The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2016:
Accounts payable $ 19,000
Accounts receivable 13,000
Accumulated depreciation – equipment 26,000
Advertising expense 21,200
Cash 15,000
Owner’s capital (1/1/16) 104,000
Owner’s drawings 11,000
Depreciation expense 12,000
Insurance expense 3,800
Note payable, due 6/30/17 72,000
Prepaid insurance (12-month policy) 7,200
Rent expense 16,000
Salaries and wages expense 32,000
Service revenue 135,000
Supplies 5,000
Supplies expense 6,000
Equipment 210,000
What is the company’s net income for the year ending December 31, 2016?
Answers
Answer:
Freight Service
Income Statement for the year ending December 31, 2016:
Service Service $135,000
Costs:
Advertising expense 21,200
Depreciation expense 12,000
Insurance expense 3,800
Rent expense 16,000
Salaries & Wages exp 32,000
Supplies expense 6,000
Total Expenses $91,000
Net Income $44,000
Explanation:
In calculating the net income for the year, only revenue and expenses (income statement) items are taken into account. They are also called temporary or period accounts which are closed to the income statement for the period, because they are not permanent accounts. Permanent accounts are taken to the balance sheet and carried over to the next accounting period.
Related Questions
Explain other advantages of the autociatic leadership style. se Se busines
Answers
The autocratic leadership style has several advantages in certain business situations. Firstly, it allows for quick decision-making and efficient execution. In an autocratic leadership approach, the leader has the authority to make decisions without consulting others extensively. This can be advantageous in situations where immediate action is needed or when there is limited time for deliberation. By taking charge and making decisions swiftly, autocratic leaders can ensure that tasks are completed efficiently and objectives are met in a timely manner.
Secondly, autocratic leadership provides clear direction and reduces ambiguity. The leader in this style has a strong control over the decision-making process and can provide clear instructions to their team members. This clarity helps employees understand their roles and responsibilities, minimizing confusion and increasing productivity. Autocratic leaders often set specific goals and expectations, which can be beneficial in situations where precision and adherence to guidelines are crucial.
Additionally, the autocratic style can be effective in organizations or industries that require a hierarchical structure or where strict compliance is necessary. Industries such as the military, manufacturing, or emergency services often rely on autocratic leadership to ensure discipline, maintain order, and promote safety.
However, it is important to note that the autocratic leadership style may not be suitable for all situations or business contexts. It can stifle creativity and innovation by limiting input and involvement from team members. It may also lead to decreased employee satisfaction and motivation, as individuals may feel disempowered or undervalued. Therefore, the autocratic style should be used selectively and combined with other leadership approaches to create a balanced and inclusive organizational culture.
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Which element of an effective essay is the statement describing? The Contains a summary of the topic.
Answers
Answer:
The thesis statement should contain a summary of the topic, so the answer might be thesis statement.
Can a society address all of these goals
Answers
A society can address the important goals that are set for its resident's success.
5 Basic Goals of a SocietyThere are 5 basic goals that a society wants to accomplish however not all the goals are achievable at once but still plans can be made accordingly and eventually success will be the destiny.
The 5 basic goals of a society are
Security StabilityFull EmploymentEconomic FreedomEconomic GrowthTherefore a society can achieve its goal if its vision and mission are clear.
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Explain two reasons why well motivated employees are important for the restaurant.
Answers
1. Improved customer service: When employees are well motivated, they are more likely to provide excellent customer service. This is because they are engaged in their work and feel valued by the restaurant management. Happy and motivated employees are more likely to be friendly, helpful, and attentive to customers' needs, which can lead to better customer satisfaction, repeat business, and positive word-of-mouth recommendations.
2. Increased productivity and efficiency: Well-motivated employees are more productive and efficient in their work. They take pride in their work and are more likely to be engaged, focused, and committed to achieving the restaurant's goals. They are also more likely to work collaboratively with their colleagues and to take the initiative to improve work processes and procedures. This can result in increased efficiency, better use of resources, and a more successful restaurant overall.
Erika noticed that she will end up paying more for the total cost of her loan because her interest rate was high and she chose a loan period of six years as opposed to five years. This is an example of ?
