The total amount owed after 10 years is $33000 for a borrowed amount of $15000
Amount borrowed for loan = $15000
Interest rate = 12% per year
Time in years= 10 years
Calculating the total interest amount due in 10 years, using the formula:
Simple interest for the borrowed money = P*R*T/100
where P = principal amount borrowed
R = rate of interest
T = time in years
Substituting the values in the formula, we get the following:
Simple interest for the loan= 15000*12*10/100
= $18000
The total amount owed = Interest amount + Principal amount
= $18000 + $15000
= $33000
So, $33000 is the total amount owed for the loan
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Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes money in taxes?
The IRS is asking Jay for a future advance on his possible taxes for next year.
Not enough money was withheld from his paychecks.
When filing his taxes, Jay accidentally checked "Married filing jointly" instead of "Single."
Too much money was withheld from his paychecks.
Answer:D
Explanation:i just took the text and got 100 with the same question
Too much money was withheld from his paychecks is the most reasonable explanation as to why he owes money in taxes. Hence, option D is correct.
A paycheck is frequently a paper check that is written by an employer and delivered to an employee in exchange for labour. It is also referred to as a pay cheque, pay check, or pay cheque.
An employee receives a pay stub along with their paycheck every pay period. These tangible or digital documents, often known as "payslips," "wage statements," or "paycheck stubs," include vital details about an employee's pay.
Semi-monthly pay is one of the most widely used pay schedules. Typically on the first and fifteenth of every month or on the fifteenth and last day of the month, employees receive two payments per month, for a total of 24 payments per year.
Thus, option D is correct.
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Ensuring that all the right people, equipment, and materials arrive on time is especially challenging when using which layout?.
It is particularly difficult to ensure that all the appropriate people, equipment, and materials arrive on time when using a Fixed-Position layout.
What is Fixed-Position layout?
When using a fixed-position layout, the product can remain in one spot while staff and equipment can move to it as needed. Ships, aircraft, and building projects are examples of immovable goods that are often created utilising a fixed-position layout. In a fixed-position layout, the project is always in the same location, and personnel and tools are always brought to the same workspace. Ships, highways, bridges, homes, and operating tables in hospital operating rooms are a few examples of this kind of undertaking. In a fixed-position layout, the project is always in the same location, and personnel and tools are always brought to the same workspace. Ships, highways, bridges, homes, and operating tables in hospital operating rooms are a few examples of this kind of undertaking.To know more about Fixed-Position layout visit:
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why managers need to ensure that resources are allocated in a way that both sales and marketing are able to achieve their objectives
It aids in bringing down project expenses. makes work more productive. increases worker satisfaction and engagement in the project. The projects are delivered successfully and on time.
Additionally, it aids in achieving the greatest outcomes possible given the available resources.
Why is it crucial to distribute resources wisely and effectively?
Making sure that the appropriate resources are assigned to the appropriate engagement at the appropriate time boosts efficiency while lowering the risk of overruns. The combination of improved resource visibility and engagement financials aids in keeping projects profitable and on schedule.
Why is resource allocation necessary?
The right team for the assignment can be scheduled with the aid of resource allocation, which also optimizes how work is distributed. To complete projects on schedule and within budget, project managers must assign the appropriate team members to the appropriate tasks.
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alice is willing to spend $30 on a pair of jeans, and has a coupon for $10 off which she found online. she selects and purchases a $35 pair of jeans which cost $35 pre-discount.\
The consumer surplus when Alice purchases the pair of jeans is $5.
What is the consumer surplus?Consumer surplus is the difference between the amount that a consumer is willing to pay for a good or service and the price of the good.
A consumer would only purchase a good if the price of the good is below the amount they are willing to pay for the good. If the price of the good is above the willingness to pay of the consumer, the consumer would consider the good to be too expensive and would not purchase the good.
Consumer surplus increases when there is a decrease in the price of the good. Consumer surplus decreases when there is an increase in the price of the good.
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
Consumer surplus = willingness to pay – price of the good
$30 - ($35 - $10)
$30 - $25 = $5
Here is the complete question:
Alice is willing to spend $30 on a pair of jeans, and has a coupon for $10 off which she found online. she selects and purchases a $35 pair of jeans which cost $35 pre-discount. Determine if it produces a consumer or producer surplus. Then calculate the amount of the surplus.
