All categories

4 years ago

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

You might be interested in

At the start of the month, Oak Inc. had 58,000 units of beginning work in process that were 65% complete. Over the course of the

Andreyy89

Answer:

According to these figures, Oak has more equivalent units of production for materials and fewer equivalent units of production for conversion costs than Maple

Explanation:

Oak EU:

Transferred units less percentage of completion beginning inventory plus completion on ending inventory

Materials:

208,900

58,000 x 40% (they were added the 40% at beginning but, not the remaining 60%)

59,400 x 100% (they reach the 70% threshold so the rest of the materials where added)

Equivalent units Materials 245100

Conversion:

208,900 - 58,000 x 65% + 59,400 x 70%

212780

Maple EU:

Materials:

210,500 - 61,200 x 40% + 52,400 x 100% =

238420

Conversion:

210,500 - 61,200 x 60% + 52,400 x 90% =

220940

Oak v Maple:

Materials:

Oak Maple

245100 > 238420

Conversion:

Oak Maple

212780 < 220940

4 0

3 years ago

A lifelong learner is committed to ________.

natulia [17]

Answer:

c. Both theoretical and applied learning

Explanation:

Throughout life, students learn the theories at college and university so they are adept at applying them in the real world. For example, a college student learns mathematical theories to use them in everyday life. As an adult, a student chooses a college degree in which he or she will specialize. Then he will learn the theories to use them in his working life. For example, a student learns economic theories at university and applies them later in his job as an economist.

5 0

3 years ago

Read 2 more answers

Knowledge Check 04 On December 29, 2015, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumul

KIM [24]

Answer:

Depreciation expense $2,000

To Accumulated depreciation - equipment $2,000

(Being the depreciation expense is recorded)

Explanation:

The journal entry is shown below:

Depreciation expense $2,000

To Accumulated depreciation - equipment $2,000

(Being the depreciation expense is recorded)

For recording this we debited the depreciation expense as it increased the expenses and credited the accumulated depreciation as it reduced the value of the fixed assets. This both items should be recorded for $2,000

8 0

3 years ago

Which data representation system utilizes both letters and numbers? binary decimal hexadecimal octal

kolbaska11 [484]

Answer:

The correct answer is letter "C": hexadecimal.

Explanation:

The hexadecimal numeral system is composed of ten digits from 0 to 9 and six letters from the English alphabet from A to F. Letter A is given the 10 value and F values 15. Though, the decimal system composed of numbers from 0 to 9 is the most used in calculations and the binary system (composed by 0 and 1) for programming.

8 0

3 years ago

According to mercantilism the accumulation of national wealth depended on the

g100num [7]

For the answer to the question above, the accumulation of national wealth depended on the increasing a nation's trade surplus according to mercantilism. The more you produce than what you import. It's like in business but in a bigger perspective.

4 0

3 years ago

Read 2 more answers