A) how finance charges and loan repayment periods affect the total cost of the loan
B) how finance charges affect the sponthly loan payment
C)how the principal affects the total cost of the loan
D)how your debt-to-income ratio can affect the total cost of a loan
Answers
Answer:How finance changes and loan repayment period ms affect the total cost of loan
Explanation:
Calculating Returns and Variability (LO1) You’ve observed the following returns on Regina Computer’s stock over the past five years: 7%, −12%, 11%, 38%, and 14%. a. What was the arithmetic average return on Regina’s stock over this five-year period? b. What was the variance of Regina’s returns over this period? The standard deviation?
Answers
The arithmetic average return that Regina Computer stock saw on its returns over the five years was 11. 6 %
The variance of the returns over the period was 320.3, and the standard deviation was 17.9 %
How to find the arithmetic mean?The arithmetic mean on returns can be found by summing up all the returns and then dividing this by the number of returns.
The arithmetic mean to Regina stock in the five year period was therefore:
= (7 % + - 12% + 11 % + 38 % + 14 % ) / 5
= 58 % / 5
= 11. 6 %
Using this mean, the variance can be found on a spreadsheet to be 320.3.
The standard deviation is the square root of variance so the standard deviation of Regina Computer stock in the past 5 years is:
= √ Variance
= √ 320.3
= 17.89
= 17.9 %
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Outline and describe the different forms of Communication and further explain how they are important in an organization. Provide practical example to support your discussion.
Answers
La comunicación desempeña un papel fundamental en el funcionamiento de una organización, ya que permite la transmisión de información, ideas, instrucciones y retroalimentación entre los miembros del equipo. Existen varias formas de comunicación que se utilizan en un entorno organizacional. A continuación, describiré algunas de las formas más comunes:
Comunicación verbal: Es el uso de palabras habladas para transmitir información. Puede ser en forma de reuniones, conversaciones cara a cara, llamadas telefónicas o videoconferencias. La comunicación verbal es rápida y permite una interacción directa entre las personas, lo que facilita la clarificación de dudas y la resolución de problemas en tiempo real. Por ejemplo, durante una reunión de equipo, los miembros pueden discutir ideas, compartir actualizaciones y tomar decisiones conjuntas.
Comunicación escrita: Implica el uso de palabras escritas para transmitir información. Esto incluye correos electrónicos, mensajes de texto, informes, memorandos y documentos formales. La comunicación escrita es útil cuando se requiere un registro permanente de la información y proporciona la oportunidad de revisar y editar antes de enviar el mensaje. Por ejemplo, un gerente puede enviar un correo electrónico detallando las metas y objetivos del proyecto a su equipo para asegurarse de que todos estén al tanto de las expectativas.
Comunicación no verbal: Se refiere a la transmisión de información sin el uso de palabras. Incluye gestos, expresiones faciales, lenguaje corporal y tono de voz. A menudo, la comunicación no verbal puede transmitir emociones y actitudes que pueden complementar o contradecir el mensaje verbal. Por ejemplo, durante una presentación, el lenguaje corporal de un orador puede transmitir confianza y entusiasmo, lo que refuerza su mensaje.
Comunicación formal: Se lleva a cabo a través de canales oficiales y estructurados dentro de la organización. Esto incluye comunicaciones descendentes, como anuncios y políticas de la gerencia hacia los empleados, así como comunicaciones ascendentes, como informes de estado y retroalimentación de los empleados hacia los superiores. La comunicación formal es importante para establecer líneas claras de autoridad y responsabilidad, así como para garantizar la coherencia en la información transmitida.
Comunicación informal: Se produce a través de interacciones sociales no estructuradas entre los miembros de la organización. Esto puede incluir conversaciones informales en el lugar de trabajo, interacciones en las pausas para el café o discusiones en grupos de chat en línea. La comunicación informal es valiosa para fomentar la camaradería, construir relaciones y facilitar el intercambio de ideas no convencionales. Por ejemplo, en un entorno de trabajo abierto, los empleados pueden compartir ideas innovadoras durante una conversación informal en la sala de descanso.
La importancia de estas formas de comunicación en una organización radica en que permiten la colaboración efectiva, la toma de decisiones informada, la resolución de problemas, la coordinación de tareas y la creación de un ambiente de trabajo positivo. Una comunicación clara y efectiva evita malentendidos, reduce los errores, mejora la productividad y fortalece la cohesión del equipo.
