticity. Factοrs include the availability οf essential resοurces, technοlοgical advancement, and the number οf rivals prοducing a prοduct οr service.

Midpοint methοd οf calculating elasticity οf supply = [Q2 - Q1 / (Q2 + Q1 /2)] / [P2 - P1 / (P2 + P1 /2)]

where,

Q2 = new quantity supplied

Q1 = initial quantity supplied

P2 = new price

P1 = initial price

Q2 = 10 hοurs, Q1 = 7 hοurs, P2 = $40, P1 = $20

      Es = [10-7/ (10+7/2)] / [40 -20 / (40+ 20/2)]

          = [3/ 8.5] / [20/ 50]

          = 0.35 /  0.4=  0.87

Since, elasticity οf supply is less than 1, it means the supply is inelastic.

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Complete question:

Calculating the price elasticity of supply Musashi is a retired teacher who lives in Chicago and teaches tennis lessons for extra cash. At a wage of $20 per hour, he is willing to teach 7 hours per week. At $40 per hour, he is willing to teach 10 hours per week. Using the midpoint method, the elasticity of Musashi's labor supply between the wages of $20 and $40 per hour is approximately which means that Musashi's supply of labor over this wage range is

Answer:

Long-term Receivables: Other Assets

Accumulated Amortization: Intangible Assets

Current maturities of long-term debt: Current Liabilities

Notes payable (short-term): Current Liabilities

Accrued payroll taxes: Current Liabilities

Leasehold improvements: Property, Plant and Equipment

Retained earnings appropriated for plant expansion: Retained Earnings

Machinery: Property, Plant and Equipment

Donated capital: Contributed Capital

Short-term investments: Current Assets

Deferred tax liability (long-term): Long-term Liabilities

Allowance for uncollectible accounts: Current Assets

Premium on bonds payable: Long-term Liabilities

inventory: Current Assets

Additional paid-in capital: Contributed Capital

The following classification scheme typically is used in the preparation of a balance sheet is Current assets. (a)

In accounting, a current asset is any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year or operating cycle or financial year.

In information science and ontology, a classification scheme is the product of arranging things into kinds of things or into groups of classes.

In financial accounting, a balance sheet is a summary of the financial balances of an individual or organization.

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1. Procurement - Buying raw materials at the best price to maximize cost-benefit.

2. Production Support - Requirement analysis, raw material delivery, etc. enhance the manufacturing process. Manufacturing assistance.

3. Market distribution performance cycle - Manages product distribution in the market.

Generally, The supply chain process is connected to all aspects of business operations, including procurement, production support, and the performance cycle of market distribution. These are related to one another in a few key respects. They are distinct from one another in the following ways:

1. Procurement is the process of acquiring raw materials at the lowest possible cost while maintaining the highest possible level of operational efficiency.

2. Manufacturing Support - The manufacturing process is helped along by several linked operations such as need analysis, the delivery of raw materials, and so on. The term for this kind of assistance is manufacturing support.

3. The Market Distribution Performance Cycle: It is the Management of the Complete Process of Product Distribution in the Market This cycle is the management of the entire process of product distribution in the market.

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Answer:

The depreciation expense for year 1 is $54,000, for year 2 is $144,000, and for year 3 is $108,000.

Explanation:

To calculate the depreciation expense using the units-of-production method, we need to determine the depreciation rate per machine hour.

Step 1: Calculate the depreciable cost.

Depreciable cost = Cost of the machine - Residual value

Depreciable cost = $400,000 - $40,000

Depreciable cost = $360,000

Step 2: Calculate the depreciation rate per machine hour.

Depreciation rate per machine hour = Depreciable cost / Estimated machine hours of useful life

Depreciation rate per machine hour = $360,000 / 20,000 machine hours

Depreciation rate per machine hour = $18

Step 3: Calculate the depreciation expense for each year.

Year 1: 3,000 machine hours

Depreciation expense = Depreciation rate per machine hour * Hours in year 1

Depreciation expense = $18 * 3,000

Depreciation expense = $54,000

Year 2: 8,000 machine hours

Depreciation expense = Depreciation rate per machine hour * Hours in year 2

Depreciation expense = $18 * 8,000

Depreciation expense = $144,000

Year 3: 6,000 machine hours

Depreciation expense = Depreciation rate per machine hour * Hours in year 3

Depreciation expense = $18 * 6,000

Depreciation expense = $108,000

Therefore, the depreciation expense for year 1 is $54,000, for year 2 is $144,000, and for year 3 is $108,000.

Hope this helps!

