Using the following information, what is the amount of gross profit? Purchases $32,000 Selling expense $ 960 Merchandise inventory, 5,700 Merchandise inventory, 6,370 September 1 September 30 Administrative expense Sales 63,000 910 Rent revenue 1,200 Interest expense 1,040 $25,300 $31,670 $30,600 $62,840

Q: Read through the following short case, and then answer the questions that follow. a) What would you…

A: Budget: It is an estimate of various financial items for a defined period, say a year or less.…

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A: Definition: Balance sheet: To Know the financial position of the business balance sheet is prepared.…

Q: Can you provide me the full answer for this quiestion

A: Formulas for different financial ratios are as follows.

Q: why are all the answerer are wrong please help

A: Inventory valuation method includes: First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted…

Q: How do I see the rest of the answer?

A: Accounting equation is a representation of the balance sheet that shows total assets is equal to the…

Q: For the second question, were you able to show how that problem would be worked out?

A: The par value is stated in the corporate charter and the company cannot issue shares below the par…

Q: What are the steps to figure this out?

A: Journal: Recording of a business transactions in a chronological order.

Q: How do I solve these?

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: I need step by step on how you came up with the answers.

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…

Q: Kate is very pleased with the results of the first year of operations for Kate's Cards. She ended…

A: Financial Statement:   A financial statement is the complete record of financial transactions that…

Q: How would I complete this problem fully by hand?

A: Data given: Loan amount is $15,000 Nominal interest rate is 11% n= 1 year

Q: How to solve this problem? How does the answer look all solved? I am struggling to answering this…

A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…

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A: 1. Allowance for doubtful debt - Allowance for doubtful debt is the account that a company creates…

Q: When preparing a report form of a Balance Sheet for a merchandising business, assume that the…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Uncollectible Accounts-Percentage of Sales and Percentage of Recelvab At the end of the current…

A: We shall answer the first question since the exact one was not specified. Please resubmit a new…

Q: Can you answer problem 2 as well? Thank you.

A: Break even sales is the point of sale where is no profit no loss situation. It means at break even…

Q: By chance, do you have the formulas that you used for each answer so i can study it more?

A: Formulae used:

Q: Can you also use a TVM calculator?

A: Solution:- When an equal amount is saved each period at end of period, it is called ordinary…

Q: Can you help with the second part?

A: Cost of goods sold is the cost of the value of the inventory which has been sold during the period…

Q: I need help trying to figure out where these go.

A: Petty Cash is the small sum of money maintained by the organisation seperate from Cash to meet small…

Q: How can knowledge open doors ?

A: Solution- Knowledge something that can open many doors, knowledge gives you more opportunities in…

Q: Hello, could i depend on this solution is it an expert solution?

A: Variance - It is the difference between budgeted and actual data.There are many types of variances…

Q: In the image you can look at the question . Is asking me to choose the correct answer below and fill…

A: Here, Loan Amount is $165,000 Mortgage A: Time Period (n) is 15 years Interest Rate is 6.25% Closing…

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A: Revenue is the amount that a company earns from normal activities conducted by the business for…

Functions of Financial Institutions

Financial institutions are businesses that are formed to deal with financial and monetary transactions. These organizations primarily accept deposits, advance loans, make investments, and provide foreign exchange services. Financial institutions include, but are not limited to, banks, insurance companies, trust companies, brokerage firms, and investment bankers. Because financial institutions play such an important role in the economy in terms of monetary transactions, regulating their activities has become a requirement for governmental authorities. As a result, the government creates a multitude of laws and regulations to oversee the activities of financial institutions.