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
olga nikolaevna [1]
3 years ago
10

On January 1,2013, James Company reported total current assets of $658,000 and total current liabilities of $365,000. During the

year, James purchased $2,000 worth of equipment for cash, paid $560 towards salaries, and borrowed $80,000 from its bank to be repaid after 5 years. Compute James' working capital as of December 31, 2013.
A. $293,000
B. $335,400
C. $370,440
D. $290,440
Business
1 answer:
Alex17521 [72]3 years ago
3 0

Answer: Option (C) is correct.

Explanation:

Total current assets = $658,000

Current Assets = total current assets - purchased equipment - salaries paid + Borrowings

= $658,000 - $2000 - $560 + $80000

= $735,440

Total current liabilities = $365,000

Working Capital of James as on December 31, 2013:

= Current Assets - Current Liabilities

= $735,440 - $365,000

= $370,440

You might be interested in
On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the
Arada [10]

Answer:

The correct answer is:

Debit: Account receivable $5,800

Credit: Sales revenue $5,800

Debit: Cost of goods sold $4,000

Credit: Merchandise inventory $4,000

Explanation:

On 1st May

Upon sale of inventory on credit

Debit: Account receivable $5,800

Credit: Sales revenue $5,800

On 1st May

To record cost of goods sold of merchandise inventory:

Debit: Cost of goods sold $4,000

Credit: Merchandise inventory $4,000

5 0
3 years ago
A parents' group in a small town formed an unincorporated association to run a little league soccer team. Alex was elected presi
Keith_Richards [23]

Answer:

The only person liable for the goods purchased is Alex because he was the person that made the purchases.

Explanation:

Alex is to be held liable because he was authorized to make the purchase. A single member of an unincorporated association is liable for the debts of the organization if they are given authorization to execute a specific act which is seen in this case here.

6 0
3 years ago
A ____________ approach to solving the recession in this example would have no uncertainty regarding the attainment of the short
Ksju [112]

Answer:

monetarist approach                            

Explanation:

Monetarism relates to the school of thought that prioritizes the function of government agencies in regulating the number of resources in circulation in monetary economics. Monetarist theory argues that differences in the currency supply have significant short-term and longer-term impacts on federal output and price rates.

If a country's money supply decreases, business activity will rise, as per monetarist theory; the opposite is also correct. The monetarist philosophy is driven by a standard equation, MV= PQ, in which M will be the money supply, V is just the pace and P refers to the price of commodities, and Q is the sum of commodities.    

5 0
3 years ago
Which area of study involves microeconomics?
Mazyrski [523]

Answer:

The science of microeconomics covers a variety of specialized areas of study including: Industrial Organization: the entry and exit of firms, innovation, and the role of trademarks. Labor Economics: wages, employment, and labor market dynamics.

Explanation:

5 0
3 years ago
Read 2 more answers
Rues and West Inc. is an automobile manufacturing firm. It produces and assembles all the parts of automobiles in its factory an
Alexxandr [17]

Answer:  Wholesalers

Explanation: In simple words, push pull strategy refers to the flow of the merchandise from different levels of supply chain management. Wholesalers refers to an individual or an entity that produces a commodity at large quantities to ultimately sell it to retailers of that commodity.

In the given case,the rues and west were producing the commodities in large quantities and are supplying it to their stores where it is further sold to retailers.

Hence they are wholesalers.

3 0
3 years ago
Other questions:
  • The most popular entertainment resort in the world is _____. the Las Vegas Strip SeaWorld Hershey Park Walt Disney World Resort
    11·2 answers
  • Which financial document is used to look at the past & see how much you made & where it went?
    6·1 answer
  • The ethics code at the company where quincy works sets forth a strict "no tolerance" policy for accepting gifts from suppliers o
    10·1 answer
  • The flow chart shows the order in which steps should be executed, and the diamond-shaped boxes indicate ______________. Select o
    12·1 answer
  • National Geographic is replacing an old printing press with a new one. The old press is being sold for $350,000 and it has a net
    9·1 answer
  • In terms of corporate social responsibility, MNEs should ______.
    13·1 answer
  • Someone who wants to make a safe (not risky) investment might consider putting his or her money into _____ or _____. stocks, the
    15·2 answers
  • The Engine Division of MurphyMotor Corporation uses 5,000 carburetors per month in its production of automotive engines. It pres
    9·1 answer
  • One of your friends has opened a new wholesale electronics business and wants your help figuring out some inventory issues they
    5·1 answer
  • When demonstrating 2023 leaf’s smooth acceleration, what should you point out?.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!