Un ejemplo práctico podría ser una empresa de desarrollo de software. En este caso, la comunicación verbal sería esencial para que los miembros del equipo discutan los requisitos del proyecto, compartan actualizaciones diarias y resuelvan problemas en las reuniones diarias de puesta al día (stand-up meetings). La comunicación escrita sería crucial para documentar los requisitos, especificaciones técnicas y cronogramas del proyecto, así como para enviar correos electrónicos y mensajes de chat con actualizaciones y solicitudes de retroalimentación. La comunicación no verbal también tendría un papel importante, ya que el lenguaje corporal y las expresiones faciales en las reuniones ayudarían a transmitir confianza y apoyo entre los miembros del equipo. En cuanto a la comunicación formal, se utilizarían informes de estado y presentaciones formales para mantener a la alta dirección informada sobre el progreso del proyecto. Por último, la comunicación informal se daría en momentos de descanso, donde los empleados podrían discutir ideas, plantear desafíos y fomentar la creatividad en un ambiente más relajado
Answer:
There are several different forms of communication that are important in an organization. These include:
1. Verbal communication: This is the use of spoken words to convey a message. Verbal communication is important in an organization because it allows employees to communicate with each other and with customers. For example, a salesperson might use verbal communication to explain the features of a product to a customer. Another example is a team meeting where employees discuss project updates and share ideas.
2. Nonverbal communication: This is the use of body language, gestures, and facial expressions to convey a message. Nonverbal communication is important in an organization because it can convey emotions, attitudes, and intentions. For example, a manager might use nonverbal communication to show approval or disapproval of an employee's performance. Another example is a job interview where the interviewer might use nonverbal communication to assess the candidate's confidence and professionalism.
3. Written communication: This is the use of written words to convey a message. Written communication is important in an organization because it provides a permanent record of communication. For example, an email can be used to communicate project updates, deadlines, and other important information. Another example is a report that summarizes the results of a project.
4. Visual communication: This is the use of images, graphs, and other visual aids to convey a message. Visual communication is important in an organization because it can help to simplify complex information and make it easier to understand. For example, a chart can be used to show sales trends over time. Another example is a video that demonstrates how to use a product.
All of these forms of communication are important in an organization because they allow employees to share information, ideas, and feedback. Effective communication can also help to build trust and relationships between employees, customers, and partners. For example, if a customer has a positive experience with a salesperson, they are more likely to return to the organization in the future.
A practical example of the importance of communication in an organization is a team project. Effective communication is essential for the success of the project. Team members need to be able to communicate their ideas, concerns, and progress to each other in order to stay on track and meet deadlines. This might involve verbal communication in team meetings, written communication in project reports, and visual communication in presentations. Without effective communication, the project is likely to fail.
2 words that ryme on the same line is called?
Answers
Answer:A couplet usually consists of two successive lines that rhyme and have the same metre. A couplet may be formal (closed) or run-on (open). In a formal (or closed) couplet, each of the two lines is end-stopped, implying that there is a grammatical pause at the end of a line of verse.
Explanation:Hoped this helped u kind sir or ma'am and have an great day! And also may i plz have brainlist?
A company claims that 10% of the users of a certain allergy drug experience drowsiness. In clinical studies of this allergy drug, 81 of the 900 subjects experienced drowsiness
a. We want to test their claim and find out whether the actual percentage is not 10%. State the appropriate null and hypotheses.
b. Is there enough evidence at the 5% significance level to infer that the competitor is correct?
c. Compute the p-value of the test.
d. Construct a 95% confidence interval estimate of the population proportion of the users of this allergy drug who experience drowsiness.
e. Explain how to use this confidence interval to test the hypotheses.
Answers
Answer:
Answer is D
Explanation:
d. Construct a 95% confidence interval estimate of the population proportion of the users of this allergy drug who experience drowsiness.
In QuickBooks Online, where do you go to see all a company's categories organized into account types?
Answers
Answer:
The answer is "Chart of Accounts".
Explanation:
The chart of a financial report is the index of the general ledger of its financial accounts. In short, this is an organization tool that offers a digestible overview between subgroups of any money transfers performed by either a company in such an accounting period. It also using accounting graphs in Quickbooks to see those sections of a company grouped through account forms.
How do people who volunteering/organizing at a fundraiser use donated items
Answers
People who volunteer or organize fundraisers typically use donated items in several ways to maximize their impact providing both financial and experiential value, while fostering community involvement and support for the cause.
Firstly, they assess the donated items to determine their suitability for the event's goals. If the items align with the fundraiser's purpose, they may include them in auctions, raffles, or silent auctions to generate funds. High-value items or unique experiences are often reserved for live auctions to attract higher bids.
