1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Bas_tet [7]
3 years ago
14

Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $80,000 cash to start the bu

siness and received 4,000 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $75,600; December 31, current year, amounts due from customers from sales of books, $39,000; unused portion of store and office equipment, $73,000; December 31, current year, amounts owed to publishers for books purchased, $12,000; one-year note payable to a local bank for $3,000. No dividends were declared or paid to the stockholders during the year. What was the amount of net income for the year?
Business
1 answer:
maria [59]3 years ago
6 0
1478390 idk : ) please help this person
You might be interested in
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use
Marysya12 [62]

Answer:

1. In option (a), the dealer would charge $18,213.54.

b. In present value terms, the one-time payment (option (b) is a better deal for the purchaser.

Explanation:

a) Data and Calculations:

Monthly payment for a used car = $620

Payment period = 20 months

Additional payment at the end of 20 months = $12,000

Annual interest rate = 24%

One-time payment for the car purchase = $16,864

From an online financial calculator, the present value of the payments is:

N (# of periods)  20

I/Y (Interest per year)  24

PMT (Periodic Payment)  620

FV (Future Value)  12000

Results

PV = $18,213.54

Sum of all periodic payments = $12,400.00

Total Interest = $6,186.46

3 0
3 years ago
Mike and David signed a loan agreement together to borrow money for a boat. If David leaves town and cannot be found, what happe
iren [92.7K]
<span>I this case, the loan is still valid and at that point Mike would be responsible for finding a way to pay the loan back as agreed upon in the contract. This is called co-signing, when two parties both sign for a loan together. Both parties are responsible for the loan and even though David cannot be found, the loan must still be paid and Mike would be held responsible for this.</span>
4 0
3 years ago
Read 2 more answers
A gardener has three herb beds she wishes to plant in a design that consists of three equilateral triangles laid out in such a w
densk [106]
The design is shown in the attached picture. An equilateral triangle has sides that have equal measurements. On the other hand, a vertex is the terminal point of at least two line segments. Therefore, when you join three equilateral triangles sharing a common vertex, that simply means that they have a common point.

8 0
3 years ago
A company's marketing mechanism is deemed successful only if
forsale [732]
It attracts new customers and gets positive response.
Good marketing attracts more customers, more customers means more profit deeming it to be successful.
5 0
2 years ago
Which of the following is an example of an operational risk for a company that manufactures automobiles?A. A state tax increase
Vedmedyk [2.9K]

Answer:C. Damage to completed cars held on a storage lot

Explanation:

Operational risk are the hazards and the uncertainties that are faced by companies in the day to day activities. It may be caused as a result of system failure or manufacturing components.

An example of operational risk for a company that manufactures automobiles would be damage to completed cars held on a storage lot.

7 0
3 years ago
Other questions:
  • Molly just started a new job. She needs to fill out a _____ so that her employer knows how much tax to take out.
    10·2 answers
  • Suppose in its income statement for the year ended June 30, 2017, The Clorox Company reported the following condensed data (doll
    10·1 answer
  • A university that focuses its advertising on offering a sound curriculum with consistent course offerings, extensive placement s
    14·1 answer
  • Coercive Acts Committees of Correspondence direct tax Indirect tax A. colonial extralegal shadow governments that convened to co
    13·1 answer
  • The vital function of _____ involves transforming data into useful information for decision makers.
    6·1 answer
  • Which of the following is an example of an extent decision? Should your company implement a different bonus structure for manage
    5·1 answer
  • The goods market of an open economy is in equilibrium when domestic output or production​ is:
    5·1 answer
  • Why does the term debit not always mean increase and credit does not always mean increase.
    9·1 answer
  • Smithers is a self-employed individual who earns $30,000 per year in self-employment income. Smithers pays $2,200 in annual heal
    15·1 answer
  • g The perfectly competitive firm's supply curve: Group of answer choices coincides with its perfectly elastic demand curve. is t
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!