1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
riadik2000 [5.3K]
3 years ago
7

Mandy and Jeff have a net worth of $25,000 and total assets of $140,000. If their revolving credit and unpaid bills total $2,200

, what are their total liabilities?
a. $115,000
b. $140,000
c. $142,200
d. $165,000
e. $167,200
Business
1 answer:
sukhopar [10]3 years ago
7 0

Answer:

A) $115,000

Explanation:

Total liability is defined as the total or sum of all obligations a firm has to others or third party. Total liability is comprised of both the current liabilities (obligations due within a year) and Long-term liabilities (obligations due from 2 years and above).

The formula for total liability that is relevant to this question is as follows;

Total assets = Total Liabilities + Net worth

$140,000= Total Liabilities + $25,000

Total Liabilities = $140,000-$25,000

= $115,000

Note that the bill of $2,200 was not considered because it is already a part of total liabilities, meaning it is already accounted for in $115,000

You might be interested in
Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sale of products $66,000 Ca
riadik2000 [5.3K]

Answer:

$23,500

Explanation:

Net income is arrived at by deducting relevant expenses for the year from the gross income for the year. In this question, sales income is used to represent gross income. The net income can therefore be calculated as follows:

Net Income = Sales income - Expenses other than rent and interest - Rent - Interest

Net Income = $66,000 - $40,000 - [$45,000 × (1/18)] - 0

                    = $66,000 - $40,000 - $2,500 - 0

                    = $23,500

Therefore, net income is Yolanda's net income $23,500.

Note that [$45,000 × (1/18)] is used to calculate rent for only one which is December of the calendar year since the rent was paid for 18 months.

8 0
3 years ago
Equired: 1-a. the marketing manager argues that a $10,000 increase in the monthly advertising budget would increase monthly sale
Elza [17]
Fixed expenses are $76,000 per month and the company is selling 4,600 units per month.

3 0
3 years ago
If Nintendo lowers the price of its product by $10, Sony responds by lowering the price of its own product by $10. The following
yuradex [85]

Answer:fg yvhjbnkhnb vgfffff

Explanation:

4 0
3 years ago
In 2018, Grant’s personal residence was completely destroyed by fire. Grant was insured for 100% of his actual loss, and he rece
gizmo_the_mogwai [7]

Answer:

(E) $0

Explanation:

The answer is $0  

because you can only deduct losses not reimbursed or reimbursable by insurance or other means. The losses from casualty item are not deductible.

So, the correct answer is  (E) $0

5 0
3 years ago
Which of the following resistances to change is implicit?A) strikeB) increased errorC) resignationD) complaintE) work slowdown
postnew [5]

Answer: Increased error

Explanation: In simple words, resistance to change refers to the situation when the individuals that are going to be affected from such a change consider that as a threat.

Above all of the following options only the increased error will be implicit as it would not be detectable without checking.

Hence from the above we can conclude that the correct option is B.

4 0
3 years ago
Other questions:
  • Comfy Mattresses, Inc., is opening a new plant in Orlando, Florida. Ron Lane, distribution manager, has been asked to find the l
    9·1 answer
  • You and your best friend have decided to start a small coffee shop together while in college. Though you have been friends since
    12·1 answer
  • The Engine Division provides engines for the Tractor Division of a company. The standard unit costs for the Engine Division are:
    6·1 answer
  • Suppose that the opportunity-cost ratio for fish and lumber is 1F ≡ 1L in Canada but 2F ≡ 1L in Iceland. Then ____________ shoul
    12·1 answer
  • Whats y'alls fav basketball team?
    9·2 answers
  • Spartan Corporation, a U.S. corporation, reported $2 million of pretax income from its business operations in Spartania, which w
    9·1 answer
  • Consider a perfectly competitive market in which all firms have the same costs. Choose the statement that is incorrect.
    15·1 answer
  • 1. Using a plantwide overhead rate based on cases, compute the overhead cost that is assigned to each case of Extra Fine Salsa a
    11·1 answer
  • Like other limited liability companies, for federal jurisdictional purposes, Rodeo Productions LLC is most likely a citizen of
    7·1 answer
  • Theresa spends 2 hours working instead of watching tv with her friends. The opportunity cost to her of working is.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!