Various reasons have been found as the source of bank failure in Ghana; 6 reasons among these several reasons include Lack of corporate governance and Bad loans.
Other reasons why banks fail in Ghana include the following:
Inefficient regulatory practicesFake licenses processLow capital basePoor credit risk.The solution to restoring the banking sector from these six cancerous roots are following:
The Central Bank of Ghana should ensure all the banks in Ghana have a specific amount of capital to run their banking services to avoid undercapitalization.All the banks should ensure they carry out a necessary credit risk analysis before discharging credit to customers.The Central Bank of Ghana should make the licensing process open and fair while putting heavy sanctions on banks with fake licenses.The Central Bank of Ghana should also check the bank operations report periodically to know if they are working under established standards.All the Banks in Ghana should be encouraged and mandated to operate based on established corporate standards.Banks in Ghana should always access the loan or lending operations to manage their capital very well.Hence, in this case, the Bank's failure in Ghana can be redeemed if the proper strategies are in place.
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35. Porter's national diamond can be used to:
Answer:
The Porter Diamond model explains the factors that can drive competitive advantage for one national market or economy over another. It can be used both to describe the sources of a nation's competitive advantage and the path to obtaining such an advantage.
Today is your birthday, and you decide to start saving for your college education. You will begin college on your 18th birthday and will need $4,000 per year at the end of each of the following 4 years. You will make a deposit 1 year from today in an account paying 12 percent annually and continue to make an identical deposit each year up to and including the year you begin college. If a deposit amount of $2,542.05 will allow you to reach your goal, what birthday are you celebrating today
Answer:
yes,a very simple celebration
Why wouldn't giving yourself a manicure count as GDP for the United States?
Allure Company manufactures and distributes two products, M and XY. Overhead costs are currently allocated using the number of units produced as the allocation base. The controller has recommended changing to an activity-based costing (ABC) system. She has collected the following information: Activity Cost Driver Amount M XY Production setups Number of setups $ 73,000 12 18 Material handling Number of parts 49,000 68 23 Packaging costs Number of units 246,000 96,000 60,000 $ 368,000 What is the total overhead per unit allocated to Product XY using activity-based costing (ABC)
Answer:
Results are below.
Explanation:
First, we need to calculate the allocation rates:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Production setups= (73,000 / 30)= $2,433.33 per setup
Material handling= (49,000 / 91)= $538.46 per number of part
Packaging costs= (246,000 / 156,000)= $1.58 per unit
Now, we need to allocate costs to Product XY:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Production setups= 2,433.33*18= 43,799.94
Material handling= 538.46*23= 12,384.58
Packaging costs= 1.58*60,000= $94,800
Total allocated costs= $150,984.52
Finally, per unit basis:
Unitary cost= 150,984.52 /60,000= $0.27
1. You invest $1,000 in a certificate of deposit that matures after ten years and pays 5 percent interest, which is compounded annually until the certificate matures. a. How much interest will the saver earn if the interest is left to accumulate? b. How much interest will the saver earn if the interest is withdrawn each year? c. Why are the answers to a and b different?
Answer and Explanation:
a. The computation of the interest earned is given below:
= $1,000 × (1.05)^10 - $1,000
= $628.29
b. Now the interest earned in case of withdrawn is
= $1,000 × 5% × 10
= $500
c. In part a there is a compound interest while on part b there is a simple interest so the both answers should be different
The same would be relevant and considered too
All of the following are qualities of certification programs except:
A.it is designed to train people for specific jobs
B.it is offered in vocational schools
C.people do not have to take general education courses
D.it takes several years to complete
Answer:
A
Explanation:
nor sure but I think this is the right one
Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $420,000 (21,000 units at $20 each). During 2021, 82,000 units were purchased, all at the same price of $23 per unit. 86,000 units were sold during 2021. Assuming an income tax rate of 25%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements
Answer: Profit of $9,000
Explanation:
First find the Cost of goods sold assuming the LIFO was used. 82,000 of the most recent stock will be sold and 4,000 will be taken from the beginning stock to reach 86,000 units.
