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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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Who benefits from an import-substitution strategy? who is harmed?
Aloiza [94]

Answer:

Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreign imports with domestic production. Domestic consumers benefit from import substitution as they do not have to face strong competition from foreign competitors and can sell their goods at a higher price. So for example manufacturers in USA sell a battery from $10 but consumers from USA have the option to import that battery at $7 from China the US manufacturers wont be able to compete as Chinese companies have lower cost of production therefore they can sell cheaper and in order to protect the local manufacturers the government may use an ISI strategy to help the local manufacturers. On the other hand consumers are harmed from this strategy as they cannot buy the cheaper product because of change in government strategy. So consumers who were buying the battery at $7 not have to buy it at $10.

Explanation:

5 0
3 years ago
Below are Company Y's financial statements:
kow [346]

Answer:

Company Y

The external financial needed is:

= $1,290.

Explanation:

a) Data and Calculations:

Company Y's financial statements:

Income Statement

Sales                    $7,900

Costs                     5,500

Taxable income $2,400

Taxes (25%)            600

Net income        $1,800

Balance Sheet

Current assets          $3,900

Fixed assets                8,600

Total assets             $12,500

Current liabilities       $2,100

Long-term debt           3,700

Equity                          6,700

Total liab. & equity $12,500

Projected Income Statement:

Sales                    $9,085 ($7,900 * 1.15)

Costs                     6,325 ($5,500 * 1.15)

Taxable income $2,760

Taxes (25%)            690

Net income        $2,070

Dividends = 40% $828

Retained earnings $1,242

Projected Balance Sheet

Current assets          $4,485 ($3,900 * 1.15)

Fixed assets                9,890 ($8,600 * 1.15)

Total assets             $14,375

Current liabilities       $2,415 ($2,100 * 1.15)

Long-term debt           4,018 ($14,375 - 2,415 - 7,942)

Equity                          7,942 ($6,700 + $1,242)

Total liab. & equity $14,375

Working capital = $2,070 ($4,485 - $2,415)

Capital expenditure = $1,290 ($9,890 - 8,600)

External financing needed = Net income minus (working capital plus capital expenditure)

= $2,070 - ($2,070 + 1,290)

= $1,290

7 0
3 years ago
Suppose that Steve, one of the partners in a home improvement company, intends to dissolve the partnership. Before he can give n
bija089 [108]

Answer:

still be liable for Hala's contract.

Explanation:

Any contract entered into by any of the partners, before the dissolution of a partnership business is deemed legal hence binding on the partners. This means that the partners will still be liable for the new contract in line with their partnership status.

Although, before a partnership business can be dissolved, at least one of partners must give a notice of intent. If in the process of giving the notice, another member enters in a new contract, such will be valid and partners will still be held liable because the business has still not been dissolved in the eye of the law.

Any contract entered into by any partner in a partnership business aftet dissution becomes illegal hence not binding on other members.

6 0
3 years ago
When regulators engage in macroprudential regulation, they focus on A. the credit standards of all loans held by the financial i
Agata [3.3K]

Answer:

C) the safety and soundness of the financial system in aggregate.

Explanation:

Macroprudential regulation focuses on reducing systemic risk.

Systemic risk is the financial risk associated with an event from a specific company damaging the whole financial system. Systemic risk was responsible for the collapse leading to the Great Recession (2008-2010).

The "too big to fail" policy is an example of macroprudential regulation.

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3 years ago
The financial statement that shows the state of the firms assets, liabilities and owners equity on a specific date is called:
fgiga [73]
It is a balance sheet.
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3 years ago
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