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SashulF [63]
3 years ago
6

Maxim Company had the following partial listing of accounts and balances at year-end: Cash, $7,000; Accounts Receivable, $6,000;

Accounts Payable, $15,000; Equipment, $23,000; Inventories, $5,000; Supplies, $1,000; Land, $75,000; Unearned Service Revenue, $13,000; and Prepaid Rent, $4,000. The total current assets for Maxim Company is ________.a. $19,000.
b. $23,000.
c. $149,000.
d. $98,000.
Business
2 answers:
lana66690 [7]3 years ago
5 0

Answer:

Explanation:

All the assets that are in cash or expected to be converted into cash within next one year are classified as Current Asset e.g cash, inventory etc.

Current Assets

Cash                             $7,000

Accounts Receivable  $6,000

Prepaid Rent,               $4,000

Inventories,                  $5,000

Supplies                      <u> $1,000 </u>

Total Current Assets   <u>$23,000</u>

The Following accounts are non current accounts, they belong to Fixed assets / non current assets and Liabilities.

Equipment, $23,000

Land, $75,000

Unearned Service Revenue, $13,000

Accounts Payable, $15,000

MrRissso [65]3 years ago
3 0

Answer:

B. $23,000

Explanation:

Recall that, assets are resources that an individual or an organization has which have future economic value that can be measured,

Thus,

Total current assets = Cash + account receivable + supplies + prepaid rents + inventories.

Therefore

Total current assets = 7000 + 6000 + 1000 + 4000 + 5000

= $23,000

Note: Land is not included in CURRENT asset. Land are longterm assets.

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The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $30 First
irakobra [83]

Answer:

Fifo Ending Inventory = $ 690

Explanation:

The first in first out method implies that only the units at the end are left out in the ending inventory.                

Fifo Ending Inventory = $ 690

10 units from third purchase at $ 35= $ 350

10 units from second purchase at $ 34= $ 340

Total 20 units FIFo method = $ 690

Working

         

                                                                  Total Cost

Beginning inventory        10 units at $30           $ 300

First purchase                 25 units at $32            $ 800

Second purchase            30 units at $34            $ 1020

Third purchase                10 units at $35            $ 350

6 0
3 years ago
This morning, you purchased a stock that will pay an annual dividend of $1.90 per share next year. You require a 12 percent rate
Luba_88 [7]

Answer:

The correct answer is $2.43.

Explanation:

The annual dividend is $1.90.

The expected rate of return is 12%.

The growth rate is 3.5%.

The current stock price will be

=\frac{dividend}{required rate of return-growth rate}

=\frac{1.90}{12-3.5}

=\frac{1.90}{0.085}

=$22.35

The stock price at year 3 will be

=\frac{dividend*(1-growth rate)^3}{required rate of return-growth rate}

=\frac{1.90*(1+0.035)^3}{12-3.5}

=\frac{1.90*1.10}{0.085}

=$24.78

The capital gain will be

=stock price at year 3-current stock price

=$24.78-$22.35

=$2.43

8 0
2 years ago
Electronic Superstore's inventory increases during the year by $4.5 million, and its accounts payable to suppliers increases by
Gnom [1K]

Answer:

$38.0 millions

Explanation:

Cash paid to suppliers of merchandise  = Cost of Goods Sold + Increase in inventory - Increase in accounts payable

Therefore, we have:

Cash paid to suppliers of merchandise = $40.0 millions + $4.5 millions - $6.5 millions = $38.0 millions

7 0
3 years ago
A given economy consists of markets A and B. All workers are equally skilled and choose jobs based only on wages. Due to an exog
blagie [28]

Answer:C. full efficiency in this market could be achieved even without reallocating workers between the two markets.

Explanation:

The marginal product of labour is the additional value that will be gained from production from employment of additional labour. The Entrepreneur will be willing to employ additional labour if the wages is lower than the marginal productivity and efficiency will only be achieved at that point.

Moving the labour from to market will not achieved efficiency in either market, for the wage rate is higher than the marginal product of labour in both market.

Increasing wage rate will reduce the efficiency and there is need to increase efficiency by making the marginal product of labour to be higher than labour rate.

4 0
3 years ago
"Tariffs and other trade restrictions increase the domestic scarcity of products from abroad. Such policies benefit domestic pro
serg [7]

Answer: A

Explanation: Tariffs are imposed on foreign goods that are bought into a country. There are several reasons for the imposition of tariff such as revenue generation for the government, prevention of dumping, and protecting local industries.

When tariffs and other trade restrictions are placed on a product, it increases the domestic prices of such products. This is a blessing to domestic producers selling similar products because there will be an increase in demand for domestic products

4 0
3 years ago
Read 2 more answers
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