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2 years ago

John d rockefeller built his own oil empire by creating

1 answer:

7 0

John D. Rockefeller built his own oil empire by creating Monopoly

In 1882, He managed to buy all of his rivals in oil industry, making his company, the Standard Oil became the one and only oil company in the United states without having a single rival in the industry

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Brief, Inc., had a receivable from a foreign customer that is payable in the customer’s local currency. On December 31,2017, Bri

Pachacha [2.7K]

Answer:

The Foreign exchange gain is $10,000.

Explanation:

The amount of gain that should be reported as the foreign exchange loss is the excess of dollar equivalent over reported local currency units (LUCs), so the Foreign exchange gain is calculated as follows:

Foreign exchange gain = dollar equivalent - local currency units

= $120,000 - $110,000

= $10,000

Therefore, The Foreign exchange gain is $10,000.

6 0

3 years ago

In general Accounts are split into Personal Accounts and ImpersonalAccounts<br> True<br> False

ruslelena [56]

Answer:

True.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).

Thus, it is a field of accounting involving specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time. Financial experts or accountant uses either the cash basis or accrual basis of accounting.

An account can be defined as a formal and individual record of the financial transactions of a person, business firm, goods, assets, liability, etc.

All the transactions with respect to a particular item such as income, expenses, assets, liability, etc., are recorded in its account.

In general, accounts are split or divided into two main categories and these includes;

I. Personal Accounts

II. Impersonal Accounts.

6 0

2 years ago

Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you

Bas_tet [7]

Solution:

Answer for 1. and 2. :

Particulars Assets liabilities owner's equity

Beginning capital 29000 16000 13000

Ending capital 63000 29000 34000

3. Beginning capital 13000

add new stock 5500

Add : Income ?

Sub total ?

Less: Dividend 36700

Closing Capital 34000

By inserting the last two numbers of the sentence you will determine the "Subtotal." : 36700+34000 = 70700

We learn from the top of the document that the equity of the investor at the outset was $13,000 and the shareholding of $5500 was released. Therefore, when calculating net income, we have $18,500.

Now , Net income =70700-18500=$ 52,200

4. Closing Capital+Dividend =Common stock +net income

=34000+8100

=Common stock +1000

Then common stock = $ 41,100

5. Closing Capital + Dividend = Opening capital +Common stock issued +net income

34000+dividend =13000+16700+18000

Dividend = $13700

6. Closing Capital + Dividend = Opening capital +Common stock issued +net income

=34000+1600 =13000+41100+ net income or loss

Net loss=$ 18500

Expanded accounting Equation for a corporation is :

Assets = Liabilities + Paid-in Capital + Revenues – Expenses – Dividends – Treasury Stock

4 0

2 years ago

Homer Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annu

kotegsom [21]

Answer:

$165,000

Explanation:

The computation of the annual net cash flow is shown below:

But before that first we have to find the depreciation expense which is

= (Initial cost - Salvage Value) ÷ estimated life

= ($400,000 - $75,000) ÷ 5 years

= $65,000

Now the annual net cash flow is

= Depreciation expense + Net Income

= $65,000 + $100,000

= $165,000

We simply added the depreciation expense and the net income so that the annual net cash flow could come

4 0

2 years ago

At the beginning of the year, a firm had current assets of $121,306 and current liabilities of $124,509. At the end of the year,

Alex73 [517]

Answer:

E $21,903

Explanation:

Formula:

Net working capital: Current assets - Current liabilities

At the beginning of the year the net working capital was:

Net working capital: Current assets - Current liabilities

Net working capital: 121,306 - 124,509

Net working capital: -3,203

At the end of the year the net working capital was:

Net working capital: Current assets - Current liabilities

Net working capital: 122,418 - 103,718

Net working capital: 18,700

The difference between the beginning and final net working capital was:

Difference: Final NWC - Inicial NWC

Difference: 18,700 - (-3,203)

Difference: 18700 + 3,203

Difference: 21,903

4 0

3 years ago