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Where is the stock market located in the United States.
Answer: Wall Street, New York City.
( New York )
What would someone use a card catalogue to do?
look up a book in a library
order a set of greeting cards
see how much vintage playing cards are worth
keep track of books checked out of a library
An individual can make use a card catalogue to : A. look up a book in a library.
What is card catalogue?Card catalogue can be defined as the card that enables a person to locate the books they are looking for in a library. This card catalogue often includes the name of the person who wrote the book as well as the title of the book.
Most schools tend to often includes card catalogue in their school library so as to make it easy for their student to look up a book in the library without having to stress themselves before finding a book.
Therefore the correct option is A.
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What are reasons marketers consider cross-cultural analysis as important?
It tells marketers what customs are considered normal and expected. It tells marketers what a society values. It tells marketers what is represented by symbols.
Cross-cultural communication is a communication process carried out by two or more cultures. The goal is to reduce the level of misunderstanding and minimize conflicts. Basically, every communication process almost always involves culture. Because communication is a means of transmitting culture, and culture is a form, process, technique, and social method in human life that continues to be entrenched.
Cross-cultural communication aims to reduce the level of misunderstanding and uncertainty that can lead to cross-cultural conflict. cross-cultural communication affects the effectiveness of intercultural interactions. By updating and adjusting the relationship between communicators and communicants, the process of cross-cultural communication can be successful and effective. The effectiveness of cross-cultural communication will create peace and be able to reduce conflicts that may occur between communities. In order for the purpose of cross-cultural communication to be achieved, each individual in the community group should strive to develop competencies or skills. These competencies are personality strength, communication skills, psychological adjustment, and cultural awareness.
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Which of the following barriers to communication is an example of selective perception?
a. Something blocks, changes, or distorts the message.
b. A message isn't decoded the way the sender intended it.
c. The message is seen and heard based on expectations.
d. Information is intentionally withheld, ignored, or distorted.
Based on expectations, the message is perceived and heard. A case of selective perception is communication difficulties.
It takes organisation, recognition, and interpretation of sensory data to represent and comprehend the information or environment that is being presented. All perceptions entail neural system impulses that flow through them, which come from chemical or physical activation of the sensory system. There are many different types of perception, including visual, auditory, olfactory, haptic (touch), and gustatory (taste), which are all subcategories of the larger topic of perception. Information transfer is the typical definition of communication. The phrase can also apply to the broadcast itself or to the area of research that examines such transmissions. Regarding its exact definition, there are numerous controversies. Passive, aggressive, passive-aggressive, and forceful are the four fundamental communication styles. It's critical to comprehend each communication method and the reasons behind its utilisation.
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Which of the following items are reported as components of operating income for most manufacturing and merchandising companies? (Select all that apply.) Multiple select question.
a. interest expense
b. revenues
c. administrative expenses
d. selling expenses
The three main components of operating income are revenue, administrative costs, and selling expenditure items for the majority of manufacturing and retail businesses.
Operating income is the portion of a company's profits that remain after continuous, recurring costs and expenses have been subtracted. The difference between these two numbers might serve as a useful indicator of the financial health of an organization.
Revenues are recorded under operating income as income, administrative costs are listed as operating costs under operating income as an expense, and selling costs are listed under operating income as operating costs as an expense.
Costs that aren't primarily connected to ongoing business activities are referred to as non-operating expenses. Interest on debt, expenditures associated with restructuring, inventory write-offs, and sums paid to resolve legal disputes are a few examples of non-operating expenses.
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public goods differ from private goods in that the former are part 2 a. nonexcludable. b. often provided collectively. c. nondiminishable. d. all of the above.
Public goods are different from private goods in that public goods are nonexcludable, undiminishable, and often provided collectively. Thus, option (d) i.e. ‘all of the above’ is correct.
Public goods refer to the services or commodities that are made available to all the members of society. Public goods have two characteristics: they are nonexcludable and undiminishable. Nonexcludable means it is not possible for the producer of the public goods to offer the goods/services to some consumers and exclude others from using the public goods, thus, providing the public goods to consumers to be used collectively. Whereas, undiminishable means when some consumers use a specific public good, the amount left for other consumers to use remains unchanged.
Typically, public goods encompass the services administered by governments. Some examples of public goods are law enforcement, national defense, street lights, the rule of law, and access to public parks. All these public goods can be used or possessed by various consumers collectively and without rivalry.