The owner of Smash My PC reports income on their personal taxes and is held personally liable for all debt, lawsuits, and judgments against the business. Smash My PC is Option D. a Sole proprietorship.

Sole proprietorship is the most popular form of business ownership in the United States and is frequently the simplest to start and run. It is a form of business organization in which a single individual owns and operates the company, assumes all financial risk, and is entirely responsible for the company's losses and debts. The proprietor has complete control over the company and makes all decisions, including whether to hire employees or seek outside investment.

The proprietor is responsible for filing income taxes and paying any taxes owed. As a result, a sole proprietorship's earnings are taxed on the owner's individual tax return. There are no formal processes to establish a sole proprietorship. An individual must obtain any necessary licenses and permits and register the company with local and state authorities.

In contrast to other business types, a sole proprietorship can be established without filing documents with the state. Smash My PC is a Sole proprietorship since the owner is the single individual who owns and operates the company, assumes all financial risk, and is entirely responsible for the company's losses and debts. Therefore, the correct option is D.

The question was incomplete, Find the full content below:

The owner of Smash My PC reports income on their personal taxes and is held personally liable for all debt, lawsuits, and judgments against the business. Smash My PC is

A. a C-corp

B. a partnership

C. an S-corp

D. a sole proprietorship

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Answer:

The decrease in supply creates an excess demand at the initial price. a. Excess demand causes the price to rise and quantity demanded to decrease. ... A decrease in demand and an increase in supply will cause a fall in equilibrium price, but the effect on equilibrium quantity cannot be determined.

Hope it helps!!!

Where the above conditions are given, the net operating income for the year is $785,700

Sales revenue - Cost of goods sold = Gross profit

Gross profit - Selling and administrative expenses = Operating income

Selling and administrative expenses -  $376,000

Operating income is given as  $2,970,000 - $1,808,300 - $376,000 = $785,700

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Answer:

E) Customers

Explanation:

Took the quiz

Answer:

The accrued interetst is $4860 and $3240

Explanation:

Solution

Recall that:

Mura Company borrows= $360,000

Time =90/360

rate = 9%

Face value =$360,000

The next step is to compute the accrued interest payable on December 31, 2017.

Now,

Interest = 360000*9%*90/360=8100$

year end interest accrual:

Principal =$360000

time 54/360

Interest =360000*9%*54/360 = $4860

Interest recognized on February 5

Principal =$360000

Rate= 9%

Time= 36/360

Interest 360000*9%*36/360 = $3240

Answer:

a. Extension of product's life cycle

Explanation:

Extension of the product life cycle means the strategies that are followed to increase the product life or its service prior go into the decline stage.

These strategies involved price change,  place, promotion, adding new attributes to the existing product, etc

So according to the given situation, the option a is correct

The financial crisis in 2008 could've been avoided in some ways by Regulating the housing market, Proper regulation banks and financial institutions, Introduction of better accounting standards, Encouraging greater transparency, and Regulating credit rating agencies.

The global financial crisis of 2008 was a significant economic event that had a far-reaching impact on the worldwide economy. The crisis resulted in the collapse of numerous leading financial institutions, which led to unprecedented losses in the stock market, a decline in economic growth, and high levels of unemployment. It is commonly believed that the crisis could have been avoided if appropriate measures had been taken at the right time.

Here are some ways the financial crisis in 2008 could have been avoided:

1. Regulating the housing market: The financial crisis of 2008 originated from the housing market collapse. Banks and financial institutions had given loans to people who could not afford them, and when the housing bubble burst, a massive number of mortgages went into default. If the government had regulated the housing market more effectively, the financial institutions would not have been able to give out loans to risky borrowers, and the housing market would not have collapsed.

2. Proper regulation of banks and financial institutions: If banks and financial institutions were regulated more effectively, they would not have been able to engage in risky financial practices that led to the crisis. Regulators would have spotted the risky activities early on and would have been able to take corrective action before it was too late.

3. Introduction of better accounting standards: During the financial crisis of 2008, banks and financial institutions engaged in creative accounting practices to hide their losses. This deception made it difficult to ascertain the real situation of the banks and financial institutions, leading to a lack of confidence in the market. If better accounting standards had been introduced, this could have been avoided.

4. Encouraging greater transparency: The financial crisis of 2008 was partly caused by a lack of transparency in the market. If regulators had encouraged greater transparency, there would have been more information available to investors, which could have led to greater confidence in the market.

5. Regulating credit rating agencies: Credit rating agencies played a significant role in the financial crisis of 2008. They gave high ratings to toxic financial products, which misled investors and led to the collapse of the market. If credit rating agencies were regulated more effectively, they would not have been able to give high ratings to risky products, and the market would have been more stable.