= (82,000 units * 23) + (4,000 * 20)
= $1,966,000
LIFO liquidation profit(loss):
= (Sales - Cost of Goods sold) * ( 1 - Tax)
Selling price is assumed to be $23 which is cost of recent inventory.
= [(86,000 * 23) - 1,966,000 ] * (1 - 25%)
= 12,000 * 0.75
= $9,000
Which sentence describes a benefit that short term disability insurance offers a policyholder
Answer:
It provides 40% to 60% of the policyholder's income for up to one year. Explanation: Short term disability insurance covers the income of a person that has to leave work as a result of illness or injury. It provides financial assistance while the individual recuperates at home
Explanation:
Hope it helps! Correct me if I am wrong!
I'm sure about my answer!
If you dont mind can you please mark me as brainlest?
Its ok if you don't want to!
But hopefully it helps you!
Milano Gallery purchases the copyright on a painting for $420,000 on January 1. The copyright is good for 10 more years, after which the copyright will expire and anyone can make prints. The company plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31.
Answer:
Jan 01
Dr Copyright $418,000
Cr Cash $418,000
Dec 31
Dr Amortization expense—Copyright $41,800
Cr Accumulated amortization—Copyright $41,800
Explanation:
Preparation of the entries to record the purchase of the copyright on January 1 and its annual amortization on December 31.
Jan 01
Dr Copyright $418,000
Cr Cash $418,000
(To record purchase of copyright)
Dec 31
Dr Amortization expense—Copyright $41,800
Cr Accumulated amortization—Copyright $41,800
($148,000/10 years)
(To record annual amortization)
any ideas on a gum? and what type would you create if you were selling gum
Answer:
spicy chicken noodles flavoured gum
On April 30, 2019, Macy Products purchased machinery for $132,000. The useful life of this machinery is estimated at 5 years, with a $32,000 residual value. The company uses the double-declining-balance method. Depreciation expense for the fiscal year ending on December 31, 2020 will be:
Answer:
$38,720
Explanation:
Depreciation Expense = 2 x SLDP X BVSLDP
where,
SLDP = 100 ÷ number of useful life
= 100 ÷ 5
= 20 %
2019
Annual Depreciation Expense = 2 x 20 % x $132,000
= $52,800
But, depreciation expired for only 8 months from April 30, 2019 to December 31, 2019 during the year, therefore
Depreciation Expense = $52,800 x 8/12 = $35,200
2020
Annual Depreciation Expense = 2 x 20 % x ($132,000 - $35,200)
= $38,720
Conclusion :
Depreciation expense for the fiscal year ending on December 31, 2020 will be $38,720
During March, Hanks Manufacturing started and completed 30,000 units. In beginning work in process, there were 5,000 units 60 percent complete with respect to conversion costs. Materials are added at the beginning of the process. In EWIP there were 10,000 units 40 percent complete for conversion costs. Using FIFO, the equivalent units of materials and conversion costs are, respectively:
Answer:
Equivalent units
Materials= 40,000 units
Conversion= 36,000 units
Explanation:
Equivalent units are notional whole units which represent incomplete work and are used to apportion cost between work progress and completed work
Equivalent units = Degree of work done(%) × units of inventory
Conversion cost
Item equivalent units
Opening inventory 40% × 5,000 = 2,000
Fully worked units 100% × 30,000= 30,000
Closing inventory 40%× 10,000= 4,000
Total equivalent unit 36,000
Notes
The following notes explains the computation of the items of equivalent unit for conversion cost:
1. DOC for opening inventory is 40% i.e 100%-60%. Remember that 60% work has been done in the previous period, so the balance is to be done in this current period
2. Fully work represent the units of inventory introduced in the current period and completed in the same period. Meaning 100% work was achieved in the period.
3. Closing work is only 40% completed. This represent work started this period but not yet completed.
Material cost
Item equivalent units
Opening inventory 0% × 5,000 = 0
Fully worked units 100% × 30,000= 30,000
Closing inventory 100%× 10,000= 10,000
Total equivalent unit 40,000
Notes
The following notes explains the computation of the items of equivalent unit for Material cost:
1. DOC for opening inventory is 0% i.e 100%-1000%. Remember that materials are added at the beginning. Hence all the materials required for the opening inventory had been added in the previous period
2. Fully work represent the units of inventory introduced in the current period and completed in the same period. Meaning 100% materials was added in the period.
