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oksano4ka [1.4K]
3 years ago
7

The following information pertains to Sooner Company's cash balance and bank reconciliation as of August 31: Company balance bef

ore reconciliation $5,000 Checks outstanding $2,500 Notes collected by the bank $2,200 Service fee $50 Deposits outstanding $2,000 What is the correct cash balance for Sooner Company?
(A) $5,150.
(B) $7,650.
(C) $7,150.
(D) $7,250.
Business
1 answer:
MAXImum [283]3 years ago
6 0

Answer: The correct cash balance for Sooner Company is "(C) $7,150."

Explanation: The balance of the company before the settlement was $ 5000. The data to take into account to adjust the differences are:

Notes collected by the bank $ 2,200

Service fee $ 50

<u>Therefore: 5000 + 2200 - 50 = $7150</u>

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The Donaldson Furniture Company produces three types of rocking​ chairs: the​ children's model, the standard​ model, and the exe
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Answer and Explanation:

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

We assume that

X = No. of children

Y  = Standard type

Z = Executive type

So,

5x + 4y + 7z = 185.........(1)

3x + 2y + 5z = 115.........(2)

2x + 2y + 4z = 94

x + y + 2z = 47.........(3)

Equation (2) multiply by 2

6x + 4y + 10z = 230

From equation (1) to (2)

5x + 4y + 7z = 185

6x + 4y + 10z = 230

-x + 0 - 3z = -45

x + 3z = 45.......(4)

Equation (3) multiply by 4

4x + 4y + 8z = 188

From equation (1) to (3)

5x + 4y + 7z = 185

4x + 4y + 8z = 188

x + 0 - z = -3

- x + z = 3……(5)

From equation (5) to (4)

x + 3z = 45

-x + z = 3

4z = 48

Executive type = Z = 48 ÷ 4 = 12

Z = 12 in equation (5)

-x + 12 = 3

x = 9 (children type)

x=9, z=12 in equation 1

5x + 4y + 7z = 185

5 × 9 + 4 × y + 7 × 12=185

45 + 4 × y + 84 = 185

4y = 56 ÷ 4

Y= 14(Standard type)

8 0
2 years ago
Which careers are apart of the Finance career cluster?
elena-s [515]

Answer:

D, most likely

Explanation:

3 0
2 years ago
Read 2 more answers
MGM Resorts Incorporated is expected to grow at an exceptionally high rate over the next 2 years due to the success of Macau cas
Burka [1]

Answer:

The value of a share of MGM Resorts stock today will be $16.42

Explanation:

In order to calculate the value of a share of MGM Resorts stock today we would have to calculate the following steps:

Step-1, Dividend for the next 2 years

Dividend per share in Year 0 (D0) = $1.20 per share

Dividend per share in Year 1 (D1) = $1.4400 per share [$1.20 x 120%]

Dividend per share in Year 2 (D2) = $1.7280 per share [$1.4400 x 120%]

Step-2, Share Price in Year 2

Dividend Growth Rate after Year 2 (g) = 4.00% per year

Required Rate of Return (Ke) = 14.00%

Share Price in Year 2 (P2) = D2(1 + g) / (Ke – g)

= $1.7280(1 + 0.04) / (0.14 – 0.04)

= $1.7971 / 0.10

= $17.97 per share

Step-3, The Current Stock Price

As per Dividend Discount Model, Current Stock Price the aggregate of the Present Value of the future dividend payments and the present value the share price in year 2

Year      Cash flow ($)        PVF at 14.00%           Present Value of cash flows ($)

                                                                             [Cash flows x PVF]

1            1.4400                   0.877193                           1.26

2           1.7280                  0.769468                          1.33

2            17.97                   0.769468                          13.83

TOTAL   16.42

Hence, the value of a share of MGM Resorts stock today will be $16.42

6 0
3 years ago
Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is ava
o-na [289]

Answer: Cost per unit $15.2, cost of good sold $10,640

Explanation:

Weighted Average cost per unit = 15,200/1000

= $15.2

Ending inventory (400 × 15.2)

= 6,080

Cost of good available for sale = 15,200

Cost of good sold (700 × 15.2)

= $10,640

8 0
3 years ago
The following information ($ in millions) comes from a recent annual report of Amazon, Inc.:
tino4ka555 [31]

Answer:

(a) Amazon's balance in cash at the beginning of the year is $1,085 million

(b) Amazon's total liabilities at the end of the year is $3,914 million

(c) Cost of goods sold for the year is $8,264 million

(d)  Income before income tax for Amazon is $366 million

Explanation:

(a) Beginning cash balance = Ending cash balance - net increase in cash for the year

= $1,104 million - $19 million

= $1,085 million

(b) Total assets = Total liabilities + Total stockholders' equity

$4,417 million = Total liabilities + $503 million

Total liabilities = ($4,417 - $503) million

= $3,914 million

(c) Cost of goods sold = net sales - gross profit

= $10,722 million - $2,458  million

= $8,264 million

(d)  Income before income tax = Gross profit - operating expenses - other expenses

= $2,458 million - $2,062 million - $30 million

= $ 366 million

4 0
2 years ago
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