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
JulsSmile [24]
3 years ago
6

Lily Company was started last year when Lily borrowed $70 cash from the local bank. Lily used that $70 cash to purchase inventor

y for $70. This year Lily Company sold that inventory for $100 cash. Which ONE of the following statements is TRUE with respect to Lily Company's balance sheet AFTER the sale of the inventory?a. Cash is $30.b. Accounts Payable is $30.c. Owners' Equity is $100.d. Owners' Equity is $30.e. Inventory is $30.
Business
1 answer:
aev [14]3 years ago
6 0

Answer:

d. Owners' Equity is $30

Explanation:

The owners equity is the amount of money that is own by the owner of the business or the business itself minus all of the debts that the business has, in this example, Lily just sold $100 in products, generating a profit of $30, because she bought that for $70, but she owns $70 of those $100 to the local bank, so eventhough she has $100, only $30 are actually owned by the business so Owner´s Equity equals $30.

You might be interested in
Volbeat Corporation has bonds on the market with 10.5 years to maturity, a YTM of 6.2 percent, a par value of $1,000, and a curr
densk [106]

Answer:

The answer is 5.47 percent

Explanation:

Firstly, we find coupon payment (PMT).

it can be gotten from the price (present value) of bond formula:

PV = PMT/(1+r)^1 + PMT/(1+r)^2 ....... PMT + FV/(1+r)^n

N = 10.5 years

1/Y = 6.2 percent

PV = $945

PMT = ?

FV = $1000

Using a Financial calculator to input all the variables above,

Annual PMT = $54.72

Semi annual will be $54.72/2= $27.36

Coupon rate is Annual PMT /par value

= $54.72/1000

0.0547 or 5.47 percent

7 0
2 years ago
The IRS agent who audited the Form 1120 filed by Alano Inc. concluded that $300,000 of the salary that Alano paid to its CEO and
wlad13 [49]

Answer: Alano's taxable income increases by $300,000.

Explanation:

Constructive dividends are paid to a shareholder and classified in such a way that they are not to be seen as taxable dividends.

If during auditing however, the IRS determines that it was indeed a taxable dividend, it becomes a constructive dividend.

Constructive dividends are taxable by definition so Alano's taxable income increases by the amount of dividend of $300,000.

7 0
2 years ago
Assume that the money demand function is (M / P)d = 2,200 – 200r, where r is the interest rate in percent. If the price level is
Wittaler [7]

Answer:

The money supply should be set at 800

Explanation:

In this question, we are asked to calculate the value at which Fed should set the money supply at after fixing the interest rate at 7 percent.

We proceed as follows;

Let the new money supply be M.

To fix the interest rate at 7%, r= 7 and P = 2

(M/P)d = 2,200 - 200r

= 2200 - 200(7)

=2200-1400

= 800

M = 800

8 0
2 years ago
Meredith, Linda, and Peter are working together in a project team at a home appliances company. They had to select two out of fi
I am Lyosha [343]

Answer:

a) avoiding

b) accommodation

Explanation:

a) Meredith feels uncomfortable with confrontations, she chooses to remain neutral while staying away from the discussion, so it is correct to say that she used the style of avoiding conflict resolution, which occurs when individuals prefer to avoid a situation that can generate conflicts as in the case described in the matter, and so they prefer to act diplomatically avoiding confrontations and not giving opinions contrary to a given situation.

b) Linda used the accommodation style as she gave in to Peter's demands for the choice of products. In this style, the individual values ​​the relationship with the other individual above his personal opinion, and therefore gives up on maintaining the conflict because of a situation that is less important to him than the maintenance of the relationship.

4 0
3 years ago
What is bigger 9 yd or <br>324 in​
OlgaM077 [116]
9 yards is 324 inches so they are equal.
4 0
2 years ago
Other questions:
  • Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a
    12·1 answer
  • You are the manager of a project that has an operating leverage rating of 2.8 and a required return of 14 percent. Due to the cu
    5·1 answer
  • Suppose that in Problem 13 a Type 2 service objective of 95 percent is substituted for the stock-out cost of$ 12.80. Find the re
    13·1 answer
  • Consider a bond with the following characteristics. Par: $1,000 Two coupon payments per year (i.e., coupons are paid semi-annual
    9·1 answer
  • The Country Fields Retirement Community charges $6000/month for a single senior citizen to reside in an efficiency apartment wit
    6·1 answer
  • Select the correct answer. Which of these do you need to do when receiving criticism? A. Do not respond to criticism. B. Ignore
    14·1 answer
  • What are some products and services that may be purchased by calling the eight companies customer service number
    7·1 answer
  • What would wages look like if there was no minimum wage?
    7·1 answer
  • 39) Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to acces
    6·1 answer
  • In which step of the nursing process does the nurse determine the outcome of medication administration? group of answer choices
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!