In addition to generating revenue, donated items can serve as incentives to encourage donations. Volunteers may offer them as rewards for specific donation thresholds or use them as prizes for fundraising challenges. By leveraging the donated items in this way, organizers motivate participants to contribute more generously.
Moreover, donated items can be used to enhance the overall atmosphere of the fundraiser. They may be displayed to create visually appealing setups, reinforcing the cause and encouraging attendees to engage with the event. For example, art pieces or crafts can be showcased, generating interest and potentially leading to additional donations.
Overall, donated items play a crucial role in fundraising events, providing both financial and experiential value, while fostering community involvement and support for the cause.
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Mercedes graduated with a B.A. in business administration. On graduation day she learns that the job she was promised in her uncle's company no longer exists. Mercedes must quickly find a job so she can pay her bills.
Mercedes needs to make at least $40,000 per year. She prefers to work in an environment with little supervision, working on projects directly with colleagues, and opportunities for creative thinking.Of the jobs that Mercedes has been offered, which is the best fit?
Answers
Answer:
Job #1
Explanation:
Job#1
$40,050/year
Creative projects
Open space instead of offices
Coworkers are loud and often laughing
Job #1 would be a perfect fix for Mercedes as she prefers the job with at least $40,000 and she wants to work in the enviroment with little supervision. According to Mercede's requirements, Job #1 suits Mercedes as it has creative projects, open space instead of cabins or cubicles, and an environment she always wanted.
Jorge has a new job in an office. Which of the following safety procedures will he most likely need to learn?
Answers
Answer: D) How to exit safely in the event of a fire
Explanation:
This professional analyzes statistics and uses them to calculate risks and premiums
Answers
Answer:
Explanation:
An actuary compiles and analyzes statistics and uses them to calculate insurance risks and premiums. Mehmud and associates created the tool, called “Wakely Risk Insight,” to aid the consulting firm’s clients.
The Case: The hairdressing industry in Pakistan is flourishing day by day. There are certainly lots of hairdressers and each of the hairdressers has a slightly different type of skill. Some salons only cut, some only provide color services, some only do natural hair, some do all types, etc. Also, they have different premises situated in a different location where they provide the services. The prices offered by the hairdresser depend on the services offered by them and its uniqueness. If the particular hairdresser is known for providing the best services in the particular market then he can increase the prices of his services as he knows that consumers can pay slightly more amount of money for his superior services. There is relatively a low barrier for entry and exit for setting up a new hairdresser shop. Requirement: Read the above scenario and explain in which market structure ‘the hairdressing industry’ falls and how?
Answers
Answer:
The Hairdressing Industry in Pakistan
The market structure of "the hairdressing industry" falls under Monopolistic Competition. The features of this market structure include: many hairdresser shops, low barriers for entry and exit for setting up a new hairdresser shop, the hairdressing services are not perfect substitutes, and the pricing decisions of any one shop do not impact others.
Explanation:
In a monopolistic competition, each firm is differentiated from others by distinct goods and services. This situation is enhanced in a services industry, where different skills are employed to further differentiate each firm's services from the others. While the products and services may look similar, one cannot actually substitute one for the other. Therefore, each firm can charge different prices for their distinct products and services without being influenced by the other firms, unless through a cartel arrangement.
question in photo! please answer in full detail!
Answers
The goal is to defend a policy proposal on trade or environmental sustainability the role is representative from a local community while the audience is World Bank.
How to explain the informationThe speech must be clear, concise, and persuasive. It must cite its sources accurately. It must be tailored to the specific audience of the World Bank.
Trade has the potential to lift people out of poverty and improve their standard of living. It can also help to protect the environment by promoting sustainable practices. For example, when countries trade with each other, they can share information about best practices in environmental protection. This can help to reduce pollution and conserve resources.
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Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adorned with two crystals of various colors. Standard costs follow:
Standard Quantity Standard Price (Rate) Standard Unit Cost
Silver 0.40 oz. $23.00 per oz. $9.20
Crystals 5.00 $0.40 crystal 2.00
Direct labor 2.00 hrs. $12.00 per hr. 24.00
During the month of January, Crystal Charm made 1,530 charms. The company used 577 ounces of silver (total cost of $13,848) and 7,700 crystals (total cost of $2,926.00), and paid for 3,210 actual direct labor hours (cost of $36,915.00).