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because black diamond manufactures and sells its outdoor sports products outside the united states, what should the company do to find attractive business climates for additional locations? check all that apply.
Black diamond sells its outdoor sports products outside the United States. To find attractive business climates for additional locations option a. managers will need to find a country having a growing market for the company's products.
Market growth is the change in the size of the market over a period. It constitutes of rise and fall in the total sales of the product in the market. Growth is crucial for designing plans and market strategies.
Before entering a market, the growth rate is considered the area for the sales of the product. Even if the market is big, the growth rate might be slow which will reflect in fewer sales and less revenue for the company.
A growing market will increase the demand and sales of the product. Demands and sales of the product will increase by studying the consumer's needs and addressing the needs by creating such products.
Therefore, managers will find a country according to the growth of the market for their products.
Complete options for the questions are:
a. managers will need to find a country having a growing market for the company's products.
b. managers will need to find a country that is already familiar with the products their company makes.
c. managers will want to find a country that is politically stable.
d. managers will want to look for a country that offers tax advantage to their company.
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when comparing mutually exclusive alternatives with the same service lives, the alternative with the highest b/c ratio is always the most economical.
When comparing mutually exclusive alternatives with the same service lives the alternative with the highest b/c ratio is always the most economical is False.
If the choices are mutually exclusive only one can be selected because only one is required. Therefore, the alternatives are compared against each other and the one with the cheapest PW is identified as the best. Analyzing conflicting types investors are faced with a variety of investment options, but only one project can be selected for investment.
Selecting a project excludes other projects from investment. The decision to do nothing is usually made when the economic and environmental costs of all other alternatives clearly outweigh the benefits. Mutually exclusive are the kinds of projects where one is accepted and all others are rejected. As such, there is fierce competition between each project and its selection.
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three managers of the magic potion company are discussing a possible increase in production. each suggests a way to make this decision. harry: we should examine whether our company’s productivity – gallons of potion per worker – would rise or fall. ron: we should examine whether our average cost – cost per worker – would rise or fall. hermione: we should examine whether the extra revenue from selling the additional potion would be greater or smaller than the extra costs. who do you think is right? why?
Answer:
harry
Explanation:
because he is thinking of the productivity of workers first
If a partnership does not want to abide by the default rules promulgated by the rupa and/or the upa, the partners?
In accordance with the UPA,RUPA a partnership may decide to continue within 90 days of a single partner's departure. This keeps a partnership from ending abruptly.
In a number of US states, commercial partnerships are governed under the Uniform Partnership Act (UPA). Regulations governing the dissolution of a partnership when a partner dissociates are likewise provided by the UPA. Numerous modifications have been made to the Uniform Partnership Act over time. Sometimes referred to as the Updated Uniform Partnership Act, the revised act includes the modifications.
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You cannot use Form 1040EZ to file your federal income tax return if you
a have more than $50,000 in taxable income
b are married and have no dependents c itemize deductions
d have less than $1,500 in interest
You cannot use Form 1040EZ to file your federal income tax return if you
have more than $50,000 in taxable income.
Your submitting reputation became unmarried or married submitting jointly. You did now no longer declare everybody as your dependent. You (and your partner, if you are submitting jointly) have been beneath Neath age sixty-five withinside the applicable tax year, and now no longer blind. Your taxable profits became much less than $100,000
If you and your partner need to document separate married returns, you cannot document Form 1040EZ. This shape is confined to unmarried filers and couples who document jointly, furnished they don't have any dependents. Forms 1040 and 1040A are to be had to taxpayers of all submitting statuses.
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What is a core strength of problem-solving teams?
An organization's departments are linked through a holistic business approach, which enables them to function as a single team core strength.
To achieve an overarching organizational purpose, all personnel collaborate. A network of independent clothes suppliers is under its management. How does the clothes company H&M reduce expenses by using a network organization For making decisions, they have explicit rules and regulations. Each team member is dedicated to achieving a specific goal. Members of the team continue to communicate after regular office hours. Each team member is dedicated to achieving a specific goal core strength.
psychiatric security. Team members feel comfortable being vulnerable and taking risks with one another. Dependability. Team members produce high-quality work on schedule. Clarity & Organization. Clear roles, objectives, and plans. Meaning. Work is vital to team members individually. Impact. The lower back, pelvic, and abdomen muscles—muscles of the trunk and spine—are surrounded by the "core" region of the body. By establishing and enhancing these muscles, core conditioning aims to increase stability and endurance. This is how core conditioning gives you a solid, well-defined body with good posture core strength.
