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4 years ago

Your textbook asserts _ and ___ southerners had a direct interest in the peculiar institution.

1 answer:

6 0

One-in-four southerners were directly involved with slavery, whether by being slaveholders themselves or by being in the market for the goods produced by the slaves on the plantations. This made it economically in the south's interest to want to hold on to slaves and their labor.

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Current operating income for Bay Area Cycles Co. is $40,000. Selling price per unit is $100, the contribution margin ratio is 20

svlad2 [7]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Operating income= $40,000.

Selling price per unit is $100

Contribution margin ratio= 0.20

Fixed expense is $160,000

First, we need to calculate the unitary variable cost. We can use the contribution margin ratio formula:

contribution margin ratio= (selling price - unitary variable cost) / selling price

0.2 = (100 - unitary variable cost) / 100

unitary variable cost= 80

Now, the contribution margin:

Contribution margin= 100 - 80= $20

Finally, the number of units being sold:

Total contribution margin= operating income + fixed costs

Total contribution margin= 40,000 + 160,000= 200,000

Unitary contribution margin= Total contribution margin/number of units

20= 200,000 / number of units

number of units= 200,000/20

number of units= 10,000 units

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3 years ago

Chandler Corporation has 1 million shares outstanding. The current price per share is $20. If the company decides to pay a$2 m

irga5000 [103]

Answer:

B.1,000,000, $18 per share

Explanation:

The computation is shown below:

Given that

Number of shares outstanding = 1 million

The current price per share = $20

And, the dividend received = $2 million dollar

So, the number of shares outstanding is given i.e 1,000,000 shares and the worth is $18 per share that is computed below:

= Current market share - dividend

= $20 - $2

= $18 per share

5 0

4 years ago

Accounting Cycle Review 15 a-e

OLga [1]

Requirment: Prepare a Balance Sheet as at December 31, 2020.

Answer:

<h2>Cullumber Corporation</h2><h3>Balance Sheet as of December 31, 2020:</h3>

Current Assets:

Cash $61,140

Accounts Receivable 60,000

less allowance for doubtful 6,000 54,000

Inventory 23,300 138,440

Non-current Assets:

Land 67,200

Buildings 81,700

Accumulated Depreciation 28,050 53,650

Equipment 41,000

Accumulated Depreciation 17,890 23,110 143,960

Total Assets $282,400

Liabilities + Equity:

Current Liabilities:

Accounts Payable 19,500

Interest Payable 4,400

Dividends Payable 5,802

Unearned Rent Revenue 1,800 31,502

Non-current Liabilities:

Bonds Payable (10%) 44,000 $75,502

Equity:

Common Stock ($10 par) 38,000

Paid-in Capital in Excess of Par—Common 10,240

Preferred Stock ($20 par) 20,000

Paid-in Capital in Excess of Par—Preferred 3,000

Retained Earnings 138,258

Treasury Stock (2,600) 206,898

Total Liabilities + Equity $282,400

Explanation:

a) Cullumber Corporation's Unadjusted Trial Balance as of December 31, 2020:

Debit Credit

Cash $26,100

Accounts Receivable 60,000

Inventory 23,300

Land 67,200

Buildings 81,700

Equipment 41,000

Allowance for Doubtful Accounts $470

Accumulated Depreciation—Buildings 25,500

Accumulated Depreciation—Equipment 14,200

Accounts Payable 19,500

Interest Payable –0–

Dividends Payable –0–

Unearned Rent Revenue 7,200

Bonds Payable (10%) 44,000

Common Stock ($10 par) 28,000

Paid-in Capital in Excess of Par—Common Stock 5,600

Preferred Stock ($20 par) –0–

Paid-in Capital in Excess of Par—Preferred Stock –0–

Retained Earnings 65,330

Treasury Stock –0–

Cash Dividends –0–

Sales Revenue 570,000

Rent Revenue –0–

Bad Debt Expense –0–

Interest Expense –0–

Cost of Goods Sold 380,000

Depreciation Expense –0–

Other Operating Expenses 36,900

Salaries and Wages Expense 63,600

Total $779,800 $779,800

b) Cullumber Corporation's Adjusted Trial Balance as of December 31, 2020:

Debit Credit

Cash $61,140

Accounts Receivable 60,000

Inventory 23,300

Land 67,200

Buildings 81,700

Equipment 41,000

Allowance for Doubtful Accounts $6,000

Accumulated Depreciation—Buildings 28,050

Accumulated Depreciation—Equipment 17,890

Accounts Payable 19,500

Interest Payable 4,400

Dividends Payable 5,802

Unearned Rent Revenue 1,800

Bonds Payable (10%) 44,000

Common Stock ($10 par) 38,000

Paid-in Capital in Excess of Par—Common Stock 10,240

Preferred Stock ($20 par) 20,000

Paid-in Capital in Excess of Par—Preferred Stock 3,000

Retained Earnings 65,330

Treasury Stock 2,600

Cash Dividends 5,802

Sales Revenue 570,000

Rent Revenue 5,400

Bad Debt Expense 5,530

Interest Expense 4,400

Cost of Goods Sold 380,000

Depreciation Expense 6,240

Other Operating Expenses 36,900

Salaries and Wages Expense 63,600

Total $839,412 $839,412

c) Cash Account Adjustment:

Balance as per Trial Balance $26,100

Preferred Stock 23,000

Common Stock 24,000

Treasury Stock (11,960)

Adjusted Cash balance $61,140

d) Income Statement

Sales Revenue $570,000

Cost of goods sold 380,000

Gross profit $190,000

Rent Revenue 5,400

Total $195,400

less expenses:

Bad Debt Expense 5,530

Interest Expense 4,400

Depreciation Expense 6,240

Other Operating Expenses 36,900

Salaries and Wages Expense 63,600 116,670

Net Income $78,730

Retained Earnings 65,330

Dividends (5802)

Retained Earnings carried forward $138,258

7 0

4 years ago

A firm's marginal cost has a minimum value of $80, its average variable cost has a minimum value of $90, and its average total c

PilotLPTM [1.2K]

Answer:

A firm shuts down in the long run when the price of the good it is producing falls below the minimum average total cost, because in the long run the firm wont be able to make any profit. In the short run the firm only shuts down if the the price of the good falls below the minimum average variable cost because in the short run the firm has already payed the fixed costs and these costs are sunk costs so if the price of the good is more than the variable cost then they can minimize their losses. So in this case the firm has a minimum average variable cost of $90 so the firm will shut down in the short term when the price falls below $90.

Explanation:

6 0

3 years ago

All else being equal, does elastic or inelastic demand curve result in higher social surplus? How does elasticity of supply affe

disa [49]

Answer:

An elastic demand curve will result in higher social surplus. Social surplus equals consumer surplus plus supplier surplus, or simply total surplus. The highest possible social surplus is reached at the equilibrium point.

If a product's demand is completely inelastic, the supplier can increase the price at will, reducing consumer surplus to minimum levels. If a product's demand is completely elastic, then consumer surplus increases while supplier surplus is directly related to shifts in the demand. Higher demand increases supplier surplus.

7 0

4 years ago

Your textbook asserts _____________ and _______________ southerners had a direct interest in the peculiar institution.

Your textbook asserts _ and ___ southerners had a direct interest in the peculiar institution.