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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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Brianna cruz earned $130 in simple intrest in 9 months at an annual interest rate of 8%. How much money did she invest?
stiks02 [169]

Answer:

She invested $2,167

Explanation:

As interest rate is not compounded, the 9-month interest of a 8% annual interest is simply:

8% * 9 / 12 = 6%

Let A be the amount of money she invest. After 9 month she will receive:

A * 0.06 dollars.

And the actual amount is $130. So she invested

A = $130 / 0.06 = $2,167

4 0
3 years ago
A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account would include a credit t
IRISSAK [1]

A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account would include a credit to:

d. Cash for $180

Explanation: As observed above the petty cash receipts are falling short of $3, But that will be adjusted with expenses as its a small amount and balance of $200 needs to be maintained in the petty cash.

6 0
3 years ago
Read 2 more answers
Given the annual rate of economic growth, the "rule of 70" allows one toA) determine the accompanying rate of inflation.B) calcu
erik [133]

Answer:

B) calculate the number of years required for real GDP to double

Explanation:

The rule of 70 calculates the amount of time it takes for an investment to double.

Given the annual rate of economic growth, the rule of 70 calculates the number of years required for real GDP to double.

It is calculated as 70 / annual rate of economic growth.

I hope my answer helps you.

7 0
3 years ago
Cinnamon Corp. started business in 2007, uses a periodic inventory system and uses the weighted average cost method. During 2007
Nesterboy [21]

Answer:

€4,883,000

Explanation:

The computation of cost of sales is shown below:-

Inventory = 35,000 ÷ €12

= 2,917 units

Weighted average cost of inventory

= (2,917 × €12) + (35,000 × €14)

=  €35,004 + €490,000

= €525,004

So weighted average cost = €525,004 ÷ €40,833.33

= €12.85

So, cost of sales = weighted average cost × sold units

= €12.85 × 38,000

= €4,883,000

3 0
3 years ago
your food-services company has been named as the sole provider of meals at a small university. the cost and demand schedules are
DiKsa [7]

Answer:

The answer is "400 meals at 2.50 dollars a day".

Explanation:

Please find the complete question and the solution in the attachment file.

In this question, when we compare the MR value as well as the MC, the monopolist produces up to the point where MR>MC.

In this, it happens before 400 meals at 2.50 per day and, so "400 meal at 2.50 dollars a day".

8 0
3 years ago
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