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dave and ellen are newly married and living in their first house. the yearly premium on their homeowner’s insurance policy is $250 for the coverage they need. their insurance company offers an annual discount of 5 percent if they install dead-bolt locks on all exterior doors. the couple can also receive an annual discount of 2 percent if they install smoke detectors on each floor. they have contacted a locksmith, who will provide and install dead-bolt locks on the two exterior doors for $45 each. at the local hardware store, smoke detectors cost $4 each, and the new house has two floors. dave and ellen can install the smoke detectors themselves.
Years it will take Dave and Ellen to earn back in discounts the cost of the dead-bolts = 4.44 Years
What is discount?
Discounting is an income from all sources through which a debtor obtains the entitlement to postpone payments to a creditor for a set period of time in exchange for a fee or charge. Essentially, the party who owes money now purchases the entitlement to postpone payment until some date in the future. Because of fatality effects, impatience effects, as well as salience effects, most people prefer current interest to postponed interest in this transaction. This same difference between the original money owed in the present as well as the amount that must be paid inside the future to settle the debt is the discount, or charge. The discount is typically associated with such a discount rate, also known as the discount yield.
$100/$22.50 = 4.44 Years
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Complete Question
Dave and Ellen are newly married and living in their first house. The yearly premium on their homeowner’s insurance policy is $450 for the coverage they need. Their insurance company offers a 5 percent discount if they install dead-bolt locks on all exterior doors. The couple can also receive a 2 percent discount if they install smoke detectors on each floor. They have contacted a locksmith, who will provide and install dead-bolt locks on the two exterior doors for $50 each. At the local hardware store, smoke detectors cost $7 each, and the new house has two floors. Dave and Ellen can install them themselves.
a. How many years will it take Dave and Ellen to earn back in discounts the cost of the dead-bolts? (Round your answer to 2 decimal places.)
Match the entity with the statement that describes the tax treatment of that entity.
A. Sole proprietorship
B. Partnership
C. C corporation
1. Entity reports income on tax forms separate tax (information) forms, but the profit or loss flows through to owners' individual income tax returns.
2. Income is taxed at the entity level rather than flowing through to the owner(s).
3. Revenues and expenses are reported directly on the owner's tax return and the profit (or loss) is subject to both individual income and self employment taxes.
The tax treatment of a sole proprietorship is revenues and expenses are reported directly on the owner's tax return and the profit (or loss) is subject to both individual income and self-employment taxes.
A partnership's tax treatment is that the entity reports income on separate tax (information) forms, but the profit or loss flows through to the owners' individual income tax returns.
A C-tax corporation's treatment is that income is taxed at the entity level rather than flowing through to the owner (s).
What is a sole proprietorship, partnership and c-corporation?A sole proprietorship is when a business is owned by just one person. The owner and the business are inseparable. This means that the company and its owner are treated as a single entity.
A partnership is formed when at least two people join forces to run a business. Profits and losses are distributed among the partners. Depending on the partnership's structure, the partners' liabilities can be limited or unlimited.
A C corporation is a corporate structure in which the owners, or shareholders, are taxed separately from the entity.
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the adjusting entry for accrued revenues a.includes a debit to a revenue account. b.includes a credit to an asset account. c.is the same as the entry for journalizing revenue. d.differs from the entry to journalize revenue.
The adjusting entry for accrued revenues c. .is the same journal entry as recording revenue on account.
What is Accrued revenue ?Accrued revenue can be defined as the type of revenue that a person have incurred in which the person has not received the amount earned amount.
Example of accrued revenue is when a company rendered or provide service to their client in the company is yet to received payment from the client for the service they rendered to the client.
The adjusting journal entry to record accrued revenue will be the same journal when recording revenue on account. Now let prepare the appropriate journal to record accrued revenue:
Debit Accounts Receivable account
Credit your Revenue account
( To record accrued revenue )
Therefore we can conclude that the correct option C because the entry for accrued revenue is the same as revenue on account.
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When a plant asset is retired, the difference between the plant asset’s cost and the accumulated depreciation of the same plant asset is.
