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amid [387]
4 years ago
13

December 31 Total assets Total liabilities

Business
1 answer:
Neporo4naja [7]4 years ago
6 0

Answer:

Net Income or Loss : a. 2019 = $53000  ; b. 2020 = $4000 loss ; c. 2021 = $43000

Explanation:

Assets - Liabilities = Capital  (Closing/Opening)

458000 - 317000 = 141000 (2019 Closing Capital)

Profit = Closing Capital - Opening Capital + Drawings - Additional Capital

A.  2019 Opening Capital = 100000 (Given)

2019 Closing Capital = A - L = 458000 - 317000 = 141000

2019 Profit = CC - OC - D + AC = 141000 - 100000 + 12000 =  53000

B. 2020 opening capital = 2019 Closing Capital = 141000

2020 closing capital = A - L = 538000 - 367000 = 171000

2020 Profit =  CC - OC + D - AC = 171000 - 141000 - 34000 = 4000 Loss

C. 2021 opening capital = 2020 closing capital = 171000

2021 closing capital = A - L = 668000 - 467000 = 201000

2021 Profit = CC - OC + D - AC = 201000 - 171000 + 25000 - 12000 = 43000

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What is the reward of entrepreneur​
Diano4ka-milaya [45]

Answer:

As an "entrepreneur" you can make money while doing things you like.

Explanation:

5 0
3 years ago
Suppose an ocean-front hotel rents rooms. In the winter, demand is: P_1 = 80 - 2Q_1 with marginal revenue of: MR_1 = 80-4Q_1. Ho
gizmo_the_mogwai [7]

Answer:

The ocean-front hotel maximize the rent at 10 rooms at a price of 60 each

Explanation:

We have to calculate to maximize the winter peak:

we maximize at marginal revenue = marginal cost

MR = 80 - 4q

MC = 20 + 2q

80 - 4q = 20 + 2q

60 = 6q

10 = q

Now we deteminate the cost of a room per night:

P = 80 - 2q = 80 - 2(10) = 60

6 0
3 years ago
Moss Co. has determined its year-end inventory on a FIFO basis to be $400,000. Information pertaining to that inventory is as fo
Shalnov [3]

Answer:

book value of Moss’s inventory = $388000

Explanation:

given data

year end inventory = $400,000

selling price =  $408,000

costs to sell = 20,000

to find out

book value of Moss’s inventory

solution

we know that inventory value should be low the cost or net realisable cost

so here net realisable cost will be

net realisable cost  = selling price - costs to sell

net realisable cost  = $408,000 - $20,000

net realisable cost  = $388000

so  book value of Moss’s inventory will be $388000 due to lower value

7 0
3 years ago
A type of coverage with a small face amount, typically purchased to pay the burial expenses of the insured, is called a(n) _____
Katarina [22]

Correct Question: A type of coverage with a small face amount, typically purchased to pay the burial expenses of the insured, is called a(n) _________ plan:

A. Family

B. Industrial

C. Interment

D. Annuity

Answer:

B. Industrial

Explanation:

Also called a pre need insurance, industrial insurance is the type of insurance that is procured to take care of future occurrence such as burial.

7 0
3 years ago
A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore
Natasha2012 [34]

Answer:

Option c is the correct answer.

Explanation:

The depletion expense or charge for the period can be calculated using the following formula,

Depletion expense = [(Cost - Salvage Value) / Total units expected to be mined] * Units mined during the period

Depletion expense = [(1500000 - 250000) / 2000000] * 150000

Depletion expense = $93750

The entry to record the expense is,

Depletion expense            93750 Dr

     Accumulated depletion         93750 Cr

So, option c is the correct answer.

7 0
3 years ago
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