3. All the materials required for the closing inventory were added in this period, hence, 100% degree of completion was used
Equivalent units
Materials= 40,000 units
Conversion= 36,000 units
Beta Inc. can produce a unit of Zed for the following costs: Direct material$10 Direct labor 20 Overhead 50 Total costs per unit$80 An outside supplier offers to provide Beta with all the Zed units it needs at $58 per unit. If Beta buys from the supplier, it will still incur 40% of its overhead. Beta should:Multiple ChoiceBuy Zed since the relevant cost to make it is $80.Make Zed since the relevant cost to make it is $30.Buy Zed since the relevant cost to make it is $60.Buy Zed since the relevant cost to make it is $30.Make Zed since the relevant cost to make it is $60.
Answer: Buy Zed since the relevant cost to make it is $60.
Explanation:
Cost to produce Zed to Beta is $80.
If Beta buys Zed from a supplier, they will still incur 40% of their overhead which is:
= 40% * 50
= $20
Added to the cost of buying, total cost if Beta buys Zed would be:
= 58 + 20
= $78
This is less than the cost to produce so Beta should buy Zed from the supplier.
On January 1, 2017, Clayton Company issues $640,000, 15 year, 8% bonds (paying semiannual interest on 6/30 and 12/31) for $765,443, when the annual market rate of interest is 6%. If the company uses the effective interest method of amortization, what will be the amount of interest expense recorded on the December 31, 2017 Income Statement? (HINT: Will include the total interest expense recorded with both the June 30 payment and the December 31 payment).
Answer:
Clayton Company
The amount of interest expense recorded on the December 31, 2017 Income Statement is:
= $45,847
Explanation:
a) Data and Calculations:
Face value of bonds = $640,000
Issue price = $765,433
Premium on bonds = $125,433
Bonds maturity period = 15 years
Interest rate on the bonds = 8%
Annual market rate of interest = 6%
Interest expense for the first year:
June 30, 2017:
Amount of semi-annual interest payment = $25,600 ($640,000 * 4%)
Semi-annual Interest expense = $22,963 ($765,433 * 3%)
Amortization of bonds premium = $2,637
Carrying value of bonds on June 30, 2017 = $762,796 ($765,433 - $2,637)
December 31, 2017:
Amount of semi-annual interest payment = $25,600 ($640,000 * 4%)
Semi-annual Interest expense = $22,884 ($762,796 * 3%)
Amortization of bonds premium = $2,716
Carrying value of bonds on December 31, 2017 = $760,080 ($762,796 - $2,716)
Total interest expense for the year:
June 30, 2017: Semi-annual Interest expense = $22,963
December 31: Semi-annual Interest expense = $22,884
Total interest to be recorded on 12/31/2017 = $45,847
Suppose a supply shock shifts the aggregate supply curve from AS1 to AS2, and decreases output below full employment. If the Fed then decreases the money supply, it will Group of answer choices decrease the price level and shift the aggregate demand curve to the right until output returns to its full-employment level stabilize the price level and return output to its full-employment level stabilize the price level, but cause a further decline in output increase both output and the price level return output to its full-employment level, but at the expense of an increase in the price level
Answer: Stabilize the price level, but cause a further decline in output
Explanation:
If the Fed decreases the money supply, there will be less money in the economy therefore people will demand goods and services less.
This will shift the Aggregate demand curve to the left where it will intersect with the AS2 curve at a price level lower than the price level as a result of the supply shock thereby stabilizing the price level.
This would however, result in a further drop in output as there is now less demand for goods so suppliers will produce less.
A consulting engineering firm wants to make a preliminary cost estimate for the design/construct of an e-commerce warehouse facility in the south of the country. The firm completed a similar project in 2012 that had a construction cost of $70 million, and it wants to use the ENR Construction Cost Index (CCI) to update the cost. If the index value in 2012 was 8802 and today it is 12,250, determine the estimated cost of the facility today. (Note: CCI values may be different on its website.)
