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dolphi86 [110]
3 years ago
11

Riverside Fertilizer Co. owns the following assets at the balance sheet date: Cash in the bank—savings account $ 8,000 Cash on h

and 1,100 Cash refund due from the IRS 1,000 Checking account balance 12,000 Postdated checks 500
What amount should be reported as Cash in the balance sheet?
Business
1 answer:
Vlada [557]3 years ago
4 0

Answer:

The correct answer is $21,100.

Explanation:

According to the scenario, computation of the given data are as follows:

We can calculate the reported cash amount by using following formula:

Reported cash amount = Cash in bank + Cash on hand + Checking Account balance

Where,Cash in bank - savings account = $8,000

Cash on hand = $1,100

Checking Account balance = $12,000

So, Reported cash amount = $8,000 + $1,100 + $12,000

Reported cash amount = $21,100

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Answer:

Carpenter will have to pay taxes for a recognized gain of $150,000

Explanation:

When you are calculating taxes, you must use the adjusted a¿basis of the buildings.

Paul is exchanging a $450,000 building + $75,000 in cash for a $375,000 office building.

Paul's realized loss = $525,000 - $375,000 = $150,000

therefore Carpenter's recognized gain = $150,000

7 0
3 years ago
Company X currently has a capital structure that consists of 40% equity, 20% preferred equity, and 40% of debt. The risk-free ra
Sindrei [870]

Answer:

14.58%

Explanation:

WACC = weight of equity x cost of equity + weight of debt x cost of debt x (1 - tax rate) + weight of preferred equity x dividend yield

According to the capital asset price model: Expected rate of return = risk free + beta x (market rate of return - risk free rate of return)

r= 3% + 1.1 x 8 = 11.8

equity = 0.4 x 11.8% = 4.72

d = 0.4 x 5 x (1 -0.21) = 1.58

p = 0.2 x 6 =  1.2

11.8 + 1.58 + 1.2 =

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3 years ago
Country A prohibits trade with Country B due to political reasons. This is an example of _____. Country C restricts the number o
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Travelers to Europe usually exchange dollars for euros. Assuming that the euro supply is static, how does this currency exchange
otez555 [7]

Answer:

Increase demand for euros and Increase US dollar price of the Euro

Explanation:

The U.S travelers to Europe will require euros while in Europe. However, since the supply of euros is static i.e does not change with change in demand, there will be more people demanding for the euro resulting into increased demand for the euro. As a result, people will have to pay more US dollars to obtain euros thus increasing the US dollar price of the euro.

4 0
3 years ago
Valley Technology Balance Sheet As of March 11, 2020 (amounts in thousands) Cash 9,700 Accounts Payable 1,500 Accounts Receivabl
ollegr [7]

Answer:

total liabilities = accounts payable $11,500 + unearned revenue $7,500 + debt $65,900 + other liabilities $800 = $85,700

Explanation:

Cash 9,700 Accounts Payable 1,500 Accounts Receivable 4,500 Debt 2,900 Inventory 3,800 Other Liabilities 800 Property Plant & Equipment 16,400 Total Liabilities 5,200 Other Assets 1,700 Paid-In Capital 7,300 Retained Earnings 23,600 Total Equity 30,900 Total Assets 36,100 Total Liabilities & Equity 36,100

1. Buy $15,000 worth of manufacturing supplies on credit

Supplies                                           Accounts payable

debit                credit                       debit                credit

15,000                                                                       1,500

                                                         <u>                         15,000</u>

                                                                                  16,500

2. Issue $85,000 in stock

Cash                                                 Paid-In Capital

debit                credit                       debit                credit

9,700                                                                        7,300

<u>85,000                        </u>                     <u>                        85,000</u>

94,700                                                                     92,300

3. Borrow $63,000 from a bank

Cash                                                 Debt

debit                credit                       debit                credit

94,700                                                                      2,900

<u>63,000                         </u>                    <u>                        63,000</u>

157,700                                                                    65,900

4. Pay $5,000 owed to a supplier

Cash                                                 Accounts payable

debit                credit                       debit                credit

157,700                                                                     16,500

<u>                         5,000  </u>                    <u>5,000                          </u>

152,700                                                                     11,500

5. Receive payment of $12,000 owed by a customer

Cash                                                 Accounts receivable

debit                credit                       debit                credit

152,700                                            4,500                        

<u>12,000                         </u>                     <u>                         12,000</u>

164,700                                                                     7,500

Due to some strange reason, accounts receivable has a debit balance (= $4,500 - $12,000). Since that is not possible, the remaining part $7,500 must be included under unearned revenue:

Accounts receivable                       Unearned revenue

debit                credit                       debit                credit

                        7,500                                               0                        

<u>7,500                         </u>                       <u>                         7,500</u>

0                        0                                                      7,500

 

7 0
3 years ago
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