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Based on the given data, we can conclude that the training has significantly improved the typist's speed at a significance level of 0.05.

To determine whether the training has improved the typist's speed significantly, we can perform a hypothesis test using the given information. We will use a significance level of 0.05, which means that we are willing to accept a 5% chance of making a Type I error (incorrectly concluding that the training has improved the speed when it actually hasn't).

Let's set up the null and alternative hypotheses:

Null hypothesis (H0): The training has not improved the typist's speed. μ = 50 words/minute.

Alternative hypothesis (H1): The training has improved the typist's speed. μ > 50 words/minute.

To test these hypotheses, we can perform a one-sample t-test since we know the population standard deviation.

The test statistic for a one-sample t-test is given by:

t = (xbar - μ) / (s / √n),

where xbar is the sample mean, μ is the hypothesized population mean, s is the standard deviation, and n is the sample size.

In this case, xbar= 52 words/minute, μ = 50 words/minute, s = 5 words/minute, and n = 36.

Let's calculate the test statistic:

t = (52 - 50) / (5 / √36) = 2 / (5 / 6) = 2 * 6 / 5 = 12 / 5 = 2.4.

Next, we need to find the critical value corresponding to a significance level of 0.05. Since the alternative hypothesis is one-sided (μ > 50), we will find the critical value from the t-distribution with degrees of freedom (df) equal to n - 1 (36 - 1 = 35) and a one-tailed significance level of 0.05.

Using a t-table or a t-distribution calculator, the critical value for df = 35 and a one-tailed significance level of 0.05 is approximately 1.691.

Since the test statistic (2.4) is greater than the critical value (1.691), we reject the null hypothesis. This means we have sufficient evidence to conclude that the training has improved the typist's speed at a significance level of 0.05.

Therefore, based on the given data, we can conclude that the training has significantly improved the typist's speed at a significance level of 0.05.

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An obligation of a business that represents the claims of others against the assets of the business are called liability. The correct option is B.

A liability is defined in financial accounting as the future sacrifices of economic benefits that an entity is obligated to make to other entities as a result of past transactions or other past events.

Your company's assets are the items it owns that can provide future economic benefit.

Liabilities are accumulations owed to third party companies. In a nutshell, investments put funds in your pocket, while liabilities take money out!

Liabilities are indeed the legitimate debts owed to third-party creditors by a company. Accounts payable, notes payable, and bank debt are examples.

In order to operate and grow, all businesses must incur liabilities. A company's foundation is stable when its liabilities and equity are properly balanced.

Thus, the correct option is B.

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Your question seems incomplete, the missing options are:

A. asset

B. liability

C. expense

D. revenue

E. equity

Answer:

Explanation:

the difference between a successful and an unsuccessful decision is with a successful decision you would be successful and make profit since this is the subject of business and an unsuccessful decision will make you lose profit and make you lose into Investments.  there is no luck vs skill this is all skill actually.  skill has to do with this because you need to have certain experience in a certain thing to be having a successful decision.  

First, it is important to separate debit items from credit items. Debits will be recorded on the left side of the T account, while credits will be recorded on the right side. After all of the transactions have been recorded, it is essential to compare the total debits to the total credits. The totals should be equal.

If they are not equal, there has been an error somewhere in the recording process.The balance sheet, also known as a statement of financial position, reflects a company's financial position at a specific moment. The assets, liabilities, and equity of the company are all represented on the balance sheet. The income statement, also known as the profit and loss statement, details the company's financial performance over a specific period, such as a quarter or a year.

Accruals, Bank, Bank Loan, Buildings, Buildings Accum Depn at 31.12.2009, Carriage Inwards, Corporation Tax, Debentures 4%, Debenture Interest, Fixtures & Fittings, F & F Accumulated Depreciation at 31.12.2022, Insurance, Intangible Assets, Land, Utilities (Electricity & Water), Marketing, Motor Expenses, Office Equipment, Office Equip Accum Depn at 31.12.2022, Opening Inventory, Other Reserves, Proceeds from Sales of Office Equipment, Provision for Bad Debts, Rates, Rent, Repairs & Maintenance, Retained Earnings, Revaluation Surplus, Revenue, Revenue Return/ Purchases Returns, Share Capital - 100,000 shares at 1$ each, Share Premium Suspense, Trade Receivable/ Trade Payable, Purchases, and Wages & Salaries are some of the terms that need to be considered for creating a balance sheet and income statement.

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