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lyudmila [28]
3 years ago
13

Sam invests $5,000 of his own money in his new auto detailing business. He then obtains a loan and builds a small workshop in hi

s backyard for $10,000. At this point assets are ____, liabilities are ____, and owners' equity is ____.
Business
1 answer:
ki77a [65]3 years ago
7 0

Answer:

Assets= 15,000

Liabilities= 10,000

Owner's equity= 5,000

Explanation:

When he invests 5,000 of his own money that 5,000 is an asset as it is cash and the 10,000 he borrows is also an asset as it is cash. The liabilities are 10,000 as he has to pay 10,000 back and it is a loan so it is a liability also.

The owners equity is 5,000 as he invested 5,000 of his own money in the business and that is owners equity.

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Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,0
OLEGan [10]

Answer:

See explanation

Explanation:

                       Armstrong Co.

          Multi-step Income Statement

  For the year ended, December 31, 20YY

Sales                                              $755,000

<u>Less: Cost of merchandise sold   (330,000)</u>

Gross Profit                                                    $425,000

Less: Operating expenses

Administrative expenses  $35,000

Selling expenses               $50,000

<em><u>Total operating expenses                               $85,000</u></em>

Income from operation                                 $340,000

Other revenue and expenses:

Rent Revenue                    $25,000

interest expense               ($30,000)

<u>Total other revenues (expenses)                      $(5,000)</u>

Income before taxes                                      $335,000

<u>Less: Income Tax                                                     0</u>

Net Income (loss)                                           $335,000

That is the appropriate way to prepare a multi-step income statement

3 0
3 years ago
What Generation expected immigrants to assimilate and become "American" to the extent of expecting to alter their names upon arr
Anna [14]
Probably millennials
3 0
2 years ago
Joe, Patrick, and Adam are friends. They have the same preference over consumption and leisure. Joe has two jobs. He auditions f
Roman55 [17]

Answer:

2. For Joe income effect dominates while for Adam substitution effect dominates

Explanation:

Income effect refers to change in the real i.e inflation adjusted income when prices change.

In the given case, Joe works at two jobs which means that for a greater income he is willing to work for more hours. Thus, in his case it can be said that income effect is prominent.

In the case of Adam, he works overtime regularly which means for every extra hour of work, he earns an extra income. This represents change in the relative income owing to change in working habits. This is a case of substitution effect.

6 0
3 years ago
A machine to manufacture fasteners has a setup cost of $1,100 and a unit cost of $0.007 for each fastener manufacture. A new mac
Ludmilka [50]

Answer:

Find the break point. (Round your answer to the nearest whole unit.)

122222 fastener

Explanation:

Cost 1= 1100+0,007x

Cost 2=1650+0,0025x

cost1=cost2

1100+0,007x=1650+0,0025x

0,0045x=650

x=122222 fastener

Cost 1=1100+0,007*122222

Cost 1=1955,55

Cost 2=1650*0,0025*122222

Cost 2=1955,55

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Answer:

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