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3 years ago

Select the correct answer.

1 answer:

3 0

The value of the second-best alternative that a person gives up when making a choice represents the opportunity cost. The answer is C.

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The following balances were taken from the books of Splish Corp. on December 31, 2017.Interest revenue $87,550 Accumulated depre

Karolina [17]

Answer:

Sales revenue 1,381,550

Sales discounts (46,550)

Sales returns and allowances (151,550)

net sales 1,183,450

Cost of goods sold (622,550)

gross profit 560,900

Admin and general expenses (98,550)

Selling expenses (195,550)

Operating Income: 266.800‬

Non-operating income:

Interest revenue 87,550

Interest expense (61,550)

Loss from earthquake

damage (151,550)

non-operating loss (125,550)

Income before taxes 141.250‬

income tax expense (34%) (48,025)

Net income 93,225‬

Explanation:

First, we calcualte net sales,

then the gross profit.

Then, the interest and earthquake will be disclosure separately as they are not operational result. Do not arise from the normal business operations.

Finally, the net income is determined after reducing the income tax expense

5 0

3 years ago

On January 1, 2021, Ivanhoe Corporation signed a 10-year noncancelable lease for certain machinery. The terms of the lease calle

Greeley [361]

ha IvAnHoe

yeah sorry i dont know the answer i just thought it was funny lol

4 0

3 years ago

Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits o

musickatia [10]

Answer:

Some part of this question is missing (refer to attachment for missing part of question)

A bank Reconciliation statement is required to agree the Cash Ledger of the Business. Differences are highlighted and subjected to test to understand and justify their existence. It is with a Bank reconciliation statement we can be sure the transactions posted in our Cash Book and Bank records are accurate.

An adjusted Cash Book may need to be drawn up to capture activities in the Bank that was not known to the Treasury Analyst.

Having done this, both the Bank reconciliation should agree with the adjusted Cash Book.

Explanation:

Red Carpet Store

Bank reconciliation Statement

For the Month ending February 28, 2018

Balance per Bank statement $13,325

Add Cash Receipts 26-28 Feb not recorded $1,600

Deduct Undebited Cheques

325 = $200

327 = $1,900
Total undebited Cheque = -$2100

Balance as per adjusted Cash Book $12,825

Adjusted Cash Book

As at February 28 2018

Opening Balance $8,100

Deduct uncleared cheque -$200

Deduct Under-recording of Chq 323 -$300

Deduct Feb rent automatic withdrawal -$1,100

Add Interest earned on daily balance $200

Add Repayment of Titanic Loan & interest &6,250

Deduct charges (NSF, Titanic repayment & Automatic rent payment) -$125

Adjusted cash balance = $12,825

5 0

3 years ago

What does a person need if he or she is not able to pay for a planned purchase in full with a check or cash? A. a credit card B.

Gennadij [26K]

Answer:

C. a long-term loan from a bank

Explanation:

A loan or credit facility is suitable when a person is unable to pay in cash or by check. Lenders such as banks and credit unions offer credit facilities to their customers. These institutions charge interest on loans advanced.

When planning for a capital intensive purchase, a long term bank loan is suitable. Banks can extend credit facilities for huge amounts of money. The monthly repayments and interest rates for a long-term loan are usually low, making it affordable to many borrowers.

8 0

3 years ago

Karen Smith bought Coca-Cola stock for $475 on March 31, 20X1. On November 15, 20X1, Karen received a non-taxable distribution o

Murrr4er [49]

Answer:

$20 loss

Explanation:

Karen Smith bought a coca-cola stock for $475 in March 31, 20X1

She received a non taxable distribution of $155 on November 15, 20X1

The first step is to calculate the adjusted basis

= $475-$155

= $320

Karen sold the stock for $300 on December 22, 20X1

Therefore, her gain or loss on the sale can be calculated as follows

= $300-$320

= $20 loss

Hence Karen has a loss of $20 on the sale

7 0

3 years ago