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Tpy6a [65]
3 years ago
13

Last year a small accounting firm paid each of its five clerks $25,000; two junior accountants received $60,000 each; and the fi

rm’s owner got paid $255,000. This year the firm gave no raises to the clerks and the junior accountants, but the owner’s salary is increased to $455,000. How does this year’s raise affect the average salary for the accounting firm
Business
1 answer:
djverab [1.8K]3 years ago
3 0

Answer:

the firm's average salary increased by 40%

Explanation:

the average salary for last year = [(5 x $25,000) + (2 x $60,000) + $255,000] / 6 = $500,000 / 6 = $83,333.33

this year's average salary = [(5 x $25,000) + (2 x $60,000) + $455,000] / 6 = $700,000 / 6 = $116,666.67

this means that the average salary has increased by = [($116,666.67 - $83,333.33) / $83,333.33] x 100 = 40%

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Vanyuwa [196]

Answer:

Received investment of cash by organizers and distributed to them 1,000 shares of $1 par value common stock with a market price of $40 per share

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Cash                            $40,000

Common stock @ 1                      $1,000

Add-In capital Common Stock   $39,000

Purchased $15,000 of equipment, paying $3,000 in cash and owing the rest on accounts payable to the manufacturer

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Equipment                 $15,000

Cash                                           $3,000

Account Payable                       $12,000

Borrowed $10,000 cash from a bank

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Cash                            $10,000

Bank Loan                                 $10,000

Loaned $800 to an employee who signed a note.

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Note Receivable      $800

Cash                                             $800

Purchased $13,000 of land paid $4,000 in cash and signed a mortgage note for the balance

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6 0
3 years ago
What was the opportunity cost for lebron james when he determined to directly enter the nba?
frozen [14]

LeBron James is one of the best basketball players in the country, was selected by the Cleveland Cavaliers as the first pick in the 2003 NBA draft, signing a three-year contract worth almost $13 million, with an option for a fourth year at $5.8 million. Had he decided to attend college instead, James would have incurred an opportunity cost of at least $19 million in forgone income to earn a four-year college degree.

Opportunity cost is the value you would gain or lose if you choose a different path or solution. The opportunity cost in this scenario is deciding to play in the NBA since college was too expensive. LeBron James ultimately saved time and money by taking the detour because he received a contract worth close to $13 million; otherwise, he would have had to pay more and spend more time attending a four-year college.

LeBron's decision to join the NBA right after high school graduation has an opportunity cost because he might have attended a four-year university or college instead. He was chosen by the Cleveland Cavaliers as the first overall choice in the 2003 NBA Draft

To learn more about Opportunity cost here,

brainly.com/question/13036997

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3 0
2 years ago
Your friend has $80 when he goes to the fair. He spends $4 to enter the fair and $12 on food. Rides at the fair cost $1.25 per r
padilas [110]

Answer:

f(x) = -1.25x + 64 I hope this helps :)

Explanation:

total amount of money: $80

He spent $16 for the entrance of the fair and food.

80-(4+12) = 64

After that you subtract $1.25 per ride = -1.25x

Then it gives the function:

f(x) = -1.25x + 64

6 0
3 years ago
Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly
nirvana33 [79]

Answer:

A. A credit to Child Care Fees Earned of $4,500.

Explanation:

The journal entry to record this given transaction is shown below:

Cash A/c Dr $4,500

       To Child Care Fees Earned A/c $4,500

(Being the fees earned is recorded)

Since the payment is received that means cash balance is increased so we debited the cash account and credited the child care fees earned account.

The monthly fee is $9,000 but we have to compute for 15 days, so it would be

= $9,000 ÷ 2

= $4,500

7 0
3 years ago
Chambersburg Corp Between 2016 and 2017, Chambersburg sold some equipment that had an original cost of $57,500 . Which statement
DedPeter [7]

Answer:

<em>Detailed Question lifted from google: </em>

<em>Use the information presented below for Chambersburg Corp for 2017 and </em>

<em>2016 to answer the questions that follow. Chambersburg uses the straight-line depreciation method. 2017 2016 Property, plant, and equipment $ 250,000 $190,000 Accumulated depreciation 100,000 85,000 Depreciation expense 62,500 47,500 Net sales 1,000,000 900,000 Average Total assets 625,000 475,000 Refer to the information for</em>

<em>Chambersburg Corp Between 2016 and 2017, Chambersburg sold some equipment that had an original cost of $57,500 . Which statement is most likely true concerning transactions that must have occurred during the period? </em>

<em>a. Chambersburg also purchased additional equipment during the year. </em>

<em> b. The selling price of the equipment sold was reported with net sales. </em>

<em> c. The equipment that was sold had a book value of $12,500. </em>

<em> d. The equipment sold had not been reported with Chambersburg's property, plant and equipment.</em>

<em />

The only applicable answer based on the question is A, <em>Chambersburg also purchased additional equipment during the year. </em>

Explanation:

A. Between 2016 and 2017 <em>Property, plant, and equipment increased by $60,000 (which is $250,000 minus $190,000)</em>

<em />

B. Between 2016 and 2017 Depreciation expense on <em>Property, plant, and equipment increased by $15,000 (which is $62,500 minus $47,500)</em>

<em />

<em>Meaning attributable depreciation to the new addition to PPE of $60,000 is actually $15,000.</em>

<em />

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3 0
3 years ago
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