Answer: $97,421,041
Explanation:
Cost for the facility in 2012 = $70 million
Construction Cost Index in 2012 = 8802
Construction Cost Index today = 12250
The estimated cost of the facility today will be:
= Cost of facility in 2012 × (CCI today / CCI in 2012)
= 70,000,000 × 12250/8802
= $97,421,041
The estimated cost of the facility today is $97,421,041.
provide two reasons why public participation is important for people experiencing lack of basic services
Answer:
the main aim of public participation is to encourage the public to have meaningful and put into decision making process public participation does provide the opportunity for communication between agencies making decisions and the Public's public participation can be time-consuming and sometimes expensive don't know if this helps but good luck
Decker Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity Unit Cost Unit Selling Price A 1,000 $ 25 $ 32 B 1,200 31 36 C 1,000 2 6 D 600 5 4 E 1,000 35 32 The cost to sell for each product consists of a 10 percent sales commission. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated in requirement 2.
Answer:
Decker Company
1. The carrying value of inventory with LCNRV applied to individual products = $95,384
2. The carrying value of inventory with LCNRV applied to the entire inventory = $102,200
3. There is no write-down since the total cost is chosen as the LCNRV in requirement 2.
Explanation:
a) Data and Calculations:
December 31, 2021 Inventory:
Product Quantity Unit Cost Unit Selling
Price
A 1,000 $ 25 $ 32
B 1,200 31 36
C 1,000 2 6
D 600 5 4
E 1,000 35 32
Product Quantity Unit Cost Unit Selling Net Realizable LCNRV Total
Price Value
A 1,000 $ 25 $ 32 $29 $25 $25,000
B 1,200 31 36 33 31 37,200
C 1,000 2 6 5.45 2 2,000
D 600 5 4 3.64 3.64 2,184
E 1,000 35 32 29 29 29,000
Carrying value of inventory $95,384
Total cost = (1,000 * $25) + (1,200 * $31) + (1,000 * $2) + (600 * $5) + (1,000 * $35)
= ($25,000) + ($37,200) + ($2,000) + ($3,000) + ($35,000)
= $102,200
Total selling price = (1,000 * $32) + (1,200 * $36) + (1,000 * $6) + (600 * $4) + (1,000 * $32)
= ($32,000) + ($43,200) + ($6,000) + ($2,400) + ($32,000)
= $115,600
= $105,091 ($115,600/1.1)
LCNRV = $102,200
1. The carrying value of inventory on December 31, 2021, is $95,384 for individual products.
2. The carrying value of inventory on December 31, 2021, is $102,200 for the entire inventory.
3. There would be no recording entry.
The carrying value of inventory would be computed as follows in the given table.
Hence, the total carrying value of inventory for the individual product from the table would be:
[tex]25000+37200+2000+2184+29000\\=95,384[/tex]
Now, computation of carrying value of inventory for the entire inventory would be:
[tex](1,000 * 25) + (1,200 * 31) + (1,000 * 2) + (600 * 5) + (1,000 * 35)\\=102,200[/tex]
Hence, the lower of cost and net realizable value or LCNRV is $102,200 for the entire product and $95,384 for individual inventory.
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Fred is a car owner with automobile insurance with coverage only for accident liability. Choose the statements that accurately
describes the out-of-pocket costs to Fred for an accident that was determined to be Fred's fault.
A)
Fred must pay for the damages to the car with which he was in an accident
B)
Fred must pay for the damages done to his own car resulting from the
accident
Fred must pay for the bodily injuries to the other driver involved in the
accident
Fred must pay for any increases to his insurance premium occurring due to
the accident
D)
E)
Fred must pay for any of his own medical bills not covered by his own
health insurance resulting from the accident.
Answer:
B) Fred must pay for the damages done to his own car resulting from the accident.E) Fred must pay for any of his own medical bills not covered by his own health insurance resulting from the accident.Explanation:
Fred has insurance coverage for only accident liability. This means that his insurance will only pay for damage to the other party in the accident if it was Fred's fault and they will not cover Fred's own expenses.
