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stepladder [879]
3 years ago
12

Precision Camera Services started the year with total assets of​ $120,000 and total liabilities of​ $40,000. The company is a so

le proprietorship. The revenues and the expenses for the year amounted to​ $140,000 and​ $50,000, respectively. During the​ year, there were no new capital contributions and the owner withdrew​ $45,000. What is the amount of​ owner's equity at the end of the​ year?
Business
1 answer:
eimsori [14]3 years ago
3 0

Answer:

$125,000

Explanation:

Opening values of;

Total assets =​ $120,000

Total liabilities = $40,000

Total equity = $120,000 - $40,000 = $80,000

During the year,

Total revenues = $140,000

Total expenses = $50,000

Withdrawal by owner = $45,000

The amount withdrawn by the owner reduces the owners equity. This may be deducted from the net income.

Net income from the year = $140,000 - $50,000 - $45,000

                                           = $45,000

This will be added to the opening owner's equity to get the closing owner's equity.

Owner's equity at the end of the​ year = $80,000 + $45,000  

                                                               = $125,000

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Weiland Co. shows the following information on its 2016 income statement: sales = $162,500; costs = $80,000; other expenses = $3
wel

Answer:

The 2016 operating cash flow is $56,905

Explanation:

The computation of the operating cash flow is shown below:

Operating cash flow = Sales - costs - other expenses - depreciation expenses  - taxes + depreciation expense

= $162,500 - $80,000 - $3,300 - $9,000 - $22,295 + $9,000

= $56,905

The interest expense should not be considered in the computation part. Hence, ignored it

7 0
3 years ago
You purchased five call option contracts with a strike price of $22.50 and an option premium of $.48. You held the option until
Wittaler [7]

Answer:

You lose your premium <em>$</em><em>240</em> down the drain.

Explanation:

-$240

Total Loss= 5*(100 x -$0.48)= -$240

Good luck mate! Options are very risky.

7 0
2 years ago
Melody and Todd are married and have employee wages of $250,000 each in 2019. They have no other income. How much additional 0.9
sasho [114]

Answer:

$1,350

Explanation:

The computation of the amount pay or received as a refund at the time of filing the income tax return for the year 2019 is shown below:

As we know that

The Medicare tax rate is 1.45% till $200,000

And, if it is above $200,000 than 2.35% is charged (1.45% + 0.9%)

Now

For individually calculated,

Melody = ($200,000 × 1.45%) + ($50,000 × 2.35%) = $4,075

Todd = ($200,000 × 1.45%) + ($50,000 × 2.35%) = $4,075

So, the total is

= $4,075 + $4,075

= $8,150

Now if they filling their joint return so

Total salary is $500,000   ($250,000 × 2)

Medicare upto $250,000 = $3,625 ($250,000 × 1.45%)

for remaining $250,000 = $5,875 ($250,000 × 2.35%)

So, the Total is

= $3,625 + $5,875

= $9,500

Now the refund is

= Joint return - individually return for each one

= $9,500 - $8,150

= $1,350

4 0
3 years ago
Dalton Industries makes all purchases on account, subject to the following payment pattern: Paid in the month of purchase: 25% P
sladkih [1.3K]

Answer:

The firm's budgeted payments in March is $206,500

Explanation:

The purchase pattern is categorized into three percentage  : 25%, 55% , and 20%

Here, following month is considered to be a month which is before than actual month.

The firm's budgeted payments in March is computed below:

= 25% of march month + 55% of February month + 20% of January month

= 25% × $240,000 + 55% × $190,000 + 20% × $210,000

= $60,000 + $104,500 + $42,000

= $206,500

Thus, the firm's budgeted payments in March is $206,500

5 0
3 years ago
Jorge has $300 for work he performed. He expects to spend the money in the next few weeks to buy a new bike. Which type of accou
salantis [7]
The correct option is D.
Checking account is appropriate for Jorge in this situation because he plans to remove the money from his account in a few weeks time.
The major difference between saving account and checking account is that, saving account is majorly used to save and accumulate money for a medium or long time goals or for emergencies. The banks can count on the money staying in saving account for some time and a great part of it is not hold on reserve.
But a checking account is an instant access account. Money put in this account are usually hold in reserve by the banks because the owners can decided to withdraw at any time; banks can lend out money from checking accounts, so they make money on the accounts by charging fees.
4 0
3 years ago
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