The same plant asset is recognized on the income statement as a loss on the disposal of a plant asset.
Book value is the difference between the acquisition cost of a fixed asset and the accumulated depreciation to date. If the disposal occurs at any point during the year, depreciation must be recognized for the fraction of the year up to the date of disposal. That value should be removed from the balance sheet. This process takes into account the current book value, which is the original purchase price of the asset.
The amount depreciated over the useful life of the asset and the amount of cash received if any. Typically this means disposing of long-term assets and not receiving proceeds from their disposal. You post an asset with a salvage value by charging both the accumulated depreciation and the loss of salvage value due to the retirement of the asset. For a machine with a total value of $100,000 and a depreciation expense of $80,000, enter the ledger entry in three lines.
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Which outside agencies might set quality control standards in some industries?
0000
CEOs
A company's department head
Local health and safety inspectors
A government regulatory agency
Industry leaders
The outside agencies might set quality control standards in some industries is A government regulatory agency.
What is the function of the government regulatory agency?The function that can be attributed to the government regulatory agency is that they help in regulation of the standards as well as making the company to complies with the rules that is been set up so that the people as well as the environment can be protected.
It should be noted that this agency do monitor those companies so that they can follow the strict rules in making their products.
Therefore, option 3rd is correct.
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Answer:
government regulatory agency, safety inspectors, and industry leaders
Explanation:
chesterfield company holds cash of $51,000, inventory worth $92,000, and a building worth $131,000. unfortunately, the company also has accounts payable of $181,000, a note payable of $81,000
The holder of the bond, expected to receive money as per chapter 7 bankruptcy is $ 131,000. As the bond is secured by the building, so sale utilization of the bond is used for repaying the bond and the building is worth $ 131,000.
Financial disaster is a prison procedure thru which human beings or other entities who can not repay debts to creditors may seek relief from a few or all of their money owed. In most jurisdictions, financial disaster is imposed with the aid of a court docket order, frequently initiated by the debtor. Bankrupt is not the only felony reputation that an abrupt character may additionally have, and the term financial disaster is consequently no longer a synonym for insolvency. The phrase financial ruin is derived from the Italian Banca rotta, actually, which means "broken bench" but more idiomatically "damaged bank", on the grounds that bankers historically dealt from timber benches. The time period is regularly defined as having originated in renaissance Italy, wherein there allegedly exited the lifestyle of smashing a banker's bench if he defaulted on charge in order that the public ought to see that the banker, the owner of the bench, become no longer in a situation to maintain his commercial enterprise, despite the fact that a few brush aside this as a people etymology.
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a tax that requires people with higher incomes to pay a greater proportion of their income to the internal revenue service than those with lower incomes is a .
your team has been asked by the chief marketing officer to present the findings of its market research project to the company’s executive team. your boss warns your team ahead of time that the executives may not be interested in your findings and that they may view your presentation as a waste of time.
Given that ones team has been asked by the chief marketing officer to present the findings of its market research project to the company’s executive team and the boss warns the team ahead of time that the executives may not be interested in the findings and that they may view the presentation as a waste of time, the "A direct, brief pattern" (Option A)
What is the rationale for the above answer?Most times, when speaking to executives, it is best to avoid lengthy talk and do straight to the point. They have passed through the level you are at and have little that would impress or surprise them except your ability to quickly get to the issue and provide realistic solutions.
Thus, it is correct to plan the presentation such that it is direct, brief, and straight to the point.
Another strategy that would help is to get ready for interruptions with a one-sentence answer for every question asked, while being prepared to go deeper on every one of them.
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Full Question:
Your team has been asked by the chief marketing officer to present the findings of its market research project to the company’s executive team. Your boss warns your team ahead of time that the executives may not be interested in your findings and that they may view your presentation as a waste of time.
1. What organizational pattern would be best for this situation?
A direct, brief pattern
In indirect, persuasive pattern
A drawn-out, chronological pattern
Buyers look for signals of service quality, drawing conclusions about quality from the place, people, price, equipment, and communications that they can see to address the issue of service ________.
Buyers seek for indicators of service quality, inferring quality from the location, people, price, equipment, and communications that they can see to address the issue of service quality.
