The question is incomplete. The complete question is as follows,
At December 31, 2011 the accounting records of Gordon, Inc. contain the following items:
Accounts Payable 2500
Land 30000
Building 31250
Notes Payable ?
Retained earnings 125000
Accounts Receivable 18750
Cash ?
Equipment 40000
Capital Stock 12500
If the Notes Payable is $10,000, the December 31, 2011 cash balance is:
Answer:
Cash = $30000
Explanation:
The accounting equation states that the sum of total assets is always equal to the sum of total liabilities plus total equity. We can state the equation as follows,
Total Assets = Total Liabilities + Total Equity
So,
(30000 + 31250 + 18750 + 40000 + Cash) = (2500 + 10000) + (125000 + 12500)
120000 + Cash = 12500 + 137500
Cash = 150000 - 120000
Cash = $30000
Answer:
(a) 10.4%; 16.73%
(b) 6.33%
Explanation:
Given that,
Wages paid to the workers in 2016 = $25 per hour
Price level in 2016 = 241
Wages paid to the workers in 2017 = $41 per hour
Price level in 2017 = 245
Real wage rate in 2016:
= (Nominal wages ÷ Price level) × 100
= ($25 ÷ 241) × 100
= 0.104 × 100
= 10.4%
Real wage rate in 2017:
= (Nominal wages ÷ Price level) × 100
= ($41 ÷ 245) × 100
= 0.1673 × 100
= 16.73%
Therefore, the real wage increase received by these workers in 2017 is calculated as follows:
= Real wage rate in 2017 - Real wage rate in 2016
= 16.73% - 10.4%
= 6.33%
Hence, these workers do get a raise between the two years.
Answer:
Down Below
Explanation:
The resources must be valuable, rare, imperfectly imitable, and non-substitutable.
When you fill in data based on adjacent cells by dragging the fill handle in Microsoft Excel, the Auto Fill Options<span> button is displayed just below and to the right of your filled selection. When you click the</span>
Auto Fill Options<span> button, a list of options appears that allows you to choose to fill the cells with text or data, and whether or not to include the format of the initial selection or to copy only the format.</span>
Answer:
LIFO (Last-in-last-out)
Explanation:
Last in last out is the method of inventory valuation where the unit that was added in inventory last would be sold first. In case, of rising prices, the unit added in inventory would cost more than the one added first. So, if LIFO is used in case of rising prices, cost of goods sold would be higher. If COGS is higher, income will fall, thereby reducing tax liability.
So, if the firm wants to pay lower taxes during price rise, it should opt for LIFO method to value inventory.
