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2 years ago

Account Balances

1 answer:

6 0

If a person write a check for $759 to make a payment on a loan, then the account balance would be changed as in the balance sheet of the person.

<h3>What is account balance?</h3>

An Account balance is limited as the amount of monetary system that is hold in a specific account in the bank account or in any another account.

From the given case, if a person make a payment of loan, then the account balance would be:

Assets = $36,767 ($37,526 – $759)

Liabilities = $12,086 ($12,845 -$759)

Equity = $32,500

Therefore, the balance of Equity remains unaffected by the payment of loan.

Learn more about the loan, refer to;

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On October 1, 20X4, Shaw Corp. purchased a machine for $126,000 that was placed in service on November 30, 20X4. Shaw incurred a

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Answer:

option (D) $138,000

Explanation:

Data provided in the question:

Purchasing cost of the machine = $126,000

Additional costs for this machine :

Shipping = $3,000

Installation = $4,000

Testing = $5,000

Now,

The cost of machine that should be reported

= Purchasing cost + Additional costs incurred

= $126,000 + $3,000 + $4,000 + $5,000

= $138,000

Hence,

The correct answer is option (D) $138,000

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3 years ago

A short-term lease: Multiple Choice Must be accounted for by the short-cut method if using U.S. GAAP. Is defined as having a val

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Answer: Not required to be accounted for by the short-cut method if using IFRS.

Explanation:

A Short term Lease is one where a person or entity is granted the legal use of a space for a small period of time which is a year or less.

In calculating this, the Sixteenth International Financial Reporting Standards, IFRS 16, states that a Short Term lease may be charged directly to a Profit and Loss account.

It does not approve the use of the Shortcut method which is a qualitative measure of analysis that is ONLY approved under the US Accounting system (GAAP) and even then is not widely used.

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3 years ago

Casey Klemons' agreement (BELO plan) with his employer provides for a pay rate of $16.50 per hour with a maximum of 50 hour. How

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Answer:

$907.50

Explanation:

Calculation for How much would Klemons be paid for a week in which he worked 46 hours

Amount to paid =(10 × 0.5 × $16.50)+(50× $16.50

Amount to paid=$82.50 + $825

Amount to paid=$907.50

Therefore the amount that Klemons should be paid for a week in which he worked 46 hours is $907.50

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3 years ago

What is the return on common stockholdersâ equity based on the following: Beginning Common Stockholdersâ Equity: $10,317,000 End

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Answer:

13.28%

Explanation:

return on stockholders' equity = net income after taxes and preferred stock dividends / average stockholders' equity

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preferred stocks dividends = 8,000 stocks x $75 x 6% = $36,000
average stockholders' equity = ($10,317,000 + $10,662,000) / 2 = $10,489,500

return on stockholders' equity = ($1,429,000 - $36,000) / $10,489,500 = 13.28%

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3 years ago

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3 years ago

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