Alex Meir recently won a lottery and has the option of receiving one of the following three prizes: (1) $70,000 cash immediately
1 answer:
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Answer:
210,421 Long-Term Liabilities
Explanation:
We are going to use the accounting equation to solve for long term liabilities
Total Assets
cash 23,015
Account Receivables 141,258
Inventory 213,000
other current assets 11,223
PPE 714,100
goodwill and other assets 78,656
Total Assets 1,181,252
common stock 311,300
retained earnings 512,159
Total equity 823,459
We use he accounting equation to get total liabilities:
1,181,252 - 823,459 = 357,793 Total Liabilities
Now we calcualte the short-term debt
126,257 Account Payable
21,115 short-term Note Payable
Total Current Liabilities 147,372
And with this, the diference between short-term adn total liabilities is the long-term liabilities
357,793 - 147,372 = 210,421 Long-Term Liabilities
Answer:
$6,000
Explanation:
Purchase price = $75,000
Remaining life = 75 months
The amortization amount for each month (Am) is given by the total purchase price divided by the remaining life of the copyright.
Since the purchase was made in July, there are 6 months left in the current year. Therefore, Jorge's total amortization amount during the current year is: