What is Offshore banking center
What is offshore banking center?
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Offshore banking center is a country whose banking system is organized in order to allow external accounts except normal economic activity of the country. Offshore banks function as branches or subsidiaries of parent bank. Primary activities of offshore banks include seeking deposits and grant loans in currencies in currency other than that of the host government.
Using the data below,prepare abbreviated income statements for the year 2003 and 2004 on cash basis. Cash receipts from sales: 2003 2004 2005 on 2003 sales $295,000 $160,000 $30,000 On 2004 sales 0 355,000 90,000 On 2005
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