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
Likurg_2 [28]
2 years ago
6

During the month of July, the company had the following activities: Issued 4,500 shares of common stock for $450,000 cash. Borro

wed $38,500 cash from a local bank, payable in two years. Bought a building for $201,500; paid $53,500 in cash and signed a three-year note for the balance. Paid cash for equipment that cost $247,000. Purchased supplies for $10,600 on account. Prepare a classified balance sheet at July 31.
Business
1 answer:
stellarik [79]2 years ago
7 0

Answer:

<u>classified balance sheet at July 31.</u>

Assets

Non-Current Assets

Building                                                                                  $201,500

Equipment                                                                             $247,000

Total Non-Current Assets                                                    $448,500

Current Assets

Supplies                                                                                  $10,600

Cash ($450,000 + $38,500 - $53,500 - $247,000)          $188,000

Total Current Assets                                                            $198,600

Total Assets                                                                          $647,100

Equity and Liabilities

<u>Equity</u>

Common Stock                                                                   $450,000

Total Equity                                                                         $450,000

<u>Liabilities</u>

<u>Current Liabilities</u>

Account Payable                                                                   $10,600

Total Non Current Liabilities                                                $10,600

<u>Non-Current Liabilities</u>

Note Payable ($38,500 + $148,000)                                 $186,500

Total Non Current Liabilities                                              $186,500

Total Liabilities                                                                     $197,100

Total Equity and Liabilities                                                 $647,100

Explanation:

A Balance Sheet is a Financial Statement report that shows the Assets, Liability and Equity balances as at the end of the Reporting period.

You might be interested in
The modified internal rate of return is specifically designed to address the problems associated with: Multiple Choice long-term
tatiyna

Answer:

unconventional cash flows.

Explanation:

The modified internal rate of return means that return in which the cash flows that comes positive are again invested at the cost of capital of the firm also the initial investment that should be financed at the financing cost of the firm. It measures the correct cost and profitability in an accurately manner

Basically it is designed specifically for the non-conventional cash flows

And the same is to be considered

4 0
2 years ago
The operations process includes which of the following activities?
Nutka1998 [239]
The operations process for what

4 0
3 years ago
Suppose the government of Spartania increased its spending by $900 million to fight a recession. If the government’s budget was
Nina [5.8K]

Answer:

b. the government will have a balanced budget

3 0
2 years ago
Tickets to a concert are $35 each. In addition to the cost for the tickets ordered, there is a $15 processing charge per order.
Vesnalui [34]

Answer:

Explanation:

Let the cost of an order = C

Let the number of tickets inside that order = n

Let there be a 15 dollar service charge per order.

================

C = 35*n + 15

5 0
2 years ago
An investor can invest money with a particular bank and earn a stated interest rate of 13.20%; however, interest will be compoun
mr_godi [17]

The effective compound interest rate is 13.87%.

<h3><u>What is Compound Interest?</u></h3>
  • The interest on a loan or deposit that is calculated based on both the initial principle and the accumulated interest from prior periods is known as compound interest (also known as compounding interest).
  • Compound interest, sometimes known as "interest on interest," is said to have its roots in 17th-century Italy. Compared to simple interest, which is calculated solely on the principal amount, it will cause a sum to grow more quickly.
  • The frequency of compounding determines the rate at which compound interest accumulates.
  • The compound interest increases with the number of compounding periods.
  • For instance, during the same period of time, the amount of compound interest accrued on $100 compounded at 10% yearly will be less than $100 compounded at 5% semi-annually.

Nominal = interest rate

That is Nominal rate is also known as interest rate.

Nominal rate =  13.20%

The invested money is compounded quarterly.

Periodic = 13.2%/4 (quarterly)

Periodic rate = 3.30%

Now,

The interest rate that accounts for compounding over a specific time period is called the Effective Annual Interest Rate (EAR). The rate of interest that an investor can earn (or pay) in a year after taking into account compounding is known as the effective annual interest rate, to put it simply.

Effective annual rate = EFF% = [1 + (0.13200 / 4)]⁴ - 1 = 13.87%

Know more about Compound Interest with the help of the given link:

brainly.com/question/14295570

#SPJ4

3 0
1 year ago
Other questions:
  • Riverboat Adventures pays $120,000 plus $20,000 in closing costs to buy out a competitor. The real estate consists of land appra
    15·1 answer
  • Which of the following combinations of actions by Congress and the Federal Reserve would be most effective in stimulating an eco
    13·1 answer
  • In the soda industry, production costs per unit continue to fall as the firm expands. in this type of industry, smaller rivals t
    11·1 answer
  • In her work at Powered Solutions, Angelica helps business clients identify, organize, and analyze data from social media sources
    14·1 answer
  • Sales at a fast-food restaurant average $6,000 per day. The restaurant decided to introduce an advertising campaign to increase
    15·1 answer
  • Do you think chefs give much thought to the nutritional value of the dishes they create? Explain
    15·2 answers
  • Pls help i need help fast pls
    6·1 answer
  • The theory that states that businesses should not incur social expenditures unless required by law or required for the efficient
    13·1 answer
  • An accounts receivable ledger:
    10·1 answer
  • Resource providers use accounting information to identify companies with high earnings potential because those companies are bet
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!