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Question - Milott Company, which began operations on January 1, 2017, has elected to use cash basis accounting for tax purposes and accrual basis accounting for its financial statements. Milott reported sales of P7,000,000 and P3,200,000 in its tax returns for the years ended December 31, 2018 and 2017, respectively. Milott reported accounts receivable of P1,200,000 and P2,000,000 in its statement of financial position on December 31, 2018 and 2017, respectively. What amount should be reported as sales in the income statement for the year ended December 31, 2018?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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