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
Katen [24]
3 years ago
6

Michael Company reports the following account balances at the end of the first year of​ operations: Revenues $ 160 comma 000 Cos

t of Goods Sold $ 46 comma 000 Salaries Expense $ 21 comma 000 Dividends Declared and Paid ​$12,000 Utilities Expense $ 11 comma 000 Advertising Expense ​$10,000 ​Short-term Investments $ 14 comma 000 Cash $ 102 comma 000 Land $ 40 comma 000 Common Stock ​$50,000
What are total liabilities at the end of the first​ year?
Business
1 answer:
professor190 [17]3 years ago
3 0

Answer:

$46,000

Explanation:

The computation of the total liabilities at the end of the first​ year is shown below:

We know that

Total assets = Total liabilities + stockholder equity

where,

Total assets = Cash + land + short term investment

                    = $102,000 + $40,000 + $14,000

                    = $156,000

Stockholder equity = Common stock + net income - dividend paid

                                = $50,000 + 72,000 - $12,000

                                = $110,000

So, the total liabilities would be

= $156,000 - $110,000

= $46,000

Working Note:

The net income is

= Revenue - cost of goods sold - Salaries Expense -  Utilities Expense - Advertising Expense ​

= $160,000 - $46,000 - $21,000 - $11,000 - $10,000

= $72,000

You might be interested in
According to the IS–LM model, if Congress raises taxes but the Fed wants to hold income constant, then the Fed must ______ the m
abruzzese [7]

Answer:

Increase

Explanation:

Population net income consists of the difference between labor income and expenditure. If the government adopts a contractionary fiscal policy, that is, increases taxes, the net income of the population will decrease, since part of the income will be directed to the payment of taxes. For the Fed to compensate for this decline in income, an expansionary monetary policy will have to be adopted, ie the Fed must act to stimulate the population's income. The increase in money supply has the effect of warming the economy in the form of higher demand and higher wages. This is the form of compensation between two different policies, one contractionist and one expansionist.

6 0
3 years ago
To save for retirement, Jamie decides to invest in an annuity that pays 5% annual interest, compounded annually. If Jamie contri
tatyana61 [14]

Answer:

Interest= $26,131.91

Explanation:

Giving the following information:

Annual deposit= $2,000

Number of periods= 20 years

Interest rate= 5%

<u>First, we need to calculate the future value using the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {2,000*[(1.05^20) - 1]} / 0.05

FV= $66,131.91

<u>Now, we can determine the interest earned:</u>

Interest= future value - total investment

Interest= 66,131.91 - 20*2,000

Interest= $26,131.91

6 0
3 years ago
What is a delivery gap?
sertanlavr [38]

A delivery gap is,

a. the difference between a firm's service standards and the actual service it provides

- Mabel <3

7 0
3 years ago
Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include:
irga5000 [103]

Answer: employees of the audit client.

Explanation:

The options to the question are:

A. employees of the CPA firm.

B) employees of the audit client.

C) other CPA firms engaged to do part of the audit work.

D) specialists employed by the CPA firm to provide technical advice on the audit.

Agency law simply means the agent-principal relationships which is a relationship whereby one party has a legal authority to act and represent the other party.

Based on the above question, the partners of CPA firm are liable for the work of the firm that they are representing. In this case, they'll be liable for the employees of the CPA firm, other CPA firms engaged to do part of the audit work and the specialists employed by the CPA firm to provide technical advice on the audit.

Therefore, the employees of the audit client is not part of the people that them. Hence, this is the answer.

6 0
3 years ago
The assets, liabilities, and equity account of a business, which are interrelated and interact with each other, represent:______
REY [17]

Answer: C. the financial structure of the business

Explanation:

The financial structure of the business is made up of the assets, liabilities, and the equity account of a business, which are interrelated and interact with each other.

The assets are a company's property while liabilities has to do with what the company owes and equity is gotten when liabilities is deducted from the asset.

3 0
3 years ago
Other questions:
  • __________ integrates all departments and functions throughout an organization into a single system (or integrated set of MIS sy
    6·1 answer
  • Which of the following is not a payroll tax deduction?
    12·1 answer
  • Suppose that a museum of modern art discovers the following: adults are willing to pay $20 per ticket to see a Monet exhibit. St
    9·1 answer
  • Patch management watches for the release of new updates from vendors, tests the patches, obtains approval, and then oversees the
    9·1 answer
  • Sean and Jenny own a home in Boulder City, Nevada, near Lake Mead. During the year, they rented the house for 40 days for $3,000
    13·1 answer
  • Carla needs to examine the structure of the tables in her database. Where will she find the Table Analyzer Wizard in
    5·2 answers
  • In the sale of a business, if the requirements of the Uniform Commercial Code are not
    14·1 answer
  • When reviewing her Experian credit report, Dela found it to contain inaccurate information. She has informed Experian in writing
    13·1 answer
  • After Josh bought his first pair of Nike basketball shoes he was pleased that he did. He likes how the shoes provide support and
    8·1 answer
  • According to recent data, obese patients are less likely than nonobese patients to obtain preventive health services and exams,
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!