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3 years ago

Identify sources of information and advice about methods and services for managing personal finances

1 answer:

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Budgeting is the key to manage personal finances. In order to realize budgeting one must be able to determine the importance of savings and manage expenses properly. Proper projection of expenses and savings should also been taken in order to maximize proper budget managing.

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Jing Company was started on January 1, Year 1 when it issued common stock for $28,000 cash. Also, on January 1, Year 1 the compa

denpristay [2]

Answer:

5,280 net income for the Year 3

Explanation:

This would be the situation:

17,400 revenue

11,000 expenses

gain/loss on sale of equipment

= net income year 3

To know the result of the sale of equipment we have to do

sales price - book value = gain/loss on sale of equipment

8900 - book value = gain/loss

We have to determinate the book value.

book value = adquisition cost - acumulated depreciation

The equipment cost 15,200 + 1,300 transportation cost = 16,500 Adquisition Cost

acumulated depreciation = depreciation per year * 3 years

and depreciation per year is:

$\ $ depreciation per year $= \frac{Adquisition Value - Salvage Value }{Useful Life}$

Here we have all the values, so we stop digging and start solving.

depreciation = (16,500-5,700)/5 = 2,160

acumulated depreciation = 2,160 * 3 = 6,480

book value = 16,500 - 6,480 = 10,020

gain/loss = 8,900 - 10,020 = -1,120 LOSS on sale of Equipment

net income = 17,400 - 11,000 - 1,120 = 5,280 net income for the Year 3

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3 years ago

What are the portfolio weights for a portfolio that has 145 shares of Stock A that sell for $47 per share and 200 shares of Stoc

ycow [4]

Based on the information given the portfolio weights for a portfolio are:

Stock A 0.6187; Stock B 0.3815.

First step

Shares Price per share Total value

Stock A 145 $47 6,815

Stock B 200 $21 4,200

Total 11,015

Second step

Portfolio weights

Stock A [ 6,815 / 11,015 ] 0.6187

Stock B [ 4,200 / 11,015 ] 0.3813

Inconclusion the portfolio weights for a portfolio are: Stock A 0.6187; Stock B 0.3815.

Learn more here:brainly.com/question/19579061

8 0

2 years ago

Company acquired a new truck at at cost of $52,000 on January 1, 2019. The truck is expected to be used for 4 years and have a s

AfilCa [17]

Answer and Explanation:

The computation is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($52,000 - $8,000) ÷ (4 years)

= ($44000) ÷ (4 years)

= $11,000

In this method, the depreciation is same for all the remaining useful life

a. The depreciation expense for 2019 is $11,000

b. The depreciation expense for 2020 is $11,000

c. The accumulated depreciation for year 2019 is $11,000

d. The accumulated depreciation for year 2020 is $22,000 ($11,000 + $11,000)

e. The book value is

= Original cost - accumulated depreciation

= $52,000 - $22,000

= $30,000

3 0

2 years ago

The following information was taken from the bank reconciliation for Mooner Sooner Inc. at the end of the year:

Lunna [17]

Answer:

The correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of the year is $5,800.

Explanation:

For adjusting the bank statement balance do not consider note collected by the bank, service fee and NSF check returned. Note collected by the banks are already recorded in the bank passbook, so there is no adjustments are needed in the bank statement. Service charge is deducted by the bank, so service charge also recorded in bank passbook; hence no adjustments are required in the bank statement balance. In the case of NSF check returned no adjustments are needed in the bank statement balance.

correct bank balance = Bank balance + Deposits outstanding - Checks outstanding

= $9,000 + $4,600 - $7,800

= $5,800

MAKE SURE YOU AVOID THIS:

For calculating correct cash balance only checks outstanding and deposits outstanding are adjusted with bank balance. For getting correct cash balances add deposit outstanding to the balance as per the bank and minus outstanding checks. Deposit in transit amount must be added to the bank side of the bank reconciliation statement and outstanding check must be deducted from the bank side of the bank reconciliation statement. Here, bank balance is $9,000, checks outstanding are $7,800 and deposits outstanding is $4,600, hence correct cash balance is $5,800.

Therefore, The correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of the year is $5,800.

3 0

3 years ago

if a recession caused millions of people to lose their jobs and millions more to fear unemployment, which of the following will

Shtirlitz [24]

Recession make goods more expensive and the increased prices would cause demand for all consumer goods to decrease

6 0

3 years ago