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Romashka-Z-Leto [24]
3 years ago
15

During the second quarter of the year, Wallace Enterprises received $30,000 from customers in exchange for providing electronic

components. During the same time, supplies were $5,000, interest expenses were $1,000, and wages were $15,000. On an income statement, the company would declare which of the following?
a. $16,000 expenses
b. $9,000 net loss
c. $21,000 expenses
d. $30,000 net income
Business
1 answer:
SSSSS [86.1K]3 years ago
5 0

Answer:

On an income statement, the company would declare c. $21,000 expenses

Explanation:

Wallace Enterprises received $30,000 from customers in exchange for providing electronic components. Income from the exchange was $30,000

During the second quarter of the year, total expense = supplies expense + interest expenses + wages expense = $5,000 + $1,000 + $15,000 = $21,000

Income from the exchange - total expense = $30,000 - $21,000 = $9,000>0

The company recognizes gain $9,000.

On an income statement, the company would declare $21,000 expenses

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Hodor borrowed $1000. The bank charges him 5% interest per year. At the end of year, he paid $50 in interest. There was 2% incre
dem82 [27]

Answer:

5%

Explanation:

nominal interest rate = 5%

real interest rate = nominal interest rate -  increase in GDP deflator (inflation rate) = 5% - 2% = 3%

The nominal interest rate is the interest rate earned or charged without considering the effects of inflation. The real interest rate adjusts the nominal interest rate against the year's inflation rate.

5 0
3 years ago
Paula inherits a home on July 1, 2019 that had a basis in the hands of the decedent at death of $290,000 and a fair market value
Airida [17]

Answer:

her recognized gain on the sale of her old principal residence is $193,000 and her basis in the inherited home is $600,000.

Explanation:

Recognized gain on sale of old house

= ($600,000 - $125000) - $30,000 - $2000

= $443,000

Paula's recognized gain = $443,000 - $250,000

                                         = $193,000

Her basis in the inherited home = $500,000 + $100,000

                                                      = $600,000

Therefore, her recognized gain on the sale of her old principal residence is $193,000 and her basis in the inherited home is $600,000.

4 0
3 years ago
Calculate the required rate of return for Mercury Inc., assuming that investors expect a 5% rate of inflation in the future. The
My name is Ann [436]

Answer:

Option C is correct.

<u>The required rate of return for Mercury Inc., assuming that investors expect a 5% rate of inflation in the future is 18%.</u>

Explanation:

Real risk free rate = 3%

Inflation Premium = 5%

Nominal risk free rate Rf = Real risk free rate + Inflation Premium = 3% + 5% = 8%

Market risk premium (Rm –Rf) = 5%

Beta = 2

As per CAPM, required rate of return = Rf + beta * (Rm – Rf) = 8% + 2 * 5% = 18%

8 0
3 years ago
You are the CIO of RaumCo, a company that creates and sells high quality stereo equipment. Your company currently holds 28 perce
raketka [301]
Quote and use specific details from each book to help you with your essay. Make sure you blend these quotes to your essay. Maybe talk about previous ways that RaumCo has increased their sales such as different business strategies. Obviously I cannot write this for you, but here are just a few simple tips above to help you.
4 0
3 years ago
The following totals for the month of October were taken from the payroll register of the Tobias Company:
Brums [2.3K]

Answer:

Gross pay = $14,000

Net pay = $8,329

Explanation:

<u>Particular                                            Amount</u>

<u>Salary                                                  $14,000</u>  

<u>Gross pay                                      $14,000</u>  

Less: Federal income tax                $3,500  

Less: State income tax                      $1,100  

Less: Social security tax              $868

$14,000 x 6.20%

Less: Medicare tax                       $203

<u>$14,000 x 1.45%                                               </u>

<u>Net pay                                               $8,329</u>

7 0
3 years ago
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