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klasskru [66]
3 years ago
8

Based on the following information, determine the amount of equipment on the balance sheet. Total liabilities and owner's equity

equals $44,750; total current assets equals $19,800; land equals $15,000; and accumulated depreciation—equipment equals $1,550.
Business
2 answers:
hammer [34]3 years ago
6 0

Answer:

$9,950

Explanation:

The amount of equipment shall be determined through accounting equation which is given as follows:

Total Assets=Total liabilities+Total equity

Total assets=Current+Non current assets

Current assets+Non current assets=Total liabilities+Total equity

Non current assets=Cost of land+Cost of equipment-accumulated depreciation on equipment

Current assets+Cost of land+Cost of equipment-accumulated depreciation on equipment=Total liabilities+Total equity

Applying given data in the question to the above equation

$19,800+$15,000+Cost of equipment-$1,550=$44,750

$33,250+Cost of equipment=$44,750

Cost of equipment=$44,750-$33,250=$11,500

Amount of equipment on balance sheet=$11,500-$1,550=$9,950

Juli2301 [7.4K]3 years ago
6 0

Answer:

$11,500

Explanation:

the basic accounting equation:

assets = liabilities + shareholders' equity

liabilities + shareholders' equity = $44,750, so assets = $44,750

equipment account = total assets - current assets - land + accumulated depreciation

equipment account = $44,750 - $19,800 - $15,000 + $1,550 = $11,500

Accumulated depreciation is a contra-asset account that lowers the current value of the asset (in this case equipment) and is also included in the balance sheet with a credit balance.

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3 years ago
Whats considered a fixed assest
Igoryamba

Answer:

see below

Explanation:

Fixed assets are valuable items that cannot be converted into cash quickly. They are assets not meant for sale or consumption up in the current financial year.

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3 0
2 years ago
The Lynx Manufacturing Company produces components used in electronic toys. In fiscal year 2017, Lynx earned an accounting profi
Mice21 [21]

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The correct answer is option B.

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The accounting profit involves only explicit costs. While economic profit includes both explicit as well as implicit cost.

Here, the implicit cost is the opportunity cost of producing toys components. Lynx could have earned greater profit if it produced components for mobile phone and also could have saved cost of production.

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6 0
3 years ago
Suppose all individuals are​ identical, and their monthly demand for Internet access from a certain leading provider can be repr
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access from a certain leading provider can be represented as p​ = 5 minusone half q i.e 5 - 0.5q

Using the concept of two-part terrific which is a monopolistic market system, it is type of price discrimination where the price of goods and services are of two section namely; a lump-sum fee (expensive) as well as a per-unit charge .

Entry fees are set to be equal to the consumer surplus in the competitive equilibrium.

So we calculate our price and quantity in the competitive equilibrium first,  marginal cost is equal to price

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M = (5 - 1) * 8 / 2

M = 4 * 4

M = 16

the monthly access fee will be equal to $16.

5 0
3 years ago
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