Fred must therefore pay for damages done to his own car because his insurance will not cover that. Any medical bills that he incurs as a result of the accident that his medical insurance does not pay for will also have to be paid by him.
Monopsonistic exploitation is A. the difference between the number of workers employed by a competitive firm and those employed by a monopsonist. B. the difference between the marginal revenue product of labor and the wage paid by the monopsonist. C. equal to the marginal factor cost of the monopsonist. D. the difference between the monopsony wage and the competitive wage.
Answer:
B. the difference between the marginal revenue product of labor and the wage paid by the monopsonist.
Explanation:
An employee can be defined as an individual who is employed by an employer of labor to perform specific tasks, duties or functions in an organization.
Basically, an employee is saddled with the responsibility of providing specific services to the organization or company where he is currently employed while being paid a certain amount of money hourly, daily, weekly, or monthly depending on the contractual agreement between the two parties (employer and employee).
Hence, while an employer may be the owner of a business firm or company, an employee is a subordinate employed to provide unwavering services to the employer while also, being professional and diligent at all times.
Monopsony involves a situation in which an employer has numerous employees who are seeking to gain employment. Thus, this phenomenon avails employers the ability or opportunity to take undue advantage of the employees through exploitations by setting lower wages while employing fewer employees or workers.
Hence, monopsonistic exploitation is the difference between the marginal revenue product of labor and the wage paid by the monopsonist.
The ending balance of accounts receivable was $84,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $369,000. Sales reported on the income statement were $400,500. Based on this information, the beginning balance in accounts receivable was:
Answer: $52500
Explanation:
Based on the information given in the question, the beginning balance in accounts receivable will be calculated thus:
= Ending balance of account receivable + Sales adjusted to cahs basis - Sales reported on income statement
= $84000 + $369000 - $400500
= $52500
Therefore, the beginning balance in account receivable is $52500.
difference between transport business and drink business
Answer:
a transport business uses (preferably semi's) any vehicles to transport one item from one place to another. a drink business is a place/product ( drinks (soft or alcoholic) and you sell them to make a profit
transport business is both cheaper and easy to set up and run.
Pella Corp. is headquartered in Carlisle, Wisconsin. Pella has a Wisconsin state income tax base of $434,000. Of this amount, $76,800 was nonbusiness income. Pella's Wisconsin apportionment factor is 28.52 percent. The nonbusiness income allocated to Wisconsin was $61,900. Assuming a Wisconsin corporate tax rate of 7.75 percent, what is Pella's Wisconsin state tax liability
Answer:
$12,642
Explanation:
The computation of the state tax liability is given below:
Tax Liability is
= [{(Income Tax Base - Non Business Income) × Apportionment Factor} + Allocated Non- business Income] × tax rate
= [{($434,000 - $76,800) × 0.2852} + $61,900] x 0.0775
= [$101,873.44 + $61,250] × 0.0775
= 163,123.44 × 0.0775
= $12,642
Your broker requires an initial margin of $6,100 per futures contract on wheat and a maintenance margin of $4,400 per contract. Wheat futures contracts are based on 5,000 bushels and quoted in cents per bushel. You sold one wheat futures contract yesterday at the closing settlement price quote of 780. Today, the settlement quote is 802. Will you receive a margin call and if so, for what amount? All margin calls restore the margin level to its initial level.
Answer: No margin call
Explanation:
Based on the information given in the question, the new margin will be calculated as:
= Initial margin + (Sales - Settlement quote)/100 × Size
= 6100 + [(780 - 802)/100 × 5000]
= 6100 + (-22 × 5000)
= 6100 - 1100
= 5000
Since we've our new margin as 5000 while the maintenance margin is 4400, then there'll be no margin call once new margin is higher.
given that x is equals to -2 find the value of y and z for the simultaneous equation x+-z=-1, x-2y+z=-7
Answer:
Explanation:
given
x = - 2
Then
x + ( - z) = - 1
-2 - z = - 1
- z = - 1 + 2
z = - 1
now
x - 2y + z = - 7
- 2 - 2y - 1 = - 7
- 3 - 2y = - 7
- 2y = - 7 + 3
- 2y = - 4
y = 2
hope it helps :)
sa inyo na points! :)
Answer:
THANK YOUUU
Explanation:
Have a nice day/nightt :)
Insurance is only used by businesses True or False
Answer:
false
Explanation:
everyone uses insurance
The Florida Investment Fund buys 58 bonds of the Gator Corporation through a broker. The bonds pay 10 percent annual interest. The yield to maturity (market rate of interest) is 12 percent. The bonds have a 10-year maturity. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. Using an assumption of semiannual interest payments: a. Compute the price of a bond. (Do not round intermediate calculations and round your answer to 2 decimal places.)
