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3 years ago

1. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

Business

1 answer:

JulijaS [17]3 years ago

5 0

Answer:

A net worth statement

Explanation:

A net worth statement is a financial report/ document that shows the assets and liabilities - both short and long-term - of an individual or company. The net worth is the result of deducting liabilities from assets.

The net worth statement paints a picture of a person or an entity's current financial position. Assets represent what a person owns, while liabilities are what they owe.

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In an oral auction where the bidders' values are $400, $500, $650, $800 and $850, the highest two bidders form a bid-rigging car

gayaneshka [121]

In an oral public sale in which the bidders' values are $four hundred, $500, $650, $800, and $850, the very best two bidders shape a bid-rigging cartel. the winning bid in this auction is 651 greenbacks.

If there may be no cartel, the winning bid might be any quantity slightly extra than $800, say $800.01 due to the fact the bidder with the best valuation needs to bid a price this is extra than the alternative bids. however due to the fact, that there may be a cartel among bidders with a valuation of $800 and $850, they need to put up a bid this is barely extra than $650 with a view to winning the auction. In this sense, the triumphing bid is 651 greenbacks.

if you make the triumphing bid on an object, you provide the highest fee and get to take it home. Congratulations, and revel in your new paperweight! The bid comes from an antique English word that means “to provide,” that's right consistent with what that means these days. triumphing Bid manner the very best bid obtained and widespread (and if subject to vendor's affirmation, confirmed by using vendor).

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2 years ago

Gains and losses can occur with pension plans when: A) Either the PBO or the return on plan assets turns out to be different tha

Rainbow [258]

Answer:

A. Either the PBO or the return on plan assets turns out to be different than expected

Explanation:

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4 years ago

On january 1, year 1, canseco plumbing fixtures purchased equipment for $52,000. residual value at the end of an estimated four-

olganol [36]

Am not sure but here is what I think (56)

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3 years ago

If Sue has a contribution margin per unit of $5, which of the following unit price and unit variable costs would apply

Mumz [18]

Answer:

The correct answer is D. Unit Price of US$10, Variable unit costs of US$5.

Explanation:

1. Let's remember the definition of contribution margin.

The contribution margin of any company is the difference between sales volume and variable costs. Or to put it other words: the contribution margin is the benefits of a company, regardless of fixed costs.

Fixed costs are costs that don't vary with the volume of production. Some examples are rent, some insurances and salaries. Variable costs, on the other hand, are those that change with a variation in the volume of production.

Contribution margin = Sales - Variable costs

2. Let's find out the unit price and the variable costs, if the contribution margin of Sue is US$ 5 per unit:

Option A: Price per unit = US$ 5 and Variable costs = US$ 10.

So, the contribution margin is 5 - 10 = - 5. These values don't apply to Sue's business.

Option B: Price per unit = US$ 10 and Variable costs = US$ 10.

So, the contribution margin is 10 - 10 = 0. These values don't apply to Sue's business.

Option C: Price per unit = US$ 20 and Variable costs = US$ 10.

So, the contribution margin is 20 - 10 = 10. These values don't apply to Sue's business.

Option D: Price per unit = US$ 10 and Variable costs = US$ 5.

So, the contribution margin is 10 - 5 = 5. These values apply to Sue's business.

4 0

3 years ago

The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the

amm1812

Answer:

See the errors identified below.

Explanation:

Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.

The explanation of the answer is now given as follows:

The following errors can be identified in the accountant's adjusting entries:

1.The accountant debited the account receivable for $5,000 (i.e. $23,250 - $18,250 = $5,000) without crediting laundry revenue.

Therefore, we should have:

Correct amount of laundry revenue = Laundry revenue in trial balance + (Adjusted account receivable - Unadjusted account receivable) = $182,100 + ($23,250 - $18,250) = $187100

2. The accountant debited laundry suppliers expense instead of crediting laundry suppliers for $3,000.

3. The the accountant credited Prepaid insurance for $3,600 (i.e. $5,200 - $1,600 = $3,600). However, the insurance expense was debited for $600.

4. Instead of crediting accumulated depreciation, the laundry equipment for depreciation expense was erroneously credited by the accountant for $13,000.

5. A debit of $1,000 to wages expense was not made by the accountant.

Additional Note:

After correcting the errors identified above, the correct adjusted trial balance will look as the one in the attached photo.

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3 years ago

1. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.​

1. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.