Required:
1. Calculate Crystal Charm’s direct materials variances for silver and crystals for the month of January.
2. Calculate Crystal Charm’s direct labor variances for the month of January.
Answers
Answer and Explanation:
The computation is shown below:
1.
Direct Material Price Variance = Actual material cost - Actual Quantity × Standard Price
For Silver
= $13848 - 577 × 23
= $577 (U)
For Crystal
= $2926 - 7700 × 0.40
= $154 (F)
Direct Material Quantity Variance = (Actual Quantity - Standard Quantity) × Standard Price
For Silver
= (577 - 1530 × 0.40) × 23
= $805 (F)
For Crystal
= (7700 - 1530 × 5) × 0.40
= $20 (U)
2.
Direct Labor Rate Variance = Actual Cost - Actual Hours × Standard Rate
= $36915 - 3210 × 12
= $1605 (F)
And,
Direct Labor efficiency Variance = (Actual hours - Standard hours) × Standard Rate
= (3210 - 1530 × 2) × 12
= $1800 (U)
Which of the following it NOT a position in the Administrative Support pathway?
A. Teacher
B. Medical Transcriptionist
C. Receptionist
D. Administrative Assistant
Answers
Teacher is not a position in the Administrative Support Pathway. The administrative support pathway covers careers that assist corporate operations through a range of administrative and clerical tasks, such as project management, data processing and gathering, and information and communication management.
The administrative support assistant assists with a number of academic or administrative units' general administrative duties, such as answering phones, serving customers, workers, or visitors, creating documents and reports, gathering records, setting up meetings, and arranging. Therefore, teacher is not considered to be a part of it.
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Utility line workers may need to tolerate heights.
OA.
True
OB.
False
Answers
Answer:
true
Explanation:
they need to go high
Answer:
true
Explanation:
Perfect competition is a theoretical construct. Outline some valid criticisms of this model
Answers
Perfect competition is thought of as a theoretical idea rather than something that applies to contemporary industry. This is solely attributable to the way that markets are naturally influenced by economic variables, which leads to a clustering of elements.
Criticisms of perfect competitionSome of the criticisms of perfect competition include:
It is frequently argued that the foundation of price theory for product markets, represents all agents as passive, omitting the active attempts to increase one's welfare or profits through price undercutting, product design, advertising, and innovation.Another criticism is that of who sets the price to be followed. The perfect competition model can thus be used to explain a centralized economy rather than a decentralized "market" economy. This implies that such a model is more closely related to communism than to capitalism.Another common criticism is that it is frequently untrue that shifts in supply and demand over the short term affect prices; this is especially true in the manufacturing sector, where production adjustments frequently occur without significantly affecting prices.Learn more on perfect competition here https://brainly.com/question/2964027
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give at least 2 diffrences of entrepreneurs and intrapreneurs."
Answers
Answer:
The main difference between an entrepreneur and intrapreneur is that an intrapreneur is already an employee of an existing organization or buissness, while the entrepreneur creates and oversees a new organization or buissness. Another difference is when an entrepreneur introduces an idea, they are usually introducing a new idea that doesnt already exist or belong to a company. an intrapreneur on the other hand promotes an idea innovation within the already existing company. Also, an intrapreneur is usually an "inside entrepreneur" within an inside co. while an entrepreneur is typically in a larger firm.
Explanation:
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Morgan is 65 years old and single. He supports his father, who is 90 years old, blind, and has no income. What is Arthur's standard deduction
Answers
Answer:
The standard deduction for 2020 for a head of household is $18,650. But if the filer is 65 years old or older, then he/she receives an additional $1,650. Morgan's total standard deduction is $20,300.
Explanation:
Morgan can claim his father as a dependent, and therefore, qualify as head of household.
Arthur's standard deduction will be :
Additional sum of money will be added to Arthur's standard deduction.
Arthur's standard deduction will be the Additional sum of money will be added to Arthur's standard deduction.The taxable income of any taxpayer gets an additional amount added to the tax money that reduces the amount, this is called as the standard deduction. For any taxpayers whose age is 65 or even older can acquire the benefit of additional amount that gets added to their standard deduction.Learn more :
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1. Some businesspeople believe that elimination agents and wholesalers reduce their operating expenses. Discuss the opportunity costs associated with eliminating intermediaries.
