Answer: $11,200
Explanation:
Using the accounting equation:
(Total Assets) = (Total Liabilities) + (Total Capital)
So,
(Total Liabilities) = (Total Assets) - (Total Capital) (1)
Based on equation (1), in order to compute for the total liability, we need to compute the total assets and total capital.
At the end of the first year, the following are the assets Shapiro's consulting services (together with the amount):
Cash: $16,000
Office Supplies: $3,200
Equipment: $24,000
Accounts Receivable: $8,000
TOTAL ASSETS $51,200
Note that the total assets is obtained by adding the amount (or value) of the all the assets listed above.
Since the net income is an increase (or decrease if it's a net loss) of capital, we classify net income as capital. In particular, the net income of Shairo's at the end of first year adds to the capital at the start of first year.
Moreover, the withdrawal of money by the owner also decreases the capital.
Thus, the total capital at the end of first year is calculated as follows:
Capital (start of the year): $15,000
Net Income (end of year): $27,000
Withdrawal Amount: ($2,000)
TOTAL CAPITAL: $40,000
Note: ($2,000) means -$2,000. This notation is used in accounting.
Hence using equation (1), the total liabilities at the end of first year is given by
(Total Liabilities) = (Total Assets) - (Total Capital)
= $51,200 - $40,000
Total Liabilities = $11,200
6,200 pounds of raw materials should be purchased in July.
<h3>
What are raw materials?</h3>
- Raw materials are the goods or inventories required by a company to make its products.
- Steel, oil, corn, grain, gasoline, lumber, forest resources, plastic, natural gas, coal, and minerals are examples of raw materials.
The raw material purchases for July are computed as follows:
- Required production in units of finished goods.
- Units of raw materials needed per unit of finished goods.
- Units of raw materials are needed to meet production.
- Add desired units of ending raw materials inventory.
- Total units of raw materials needless units of beginning raw materials inventory.
- Units of raw materials to be purchased.
71,000 pounds × 10% = 7,100 pounds.
62,000 pounds × 10% = 6,200 pounds.
Therefore, 6,200 pounds of raw materials should be purchased in July.
Know more about raw materials here:
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The correct question is given below:
If 71,000 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July?
Answer: See explanation
Explanation:
It should be noted that:
Working capital = Current assets - Current liabilities
$356000 = $412000 - Current liabilities
Current liabilities = $412000 - $356000
Current liabilities = $56000
Stockholders equity = Total asset - Total liability
Total asset = $412000 + $524000 = $936000
Total liabilities = $56000 + $274000
= $330,000
Stockholders equity = Total asset - Total liability
= $936000 - $330000
= $606000
Answer:
Dr Bond Payable 2,100,000
Dr Loss on bond redemption 152,250
Cr Discount on bond 47,250
Cr Cash 2,205,000
(to record the redemption on bond as at Jul 1st 2022 at 105%)
Explanation:
As Bond redemption takes place, the Bond payable account ( which has the Credit side) and Discount on bonds payable ( which has the Debit side) should be fully lifted out of the Balance Sheet. Thus, we Debit Bond redemption by the recorded amount of $2,100,000 and Credit Discount on bonds at the recorded amount of $47,250.
The Cash paid out for bond redemption is 2,100,000 x 105% = $2,205,000 which is credited as cash decreases.
The difference between Debit and Credit side of the 03 entries described above ( 2,205,000 - 2,100,000 - 47,250 = 152,250) will be recorded as Debit to Loss on bond redemption account.
The answer is ''Morris'' and his <span>compatriots designed furniture, stained glass, tiles, wallpaper, and fabrics.
This is in reference to William Morris a 19th century English artist who known as the most celebrated and influential individual in the Arts & Crafts movement.
He was also a poet, a political thinker and a typographer
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