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Feliz [49]
3 years ago
14

The following is a trial balance of Barnhart Company as December 31, Year 1: Account Title: Debit Credit Cash 12,500 Accounts Re

ceivable 3,250 Accounts Payable 2,800 Common Stock 6,600 Retained Earnings 4,500 Service Revenue 7,450 Operating Expenses 5,100 Dividends 500 Totals 21,350 21,350 What is the total amount of assets that will be reported on the balance sheet prepared as of December 31, Year 1?
Business
1 answer:
Tanzania [10]3 years ago
7 0

Answer:

The total amount of assets is 15,750.

Explanation:

Reproducing the trial balance below for clarity:

Account Title                  Debit           Credit

Cash                                12,500

Accounts Receivable     3,250

Accounts Payable                               2,800

Common Stock                                   6,600

Retained Earnings                              4,500

Service Revenue                                7,450

Operating Expenses       5,100

Dividends                         500

Total                                21,350         21,350

Calculation of Total Assets:

Total assets = Cash + Accounts Receivable

                    = 12,500 + 3,250

                    = 15,750

Note that among the given accounts, accounts cash and accounts receivable are assets; accounts payable is a liability; common stock and retained earnings are part of the capital; service revenue is a form of revenue; while operating expenses and dividends are expenses.

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Answer: BruceCo would have to sell 220 backpacks

Explanation: The projection of a $10,000 profit can be calculated properly by the equation;

Revenue - Cost = Profit

There is a one-time set up charge of 1000 and this is a fixed cost (as it does not change regardless of how many units they eventually sell). Also they would be spending $30 to buy each unit and still spend $20 to customize each. So each unit would cost $50 to acquire. If they plan on selling each unit at the rate of $100, then the total revenue would be 100 times X (where X is the number of units sold). Therefore the profit can be better projected by the equation;

Revenue - Cost = Profit

100X - (50X + 1000) = 10000

100X -50X - 1000 = 10000

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Divide both sides of the equation by 50

X = 220

Therefore, BruceCo must sell 220 units (at least) in order to meet a $10,000 profit projection

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2 years ago
Which type of fiscal policy takes longer to affect the economy: demand-side or supply-side?
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Answer:

A.) supply-side

Explanation:

Fiscal policy in economics refers to the use of government expenditures (spending) and revenues (taxation) in order to influence macroeconomic conditions such as Aggregate Demand (AD), inflation, and employment within a country. Fiscal policy is in relation to the Keynesian macroeconomic theory by John Maynard Keynes.

A fiscal policy affects combined demand through changes in government policies, spending and taxation which eventually impacts employment and standard of living plus consumer spending and investment.

A supply-side economist can be defined as economists who believes that the ability and willingness of the producers of goods and services to manufacture or produce sets the pace for the economic growth of a country.

This ultimately implies that, increasing the supply of goods and services would cause an economic growth for a country.

Hence, a supply-side fiscal policy is typically designed to create an outward shift in the production possibilities curve (PPC) and shift the aggregate supply (AS) curve to the left.

Generally, a supply-side fiscal policy takes a longer period of time to affect the economy of a country.

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The real exchange rate is 1 dollar = 2 Argentine pesos

The exchange rate is an economic term to refer to the relationship between two currencies. The exchange rate establishes the proportion of value that exists between two currencies. For example:

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However, this rate does not represent reality in some places, there may be situations in which the proportions established by the exchange rate are not faithful to reality. For example:

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In this example, it is evident that in reality, the dollar is not equivalent to 4 Argentine pesos but to 2 due to the proportion of value concerning a product. Therefore, the real exchange rate is 2 Argentine pesos for every American dollar.

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