Answers
1. While eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
Eliminating intermediaries such as elimination agents and wholesalers reduce operating expenses, but it also has associated opportunity costs that businesses need to consider. One of the primary costs is the loss of the expertise and value-added services that intermediaries offer to businesses and customers. Eliminating intermediaries may result in businesses taking on additional responsibilities and expenses such as marketing, distribution, and logistics.
This may result in the need for additional staff and resources to ensure that products reach customers on time. Furthermore, eliminating intermediaries may also result in reduced customer access to products, as intermediaries are often responsible for finding new markets and customer segments. In this case, businesses may need to invest additional resources to market and promote their products to reach new customers.
In conclusion, while eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
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If you are paid $15 per $100 sold, what is your type of payment?
a. Commission
b. Salary
c. Wage
d. Pension
Please select the best answer from the choices provided
Answers
the best answer is a the Commission is the one that typed of payment
lebron james skipped college to become a professional basketball player. we can deduce from this that lebron james skipped college to become a professional basketball player. we can deduce from this that lebron james did not make a rational choice. lebron james does not understand the value of a college education. lebron james probably could not get into college. the opportunity cost of lebron james attending college was very high.
Answers
We can deduce from this that D: "the opportunity cost of "LeBron James" attending college was very high".
Opportunity cost refers to the cost of an alternative that must be forgone in order to pursue a certain action or decision. In LeBron James' case, the opportunity cost of attending college was very high because he had the chance to turn professional and play in the NBA right away, which would have been a once-in-a-lifetime opportunity. By choosing to pursue a professional basketball career instead of attending college, LeBron James had to forego the benefits of a college education, such as the acquisition of new knowledge, networking opportunities, and potential long-term earning potential.
However, the potential earnings and benefits of a successful professional basketball career likely outweighed the opportunity cost of not attending college.
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At the end of its annual accounting period, the company must make three adjusting entries.
a. Accrue salaries expense.
b. Adjust the Unearned Revenue account to recognize earned services revenue.
c. Record services revenue earned for which cash will be received the following period.
For each of these adjusting entries, indicate the account to be debited and the account to be credited.
a. Debit
a. Credit
b. Debit
b. Credit
c. Debit
c. Credit
Answers
There are four different sorts of accounts that require adjusting. They are deferred revenues and expenses as well as accumulated revenues and expenses. Money earned during one accounting period but not received until another is referred to as accrued revenue.
What is accounting?Accounting is the activity of keeping records of a company's financial transactions. Journal entries are how the accountants condense the transactions. In bookkeeping, these entries are utilized.
According to the rules set forth by the auditors and other governing agencies, the accountants create the books of accounts. The accountants may adhere to IFRS (International Financial Reporting Standards) or generally accepted accounting principles (GAAP)
An analyst can gain a good picture of the company's financial status by reading the book of accounts. Therefore, the book of accounts is required to determine the firm valuation for publicly traded corporations.
The financial statements of a big company provide an overview of its operations, financial situation, and cash flows during a specific time period.
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Compute cost of goods sold using the following information.
Finished goods inventory, beginning $ 600
Cost of goods manufactured 5,520
Finished goods inventory, ending 1,500
Answers
The wealth of the owners of a corporation is represented by ________.
a. earnings per share
b. share value
c. profits
d. cash flow
Answers
Answer:
The answer is B. share value
principles of accounting
Answers
Answer:
Accrual principle
Matching principle
Historic cost principle
Conservatism principle
Principle of substance over form
Score: 0/450
Question Value:
In 2018, the U.S. balance of payment numbers showed that income received was $1,060.4 billion and
income payments were $816.1. What was the net result?
an outflow of $816.1 billion
a net inflow of $244.3 billion
a net outflow of $244.3 billion
an inflow of $1,060.4 billion
Answers
The net result of the U.S. balance of payment numbers in 2018 was a net inflow of $244.3 billion.
In 2018, the U.S. balance of payment numbers indicated that income received was $1,060.4 billion, while income payments amounted to $816.1 billion.
To determine the net result, we need to subtract the income payments from the income received.
Net Result = Income Received - Income Payments
Substituting the given values into the equation, we have:
Net Result = $1,060.4 billion - $816.1 billion
Calculating the difference, we find:
Net Result = $244.3 billion
This signifies a net inflow of funds, indicating that the United States received more income from abroad than it paid out. It is important to note that a positive net result implies a surplus in the current account, which includes trade in goods and services, income receipts, and unilateral transfers.
This surplus indicates a favorable position for the U.S. economy in terms of its international financial transactions during that period.
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