Income statement preparation On December 31, 2019, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she charged her clients $ 360 comma 000 for her accounting services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of $ 8 comma 000, Ms. Chen paid annual salaries of $ 48 comma 000 and $ 36 comma 000 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Chen and her employees totaled $ 34 comma 600 for the year. Expenses for office supplies, including postage, totaled $ 10 comma 400 for the year. In addition, Ms. Chen spent $ 17 comma 000 during the year on tax-deductible travel and entertainment associated with client visits and new business development. Lease payments for the office space rented (a tax-deductible expense) were $ 2 comma 700 per month. Depreciation expense on the office furniture and fixtures was $ 15 comma 600 for the year. During the year, Ms. Chen paid interest of $ 15 comma 000 on the $ 120 comma 000 borrowed to start the business. She paid an average tax rate of 30 % during 2019. a. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2019. b. Evaluate her 2019 financial performance.

Part three of three how are exchange rates determined in a flexible exchange rate system? us dollar compared to the pound inflation and deflation us dollar compared to the euro supply and demand read the statement. country a is running a trade deficit. what must country a do to reverse this trend? it must hire more workers to increase products for export. it must continue the course it is currently following. it must print more money so people will spend more. it must increase trade exports with other countries. what are consequences of a weak dollar? (select all that apply.) increase in the cost of exports unemployment in import industries increase in the cost of imports unemployment in export industries which is an example of regional cooperation to promote economic growth? neighboring countries negotiate tariffs and duties regarding trade. neighboring countries sign a pact to limit immigration into their countries. neighboring countries remain separate but work together to promote peace. neighboring countries set up quotas on resources that can be sold. why would wealthy nations have an interest in the development of poor nations? (select all that apply.) it opens up new markets for goods and services. it leads to migration between the countries. they want to improve tariff revenues with imports. they feel an ethical or moral obligation to do so. how can the world bank developing nations economically? it can work to remove serious health problems so resources can shift to economic growth. it can provide loans to developing countries to build new infrastructures. it can protect and negotiate free trade deals between neighboring nations. it can sell medical drugs and other treatments to clinics at a very low cost, saving the patients money. which is a characteristic of the takeoff stage of rostow's five stages of economic growth? the population as a whole has its basic needs met and enjoys a high standard of living focused on consumer goods. advancements in technology require a skilled labor force competent in electronics, medicine, and engineering. a country begins to grow rapidly and new industries start to emerge that drive further economic development. the labor of a country is unskilled and focuses on agricultural production, animal husbandry, and the harvesting of timber. how can a developing nation improve its economy if it lacks natural resources? it can default on loans owed to foreign banks. it can place high tariffs on all of its imports. it can engage in international trade. it can flood foreign exchange markets with its currency. how might developing countries obtain funding? (select all that apply.) they can obtain financial assistance from world bank. they can attain microloans from neighboring countries. they can gain loans from private investors. they can acquire grants from foreign countries. what reasons do protectionists cite most for restricting trade? (select all that apply.) to protect national security and prohibit us reliance on other countries to protect us taxpayers from increased income and corporate tax rates to protect us infant industries that tend to have high production costs to protect us jobs due to cheap labor in other countries