Answer:
$18,000
Explanation:
Sunk costs refers to a cost that has been expended and cannot be recovered or recouped.
With regards to the above, $18,000 was expended concord by corporations to purchase computers hence cannot be recovered. Therefore, it is a sunk cost.
Answer:
Obtain a deficiency judgment against Drew for the amount owed.
Explanation:
Even though Hale repossessed the computer, it must still seek a deficiency judgment against Drew in order to recover the money owed. If Drew cannot pay his debt, he has the right to request Hale to sell the computer in order for Hale to recover the money owed.
Repossession is one way that a lender can use to reclaim property that was put as collateral for a loan. For example, if you do not pay your car loan, the lender can simply repossess your car by taking it away without a court order. But the debtor still had the right to try to reclaim the property by paying the debt or agreeing on some type of payment procedure.
Answer:
73 years
Explanation:
To solve this problem, we can use the formula for the annual compound interest, which is:
where:
A is the final amount after time t
P is the principal
r is the rate of interest
t is the time
In this problem, we have:
is the principal
is the interest rate (5.5%)
We want to find the time t at which the amount of money is
A = $100,000
Therefore, we can re-arrange the equation and solve for t:
So, it will take 73 years.
Answer: (a) $295 million
(b) $326 million
Explanation:
Given that,
Sales = $900 million during 2016
Cash = $871 million
Cost of goods sold = $280 million
Expenses for the year totaled = $325 million
Paid for Inventory = $375 million
Paid for everything else = $285 million
Beginning cash = $115 million
(a) Net Income = Sales - Cost of goods sold - Expenses for the year totaled
= $900 - $280 - $325
= $295 million
(b) Carter's cash balance at the end of 2016:
= Cash + Beginning cash - Paid for Inventory - Paid for everything else
= $871 + $115 - $375 - $285
= $326 million
Answer:
Date Account Titles and Explanation Debit Credit
Land $84,000
Common stock $12,000
Paid in capital in excess of par value $72,000
Workings:
Amount of Common stock = Number of shares * Paid in capital per share
= 6,000 shares * $2
= $12,000
Amount of excess of paid in capital = Market value of land - Amount of common stock
= $84,000 - $12,000
= $72,000
