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3 years ago

Kolander Company has the following accounts and balances at the end of the year:

Business

1 answer:

Arte-miy333 [17]3 years ago

4 0

Answer:

$149,000

Explanation:

The basic accounting equation is; ASSETS = LIABILITIES + CAPITAL

Retained earnings is the missing figure in order to balance the equation. Salaries Expense will not be considered as it is an Income Statement item and not enough Data is provided to prepare an Income Statement.

ASSETS

Building $57,000

Land $41,000

Equipment $61,500

Accounts Receivable $31,000

Short-term investments $7,000

Cash and Cash Equivalents $82,000

Total Assets $279,500

LIABILITIES

Accounts Payable $38,000

Interest Payable $1,500

Income Taxes Payable $10,000

Long Term Notes Payable $56,000

Total Liabilities $105,500

EQUITY

Common Stock $25,000

Retained Earnings $149,000

Total Equity $279,500

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Answer:

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3 years ago

20. Which of the following is not a difference between monopolies and perfectly competitive markets? a. Monopolies can earn prof

Naily [24]

Answer:

The correct answer is option c.

Explanation:

A perfectly competitive market has a large number of buyers and sellers. The firms are price takers and the price is determined by the market forces. Thus the monopoly firms face a horizontal demand curve. This horizontal line represents price, average revenue, and marginal revenue. The equilibrium is obtained where price, (average revenue and marginal revenue) is equal to marginal cost. There is no restriction on entry and exit of firms in the long run. That's why firms face a break-even in the long run.

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3 years ago

Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $100,000 in sales during the seco

nydimaria [60]

Answer:

c) $20,000.

Explanation:

The computation of the estimated ending inventory is shown below:

We know that

Cost of goods sold = Beginning inventory + purchase made - ending inventory

And, the

Sales - gross profit = Cost of goods sold

$100,000 - $100,000 × 30% = Cost of goods sold

So, cost of goods sold would be

= $100,000 - $30,000

= $70,000

Now the ending inventory would be

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$70,000 = $90,000 - ending inventory

So, the ending inventory would be

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= $20,000

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3 years ago

which if the following may not be purchased on margin but can be used as collateral for a margin loan after being held for 30 da

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A mutual funds is the instrument that may not be purchased on margin but can be used as collateral for a margin loan after being held for 30 days.

<h3>What is purchased on margin?</h3>

This generally involves the act of getting a loan from your brokerage and then, using the money from such loan to invest in more securities than you can buy with your available cash.

Through the method, an investors can amplify their returns if their investments outperform the cost of the loan itself.

In conclusion, the mutual funds can be purchased on margin. However, it may be used as collateral for a margin loan after being held for 30 days.

Kolander Company has the following accounts and balances at the end of the​ year:

Kolander Company has the following accounts and balances at the end of the year: