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slega [8]
3 years ago
10

g "At the end of the current year, the owners' equity in Barclay Bakery is $260,000. During the year, the assets of the business

had increased by $134,000 and the liabilities had increased by $79,000. Owners' equity at the beginning of the year must have been:"
Business
1 answer:
rewona [7]3 years ago
5 0

Answer:

$205,000

Explanation:

Let us assume Owners' equity at the beginning be X

So, the Increase in Owners' equity is $260,000 - X

As we know that

Accounting equation is

Total assets = Total liabilities + total stockholder equity

So,

Total Increase in Assets = Total Increase in Liabilities + Increase in Owners' equity

$134,000 = $79,000 + $260,000 - X

$134,000 = $339,000 - X

So, the X =

= $339,000 - $134,000

= $205,000

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use the total revenue test to determine whether the demand for home heating oil is elastic or inelastic and why
Mekhanik [1.2K]

Home heating oil is considered inelastic demand instead of elastic demand. Inelastic demand is when people will buy the same amount whether the price of the good drops or rises. People who buy home heating oil want their homes to be kept heated and warm, since they are buying it to serve a purpose like this, whether the price rises or drops they still will need it. Since they will need it regardless of price, they will continue to buy it and therefor it is inelastic.

6 0
3 years ago
You would like to have ​$4,000 in 55 years for a special vacation following graduation by making deposits at the end of every si
Andrej [43]

Answer:

total amount deposit at end of every 6 month is $445.37

Explanation:

Future value required=   4000

Total 6 months Period in 4 years (n) = 4*2 =   8

Interest rate 6.56% or 0.656 compounded Semiannual  

semiannual interest rate (r) =0.0656/2=   0.0328

Future value of annuity formula = P *{ (1+r)^n - 1 } / r    

4000 = P*(((1+0.0328)^8)-1)/0.0328  

4000= P* 8.98

P = $ 445.37

total amount deposit at end of every 6 month is $445.37

3 0
3 years ago
What is one reason individuals and corporations contribute so generously to charitable organizations?
Studentka2010 [4]

Answer:

Donations to charitable organizations are tax deductible.

Explanation:

The government see charitable organizations similarly as they view welfare programs , since it allocates a certain amount of wealth from the rich to the poor. This is why most countries in the world will allow charitable donations as tax deductible.

That being said, research conducted by Oxfam report actually showed that Companies actually use this rule as a loophole to escape tax payment. Their finding indicates that between 2008 -2014 alone, US corporations has use this loophole to hide around $1.4 Trillion worth of Taxes.

7 0
3 years ago
Green Garden Company purchased a tractor at a cost of $240,000. The tractor has an estimated residual value of $40,000 and an es
Marizza181 [45]

Answer:

The correct answer is Option C.

Explanation:

The unit-of-production method is used when the asset value closely relates to the units of output it is able to produce. It is expressed with the formula below:

(Original Cost - Salvage value) / Estimated production capacity x Units/year

At Year 2018, depreciation expense (DE) is: ($240,000 - $40,000) / 10,000 operating hours x 2,400 hours = $48,000

At Year 2019, depreciation expense (DE) is: ($240,000 - $40,000) / 10,000 operating hours x 2,100 hours = $42,000

Accumulated depreciation for 2 years is $48,000 + $42,000 = $90,000.

Note that this depreciation method results in higher depreciation charge when the asset is heavily used, at this time, it was in Year 2018.

The net book value (NBV) of the asset becomes $240,000 - $90,000 = $150,000

Gain or (loss) on disposal = Sales proceed - NBV

Gain or (loss) on disposal = $140,000 - $150,000

Loss on disposal =$10,000

6 0
3 years ago
Government attempts to prohibit monopolization of a market are known as __________.
34kurt
Government attempts to prohibit monopolization of a market are known as antitrust regulations.
3 0
3 years ago
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