Essentially, "service quality" refers to how effectively the service delivered matches the customer's expectations. Grasp service quality requires an understanding of its characteristics such as tangibles, dependability, responsiveness, assurance, empathy, and so on.When most customers go to a restaurant or store, they have an ideal expectation of the service they wish to receive. As a result, service quality assesses how well a service is delivered in comparison to client expectations. Finally, businesses that meet or surpass expectations are regarded as having great service quality.Buyers seek 'indicators' of service quality. They develop assumptions about quality based on what they can see, such as the location, people, price, equipment, and communications. As a result, the service provider's responsibility is to make the service tangible in one or more ways while also sending the appropriate quality signals.Thus this is the meaning of service quality.
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Lora agrees to make aubrey a quilt out of all of her past t-shirts for $50. 0. Is that a good according to the ucc?.
Is that a good according to the UCC: No, because the t-shirts doesn't exist at the time this agreement was reached.
What is UCC?UCC is an abbreviation for Uniform Commercial Code and it can be defined as a legal principle, regulations, and standard set of laws which is establish to regulate the transactions of business and exchange of goods and services, between two (2) or more parties.
Under the Uniform Commercial Code (UCC), a good would only be acknowledged as valid only if it exist before an agreement is reached between the consumer (buyer) and seller.
In this context, we can reasonably infer and logically deduce that a good must exist before an agreement is reached in accordance with the Uniform Commercial Code (UCC).
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Suppose cvs wanted to discover how often customers buying baby diapers also purchased baby wipes. Which technique would help answer this question?.
Suppose CVS wanted to discover how often customers buying baby diapers also purchased baby wipes. The technique that would answer this question is taking a short survey/ use online questionnaires from nursing mothers or mothers in general on their website.
What is internet survey/questionnaire?A systematic inquiry that is completed online by your target audience typically by filling out a form is known as an online survey. Online polls' length and structure might vary.
Your research expenditures will be reduced by using online questionnaires. You won't have to spend time or resources entering the data into a database, which will save you money on mailing. The findings are always available and responses are processed automatically.
Therefore, The data collected through online surveys is more accurate. There have been a number of studies on this subject, which indicate that there is a much smaller margin-of-error in online surveys
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Real estate brokers represent an intermediation revenue model because they help manage the transaction between the home seller and the home buyer.
a. True
b. False
This Statement is True.
Real estate is the property that includes land and buildings, as well as natural resources such as crops, minerals, or water; immovable property of this type; an interest in this (also) an item of real property, (more broadly) buildings, or dwellings in general. In law, really refers to land property and is distinct from personal property, whereas estate refers to a person's "interest" in that land property.
Personal property, which is not permanently tied to the land, such as vehicles, boats, jewels, furniture, tools, and farm rolling stock, differs from real estate.
In the United States, real estate can be transferred, owned, or acquired by business corporations, individuals, nonprofit corporations, fiduciaries, or trusts.
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kombucha maker tonic-t periodically gives lump-sum payments to employees. the amount depends on job performance, with more productive employees receiving a larger sum than less productive employees. this motivational tool is .
According to Lawrence Mishel, a senior scholar at the Economic Policy Institute, CEO pay comprises of wages, as well as highly profitable bonuses, long-term incentives, and, most crucially, stock options, which account for over 85% of CEO remuneration.
Which two factors are the foundation of automated job evaluations?
These computerized systems typically consist of two basic parts. A structured questionnaire comes first. Enter the entire number of employees who report to this position, for example, in this section. Second, each of these systems makes use of statistical models.
Methods for Job Evaluation. Point factors, factor comparisons, job rankings, and job classification are the four main ways of job evaluations used to determine compensation levels.
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post-closing trial balance is a list of ____________ accounts and their balances ____________ all _________- entries have been journalized and posted.
Post-closing trial balance is a list of permanent accounts and their balances ledger all closing- entries have been journalized and posted.
The post-closing trial balance is a balance sheet report that is made after the closing journal in order to ensure that the total balance in the general ledger is balanced or in accordance with the balance. This method is made in order to convince every accountant or businessman who makes closing journals so that they do not have an error in the calculation difference.
Generally, this balance sheet is able to produce real accounts, namely capital, assets and debt. However, nominal accounts, such as income and expenses, are closed by closing entries. Thus, the next step in making good financial statements is to present a statement of financial position, profit and loss, and capital so that later there will be no calculation errors.
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