The second stage describes the growth part of the business cycle.
What is business cycle?
The term “business cycle” refers to the expansion of a business as well as the rise and fall of the economy. The business cycle refers to the various economic factors such as interest rates, investment, the trading system, profit, and production costs.
There are the four fundamental stages of the business cycle, such as first is expansion, second is peak, third is contraction, and last fourth is trough. The second stage, the peak stage, was the growth of the maximum rate of business. The peak simply means the imbalance of the economy that needs to be corrected at the right time.
As a result, the business cycle was the second stage of the peak related to the growth.
Learn more about business cycle, here:
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When the business is just starting. This is the second stage of a business cycle
b. False
Answer: Yes, risk reduction methods often have costs that are both monetary and non-monetary.
Answer:
Net Income for the year ended December 31, 2017
Consulting revenue 33,000
Rental revenue 22,000
Total Revenues 55,0000
Salaries expense (20,000)
Rent expense (12,000)
S&A expenses (8,000)
Net Income 15,000
Statement of RE
net income 15,000
withdrawals (13,000)
ending retained earnings 2,000
Balance Sheet
Cash 10,000 Accounts payable 23,000
A/R 9,000 A. Armani, Capital, Dec. 31, 2016 7,000
Supplies 6,000
Equipment 5,000
Total Assets: 30,0000 Total liab + Equity 30,000
owner's equity:
Armani Capital Retained Earings Total
Balance Jan 1 4,000 0 4,000
Net Earnings 15,000 15,000
Withdrawals -13,000 -13,000
Contribution 1,000 1,000
Balance, Dec 31 5,000 2,000 7,000
Explanation:
First we do the net income which is revenues less expenses.
Then we proceed with the retained earnings, which si income less withdrawals
Finally the balance sheet we order the assets accoutn in the left and liabiltiies and equity on the right. They should always match as the balance sheet represent the accounting equation: A = L + E
For the owner's equity statement we most disclosure all changes in equity during the year.
To prepare a year-end statement of owner’s equity, calculate the beginning capital balance, add investments or withdrawals, and adjust for net income or loss.
To prepare a year-end statement of owner’s equity for Armani Company, we need to calculate the beginning capital balance, add additional investments or withdrawals made by the owner during the year, and adjust for net income or net loss. Here are the steps:
Using this information, the year-end statement of owner’s equity for Armani Company would show a final balance of $3,000 + $1,000 - $13,000 = -$9,000.
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a. The victim of fraud
b. The police
c. Any of the three credit reporting agencies
d. The company that accepted a stolen credit card or false information
The victim of identity fraud is responsible for reporting the incident, but it is also important to involve the police and credit reporting agencies. The victim should also notify the company that accepted the stolen credit card or false information.
The responsibility for reporting identity fraud lies with the victim of fraud. When an individual becomes a victim of identity theft or fraud, it is important for them to promptly report the incident to the local police. The police can then investigate the matter and gather evidence to help catch the perpetrators. Additionally, the victim should also report the fraud to the three major credit reporting agencies, namely Equifax, Experian, and TransUnion.
These agencies can place a fraud alert on the victim's credit report, making it difficult for the thief to open new accounts in their name. Lastly, in cases where a stolen credit card or false information was used, the victim should inform the company that accepted the fraudulent transactions. This allows the company to take appropriate action and protect other consumers.
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