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pickupchik [31]
3 years ago
14

Insurance Agency started the year with a beginning capital balance of $ 25 comma 000. During the​ year, Rogers Insurance Agency

earned $ 41 comma 000 of Service Revenue and incurred $ 26 comma 000 of various expenses. Rogers withdrew $ 11 comma 000 from the business. After the closing entries are recorded and​ posted, what will be the balance of Rogers​, ​Capital?
Business
1 answer:
LiRa [457]3 years ago
4 0

Answer:

The ending balance of Rogers​, ​Capital is $29,000

Explanation:

In this question, we use the formula of opening capital which is shown below:

Opening capital = Closing capital + drawings - profit earned + loss incurred - additional capital

where,

The profit earned = Revenue - expenses

                             = $41,000 - $26,000

                             = $15,000

And, the other items would remain the same

$25,000 = Closing capital + $11,000 - $15,000 + $0 - $0

$25,000 = Closing capital - $4,000

So, the closing capital = $25,000 + $4,000

                                     = $29,000

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Answer and Explanation:

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2 years ago
True or false: apple computer, inc. collected information on the age of their customers. the youngest customer was 12 and the ol
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3 0
3 years ago
Sam and Teresa run a catering business in which they have two major tasks: getting new clients and preparing food for events and
Sergio [31]

Answer:

The number of new clients will increase by

12/3 = 4

Therefore, the number of new clients will increase by 4.

Explanation:

In getting new client, Sam takes 5hours, while Terasa takes 3hours.

In preparing food, Sam takes 10hours while Teresa takes 12hours.

It can be seen that Sam has absolute advantage and comparative advantage in preparation of food, while Tesesa has absolute advantage and comparative advantage in getting new client.

Sam with the comparative advantage in food preparation will take over preparing food for one more event by taking the necessary time away from getting more clients, and Teresa will use the freed-up time from not preparing food for one event to get more clients.

Teresa will free up 12hours she used in the preparation of food.

Since she use 3hours to get new client, She will get

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8 0
3 years ago
ames Sprater of Grand Junction, Colorado, has been shopping for a loan to buy a used car. He wants to borrow $18,000 for four or
Ghella [55]

Answer:

James' credit union loan rate is 8.88% APR, the local bank loan rate is 9.34% APR.

Explanation:

Hi, since in both cases payments would be done in a monthly basis, we have to assume that the rate that we are looking for is APR (compounded monthly), and since there is no additional information in regards that 9.25% rate, we can assume that this is effective annually, so let´s convert this effective monthly rate into APR (compounded monthly)

First, we have to convert it into an effective monthly rate, that is:

r(month)=((1+r(annual))^{\frac{1}{12} } -1)

r(month)=((1+0.0925)^{\frac{1}{12} } -1)=0.00739963

Then we multiply by 12 and we get  0,088796 , which is 8.88% APR (compounded monthly)

This way James can compare both credits. The cheaper loan is from the credit union.

4 0
3 years ago
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