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Kryger [21]
3 years ago
14

Mayo Corp. has estimated that total depreciation expense for the year ending December 31, 2021 will amount to $600,000, and that

2021 year-end bonuses to employees will total $1,200,000. In Mayo's interim income statement for the six months ended June 30, 2021, what is the total amount of expense relating to these two items that should be reported?
Business
1 answer:
Mariulka [41]3 years ago
5 0

Answer:

$900,000

Explanation:

Depreciation for the year      $600,000

Employee Bonuses              $1,200,000

Total expense for the year    $1,800,000

Expense to be reported in interim income statement 1,800,000/2=$900,000

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Raising Bulls, Inc., has current assets of $5,100, net fixed assets of $23,800, current liabilities (payables and accruals) of $
Elenna [48]

Answer:

<em>Total Shareholders’ Equity</em>

Total Shareholders’ Equity = Total Assets − Total LiabilitiesTotal

Shareholders’ Equity = {(Current Assets + Net Fixed Assets) − (Current liabilities + Long term debt)}

Total Shareholders’ Equity = {($5,100 + $23,800) − ($4,300 + $7,400)}

Total Shareholders’ Equity = $28,900 − $11,700

Total Shareholders’ Equity = <u><em>$17,200</em></u>

<em>Net-working capital?</em>

Net-working Capital = Current assets - Current liabilities

Net-working Capital = Current assets - Current liabilities (payables and accruals)

Net-working Capital = $5,100 - $4,300

Net-working Capital = <u><em>$800</em></u>

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<em>If you find this helpful rate be brainliest please. Thanks. </em>

8 0
3 years ago
Riley, age 16, and Samuel, age 36, enter into a contract in which Riley will sell Samuel his car for $11,000. The next day, Samu
Olin [163]

Answer: The answer is that Riley cannot enforce the contract because he is a minor.

Explanation:

Contract is an agreement between two or more individuals which is enforceable by the law. For a contract to be considered valid in law it must contain some essential elements such as the following

Offer: This is the person who is making the offer in the contract agreement, known as the offeror

Acceptance : This is the person who is willing to accept the offer, known in this case as the offeree.

Consideration : The law states that, all simple contract must be supported by value consideration known as price.

Intention to create legal relations :The parties in contract must agree to enter into a legal relationship as regard the contract.

Capacity : The law also states that, The parties in contract must be capable of entering into contract at the time of coming into the contract. In other words, the person must be of age of 18 years and above.

Legality : The contract must not contrary to the law , it must be seen to be legal according to the law .

Therefore, in the question under review, Riley is 16 years, by law he is a minor, he has not fulfilled one of the essential elements of a valid contract which is capacity. The law states that, any contract enter into with a minor is null and void according to law.because, as at the time of entering into the contract such a minor is not capable of entering into the contract. Therefore, Riley will not be able to enforce the contract because he is a minor.

3 0
3 years ago
A private investment club has $300,000 earmarked for investment in stocks. To arrive at an acceptable overall level of risk, the
Alexeev081 [22]

Answer:

Investment in low risk=$150,000

Investment in medium risk =$30,000

Investment in high risk=$120,000

Explanation:

✓We can denote the investment in high risk as $x

✓ We can denote the investment medium risk as $y

✓We can denote the investment in low risk as($x + $y)

The summation of the investment = x + y +( x + y )= $300,000

If we add the like-terms together we have,

2x + 2y = $300,000

If we divide the both sides by 2, we have

x+y = 150,000

If we make "x" as subject of the formula, we have

x =150,000 -y •••••••••••eqn(**)

Total return on investments is

0.15x +0.10y +0 .06(x+y) = $30,000••••••••••••••••••••••••••••eqn(#)

Substitute for x from eqn(**) into equation (#)

0.15(150,000 -y) + 0.10y + 0.06(150,000-y +y) = 30,000

22500-0.15y+0.10y+9000= 30,000

0.05y=1500

y=1500/0.05

y=30,000

Recall, x =150,000 -y

Then

x = 150,000 - 30,000 = 120,000

y=30,000

x=120,000

Investment in low risk = x + y

= 30,000+120,000= 150,000

Hence, the investment in high risk

is $120,000, the investment medium risk is $30,000 and the investment in low risk is $ 150,000.

3 0
3 years ago
An economy that maximizes its scarce resources and can deliver the right goods in the right quantity to the right people at the
AlekseyPX

Answer: Efficiency.

Explanation:

An economy is said to be efficient if the economy is able to make the best use of the available resources found in that economy, in meeting the needs of consumers within the economy and even exporting to consumers found in other economies.

7 0
3 years ago
Below are Company Y's financial statements:
kow [346]

Answer:

Company Y

The external financial needed is:

= $1,290.

Explanation:

a) Data and Calculations:

Company Y's financial statements:

Income Statement

Sales                    $7,900

Costs                     5,500

Taxable income $2,400

Taxes (25%)            600

Net income        $1,800

Balance Sheet

Current assets          $3,900

Fixed assets                8,600

Total assets             $12,500

Current liabilities       $2,100

Long-term debt           3,700

Equity                          6,700

Total liab. & equity $12,500

Projected Income Statement:

Sales                    $9,085 ($7,900 * 1.15)

Costs                     6,325 ($5,500 * 1.15)

Taxable income $2,760

Taxes (25%)            690

Net income        $2,070

Dividends = 40% $828

Retained earnings $1,242

Projected Balance Sheet

Current assets          $4,485 ($3,900 * 1.15)

Fixed assets                9,890 ($8,600 * 1.15)

Total assets             $14,375

Current liabilities       $2,415 ($2,100 * 1.15)

Long-term debt           4,018 ($14,375 - 2,415 - 7,942)

Equity                          7,942 ($6,700 + $1,242)

Total liab. & equity $14,375

Working capital = $2,070 ($4,485 - $2,415)

Capital expenditure = $1,290 ($9,890 - 8,600)

External financing needed = Net income minus (working capital plus capital expenditure)

= $2,070 - ($2,070 + 1,290)

= $1,290

7 0
3 years ago
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