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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

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Blanchard Company manufactures a single product that sells for $180 per unit and whose total variable costs are $135 per unit. T
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Answer:

Part (a)

At the break-even position, the Income Statement is as under:

Sales   12500 * $180                     $2,250,000

Variable costs  12500 * $135       <u>(</u><u>$1,687,500</u><u>)</u>

Contribution Margin                       $562,500

Fixed Cost                                      <u>($562,500)</u>

Profit for the year                              $0

Part (B)

The sales required to breakeven due to increased fixed cost is $2,790,000

Explanation:

The breakeven point at normal fixed costs is:

Breakeven Point = Fixed Cost / Contribution per unit

Putting values we have:

Breakeven Point = $562,500 / ($180 - $135)  = 12500 Units.

If the fixed costs increases by $135,000 which means the fixed cost becomes $697,500 then the breakeven point increases to:

Breakeven Point = $697,500 / ($180-135) = 15500 Units

The Sales required in dollars to breakeven on this new fixed cost level is:

Breakeven Sales = 15500 Units * 180 = $2,790,000

6 0
3 years ago
Yojayna works for a manufacturing company. She meets with her boss once a week to review how well the company is meeting the tac
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Answer:

She is a middle manager

Explanation:

As for the details provided,

Yojayna has a senior manager, to whom she meets once in every week to discuss the plan, and the achievements so far.

Thus, she is not the top most manager.

Further, she coordinates with supervisors who regulate the operations of employees on daily basis.

Thus, she is a manager to them.

Therefore, she is a middle level manager. Who works according to senior management, and then regulates the work of supervisors also.

8 0
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A company incurs advertising costs of $10,000. The company's three selling departments have the following sales: Department 1—$1
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Answer:

The amount of advertising allocated to:

Department 1: $1,250

Department 2: $3,750

Department 3: $5,000

Explanation:

Total sales of the company = Sales of Department 1 + Sales of Department 2 + Sales of Department 3 = $10,000 + $30,000 + $40,000 = $80,000

Percent of sales of three selling departments:

Department 1 = ($10,000/$80,000)x100% = 12.5%

Department 2 = ($30,000/$80,000)x100% = 37.5%

Department 3 = ($40,000/$80,000)x100% = 50%

Advertising is allocated based on percent of sales. The amount of advertising allocated to:

Department 1 = 12.5% x $10,000 = $1,250

Department 2 = 37.5% x $10,000 = $3,750

Department 3 = 50% x $10,000 = $5,000

5 0
3 years ago
Best Appliances owns​ 90% of the voting stock of​ Wratchet, Inc. Which of the following is​ true? A. Wratchet would be considere
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Answer:

B. Best would be considered the parent entity.

Explanation:

When a company owns another companies stock of 90% or more it would be considered as parent entity. The parent entity can control the the subsidiary. The financial statements will be consolidated into parents companies accounts.

6 0
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Shelley’s Salsa produces and sells organic salsa. Last year it sold 3 million tubs of salsa at a price of $3 per tub. For last y
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Answer: Option B

Explanation:

A. Explicit cost are the cost paid to others in return of their service. Hence Option A is incorrect.

B. Revenue is the total amount of earnings a company have before deducting for expenses. Hence Option B is correct.

C. Accounting profit means (Revenue - explicit cost) . Hence Option C is incorrect.

D. Economic profit means (Revenue - explicit cost - implicit cost) . Hence Option  D is incorrect.

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3 years ago
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