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yuradex [85]
3 years ago
11

Wilson Company had the following cash balance items listed in its trial balance at 12/31/2021: Peterson Savings and Loan: $ 50,0

00 Right Bank: (5,000) Clinton County Trust Bank: 10,000 If Wilson reports under U.S. GAAP, its 12/31/2021 balance sheet would show what cash balance?
Business
1 answer:
lisabon 2012 [21]3 years ago
7 0

Answer:

$55,000

Explanation:

Given that,

Trial balance at 12/31/2021:

Peterson Savings and Loan = $ 50,000

Right Bank = (5,000)

Clinton County Trust Bank = 10,000

Therefore,

The Cash Balance will be :

= Peterson Savings and Loan + Trust Bank - Right Bank

= $50,000 + $10,000 - $5,000

= $55,000

The Cash Balance would be $55,000.

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To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southw
larisa86 [58]

Answer:

See Explanation section

Explanation:

We know,

Profit = Sales - Expenses

To find the total seminar profit, we have to determine the number of newly opened accounts. As it is binomial distribution, we have to make an equation to reach out the seminar profit -

Therefore, the profit equation = (new opened account × Sales commission) - Fixed seminar costs

Since we do not know how many attended open account, the profit equation of seminar = (New open account × $5,300) - $3,700

6 0
3 years ago
please discuss the similarities and differences between transformational and charismatic leadership. Choose an individual that q
Nookie1986 [14]

Answer:

The transformational leaders are bureaucratic and charismatic are people oriented in nature.

Explanation:

  • The charismatic leaders are also called as the transformational leaders and shares various things.
  • Charismatic leaders make their status better and transformational leaders focus on the transformation of the organization's vision. The main difference is the focus and the audience.
  • The charismatic leaders are committed and have engaging personalities like martin Luther king as his speeches were often more tangible than other leaders and used to have a huge influence on the people he met.
  • The charismatic leaders are more emotionally attached to their audience. They work towards an emphasis on the greater good. More people-oriented.

6 0
3 years ago
Carter Corporation made sales of $900 million during 2016. Of this amount, Carter collected cash for $871 million. The company's
CaHeK987 [17]

Answer: (a) $295 million

(b) $326 million

Explanation:

Given that,

Sales = $900 million during 2016

Cash = $871 million

Cost of goods sold = $280 million

Expenses for the year totaled = $325 million

Paid for Inventory = $375 million

Paid for everything else = $285 million

Beginning cash = $115 million

(a) Net Income = Sales - Cost of goods sold - Expenses for the year totaled

                        = $900 - $280 - $325

                        = $295 million

(b) Carter's cash balance at the end of 2016:

= Cash + Beginning cash - Paid for Inventory - Paid for everything else

= $871 + $115 - $375 - $285

= $326 million

4 0
3 years ago
Which of the following is not an essential part of the accounting records?
Molodets [167]

Answer:

D. The worksheet

Explanation:

Accounting records are documents used to analyze and prepare financial statements. Accounting records are also documents which can be used to assess the performance of a company and also serves as source of records for audit purposes.

The followings are essential parts of accounting records; balance sheet, statement of cash flow, the ledgers , the journals, income statements etc.

7 0
3 years ago
Suppose that a demand curve exhibits two points. Initially, at price P 0 P0 , the quantity demanded is Q 0 Q0 . When price chang
Vinvika [58]

Answer:

Price Elasticity of Demand= \frac{Percentage change in Demand}{Percentage change in Price}

At Price = P_{0}

Quantity demanded = Q_{0}

At Price = P_{1}

Quantity Demanded = Q_{1}

Now,

Percentage change in Demand = \frac{(Q_{1} - Q_{0})}{Q_{0}}

Percentage change in Price = \frac{(P_{1} - P_{0})}{P_{0}}

Price Elasticity of Demand = \frac{\frac{(Q_{1} - Q_{0})}{Q_{0}}}{\frac{(P_{1} - P_{0})}{P_{0}}}

Above formula if used will give the correct answer related to Price Elasticity of Demand.

Another variant of above formula is also being used on prominent basis.

Price Elasticity of Demand = \frac{\frac{(Q_{1} - Q_{0})}{(Q_{1} + Q_{0})} }{\frac{(P_{1} - P_{0})}{P_{1} + P_{0}} }

Utilization of any of the above Formula will give the ideal outcome in estimating Price elasticity of demand.

5 0
3 years ago
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