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sp2606 [1]
3 years ago
12

The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. * Capital Stock was

issued in exchange for $360,000 cash. * Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance. * Made a $35,000 cash payment on the note payable from the purchase of equipment. * Sold a piece of equipment for cash of $18,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March
Business
1 answer:
Valentin [98]3 years ago
6 0

Answer:

$445,000

Explanation:

Calculation for the total assets of Quality Galleries at the end of March

First step is to find the balance in the Cash account at the end of March

Cash account balance =$360,000 - $60,000 - $35,000 + $18,000

Cash account balance = $283,000

Now that we have know the Cash account balance the Second step is to calculate for total assets at the end of March

Total assets = $283,000+ $180,000 - $18,000

Total assets = $445,000

Therefore the total assets of Quality Galleries at the end of March will be $445,000

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alexandr402 [8]

A manager's operation had sales this period of $89,775. last period sales were $85,500. So the manager's percentage sales increase for this period when compared to last period was 5% .

The percentage increase is the measure of the percentage change. The percentage increase is defined as the ratio of increased value to the original value and then multiplied by 100. Here the increased value can be calculated by taking the difference between the final value and the initial value. The formula to calculate increase is given by -

Percentage Increase = [(Final value – Original value) × 100] / Original value %

In this case,  original value is $85500 and the final value is $89775, then the percentage increase is:

Percentage Increase = [(89775-85500) ×100]/85500

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So, the percentage increase  will be 5% .

To learn more about percentage increase here

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When firms are said to be price takers, it implies that if a firm raises its price: a. buyers will go elsewhere. b. buyers will
MatroZZZ [7]

Answer:

The correct answer is a. buyers will go elsewhere.

Explanation:

This situation occurs when there is competition, that is, other businesses that offer the same or similar products as those of a particular company. In this scenario, the potential buyer will notice the difference according to their previous experiences and will find a way to acquire products from another brand that offer the same satisfaction as the product that rose in price. You must be very cautious with this practice, since it can end up damaging the operation, and in the worst case, leading to bankruptcy.

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The correct answer to this open question is the following.

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Answer:

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