Answer: $885.30
Explanation:
Based on the information given, let's assume the face value of bond is $1,000, then the annual interest payment will be:
= 10% of $1,000
= 10% × $1000
= $100
If the semi annual interest payment is $50, then the price of the bond will be:
= [(50 × PVIFA(20, 6%)] + [$1,000 × PVIF(20, 6%)]
We will use the financial calculator and we'll get:
= $573.50 + $311.80
= $885.30
Therefore, the price of the bond is $885.30
An economy that produces goods and services based on long standing
customs is a
A command economy
D. market economy
c. mixed economy
ОО
D. traditional economy
Answer:c
Explanation:
The following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash$16,000 Accounts receivable 60,000 Inventory 40,000 Store equipment 200,000 Accumulated depreciation $76,800 Accounts payable 72,000 Line of credit loan 100,000 Common stock 50,000 Retained earnings 17,200 Totals$316,000 $316,000 c. Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget. (Negative amounts should be indicated by a minus sign.)
Question Completion:
Sales for October are expected to be $180,000, consisting of $40,000 in cash and $140,000 on credit. The company expects sales to increase at the rate of 10 percent per month. All accounts receivable are collected in the month following the sale.
Answer:
Havel Company
Havel may need to borrow money to be able to repay the Line of credit loan, pay salaries, and other office expenses, including interest on the line of credit loan.
Explanation:
a) Data and Calculations:
Havel Company
Trial Balance
As of October 1, Year 2:
Cash $16,000
Accounts receivable 60,000
Inventory 40,000
Store equipment 200,000
Accumulated depreciation $76,800
Accounts payable 72,000
Line of credit loan 100,000
Common stock 50,000
Retained earnings 17,200
Totals $316,000 $316,000
Expected sales in October = $180,000
Cash sales = $40,000
Credit sales = $140,000
Cash collection: month following the sale
Cash Budget for October 30, Year 2:
Beginning balance $16,000
Cash receipts
Cash sales 40,000
Accounts receivable 72,000
Total cash available $128,000
Cash payments:
Accounts payable 72,000
Line of credit repayment 100,000
Total payments $172,000
Ending cash balance ($44,000)
Please see the concluding part of the question as it is incomplete.
Sales for October are expected to be $180,000, consisting of $40,000 in cash and $140,000 on credit. The company expects sales to increase at the rate of 10 percent per month. All accounts receivable are collected in the month following the sale.Answer
The company (Havel) would have to borrow money inorder to pay back Line of credit loan which includes salary payment plus other interest accrued on the line of credit and other petty office expenses.
Havel Company
Trial Balance
As of October 1, Year 2:
Cash $16,000
Accounts receivable $60,000
Inventory $40,000
Store equipment $200,000
Accumulated depreciation $76,800
Accounts payable $72,000
Line of credit loan $100,000
Common stock $50,000
Retained earnings $17,200
Totals $316,000 $316,000
We know that;
Expected sales in October = $180,000 which is gotten by adding
Cash sales = $40,000
Credit sales = $140,000
Also,
Cash collection: month following the sale
Cash Budget for October 30, Year 2:
Beginning balance $16,000
Cash receipts;
Cash sales $40,000
Accounts receivable $72,000
Total cash available $128,000
Cash payments;
Accounts payable $72,000
Line of credit repayment $100,000
Total payments $172,000
Ending cash balance ($44,000)
It therefore means Havel would have to borrow money inorder to pay back Line of credit loan which includes salary payment plus other interest accrued on the line of credit and other petty office expenses.