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Alex_Xolod [135]
3 years ago
14

Blair Scott started a sole proprietorship by depositing $75,000 cash in a business checking account. During the accounting perio

d, the business borrowed $30,000 from a bank, earned $18,000 of net income, and Scott withdrew $12,000 cash from the business. Based on this information, what is the balance in Scott’s capital account at the end of the accounting period?
Business
2 answers:
o-na [289]3 years ago
6 0

Answer:

$81,000

Explanation:

The money with which Blair Scott started a sole proprietorship by depositing $75,000 is the CAPITAL

While the money the business borrowed is DEBT

The income earned $18,000 will increase Scott's capital (owner's equity) while the amount he withdrew from the business is called DRAWINGS and will reduce his capital

Based on this information, the balance in Scott’s capital account at the end of the accounting period will be his contribution of $75,000 + Net income of $18,000 - Drawings of $12,000 = $81,000

Doss [256]3 years ago
3 0

Answer: $81000

Explanation:

The capital account, in international macroeconomics, is a component of the balance of payments which records all transactions made between entities/parties in one country with entities in the rest of the world. These transactions consist of imports and exports of various goods, services, capital, and as transfer payments such as foreign aid and remittances. The balance of payments is composed of a capital account and a current account. Although, a narrower definition breaks down the capital account into a financial account and a capital account.

The capital account in accounting shows the net worth of a business at a certain point in time. It is also known as owner's equity for a sole proprietorship or shareholders' equity for a corporation, and it is reported in the bottom section of the balance sheet.

The capital account balance would be equal to the sum of cash deposit and net income minus drawings made.

Capital account balance= Cash deposit + Net income - Drawings made.

Capital balance= 75000+18000-12000

=93000-12000

=$81000

Therefore,the capital account is $81000.

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Answer:

From guided notes reading of 7 skills to make mill$ :

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Explanation:

Brooks Harper's "7 Skills to make mill$" is a motivational book which urges students to perform at their best during their school  days so that they can be prepared for the work life.  In a very unique manner, Brooks hampered on the importance of the seven skills, which he described with the acronym DOLLARS.  These include Diligence (hard work pays), Organization (Be your CEO, developing your GPA as your Goal, Plan, and Action and not just Grade Point Average), and Leadership (by making a difference).  Others include Learning (replacing ignorance with education), Accountability (Your name = Your Brand; enhance or diminish it), Relationship (a warning to mind your company), and lastly Speaking (the articulation of ideas to others).  These are the keys to success in life, which must be developed during school days.

7 0
2 years ago
Get Smart University is contemplating an increase in tuition to enhance revenue. If GSU feels that raising tuition would enhance
AlladinOne [14]

If GSU feels that raising tuition would enhance revenue, it is assuming that the demand for university education is inelastic.

  • The quantity of a good that consumers are willing and able to buy at different prices during a specific time period is known as demand in economics. The demand curve is another name for the relationship between price and quantity demand.
  • A change in demand whose percentage is less than a change in price. Demand is said to be inelastic, for instance, if the price of a good increases by 25% but drops in demand by just 2%.
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Thus this is the answer.

To learn more about Demand, refer: brainly.com/question/1245771

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4 0
1 year ago
Suppose that instead of using a forward contract, you consider using options. A one-year call option to buy euros at a strike pr
Stells [14]

Answer:

Sell the put option. The put option is better and advantageous .

Explanation:

The call option is trading far below the strike price and poses risk. The price may not go up to $1.25 and hence not advisable. The put option is better as we stand to make a profit margin ($1.15 / Euro) if it sells the put at he strike price immediately. Given that the difference is high, it is unlikely that the price will move against us and we shall exercise the option as soon as the margin starts reducing.

5 0
3 years ago
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tiny-mole [99]

Answer:

Sunk cost

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-Incremental cost is the total cost of producing an additional unit.

-Sunk cost is a cost that has already been paid and that it is not possible to get it back.

-Out-of-pocket cost is a cost that requires a direct payment in the actual period.

-Opportunity cost is the cost of not receiving a benefit when you choose an alernative over another one.

-Period cost is a cost that is not associated with the production of goods.

According to this, the answer is that the $14 per unit is a sunk cost because the company has already spent that manufacturing the products and it is not able to recover that money.

6 0
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melisa1 [442]

Answer: Option D    

 

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However, if the taxpayer do not repetitively perform an activity and derives no personal gain other than pleasure from performing such activity, then it will be a hobby.

Hence from the above we can conclude that the correct option is D.

7 0
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