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Verdich [7]
3 years ago
14

A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000

in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year?a. $45,000.
b. $92,000.
c. $98,000.
d. $210,000.
e. $282,000.
Business
1 answer:
Allushta [10]3 years ago
4 0

Answer:

e. $ 282,000

Explanation:

To determine the assets of the company at year end, we need to find the equity at year end, this is calculated as follows:

Opening Equity                                                      $ 145,000

Net Income for the year                                        $ 45,000

Revenues     $ 210,000

Expenses     $ 165,000

Equity at end of year                                            $  190,000

The accounting equation is

Assets = Liabilities + Stockholders' Equity

Assets = $ 92,000 + $ 190,000                           $ 282,000

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3 years ago
Donnie Hilfiger has the following balances in its stockholders' equity accounts on December 31, 2015: Treasury Stock, $400,000;
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Answer:

Explanation:

The preparation of the stockholders' equity section of the balance sheet for Donnie Hilfiger as of December 31, 2015 is presented below:

                                                DONNIE HILFIGER

                                                     Balance Sheet

                                         (Stockholders' Equity Section)

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Preferred stock $1,000,000

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Total paid in capital $4,550,000

Retained earnings $,1600,000

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Total Stock holders equity $5,750,000

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3 years ago
The situation in which a person places greater value on a good as fewer and fewer people possess it is called the
Phantasy [73]

Answer:

The correct answer is: Snob effect.

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The Snob effect is a phenomenon that tries to explain why the demand for a good or service increases in the high-income sector while it decreases substantially in the low-income sector. This scenario is created when people need access to rare or exclusive goods or services.

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Why is that market economies can often allocate resources in a more efficient and robust way than centrally planned economies?
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Because market economies want to make money

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Sparkle Metallurgy, Inc. has two service departments (Human Resources and Building Maintenance) and two production departments (
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Answer:

B.40,000 square feet

Explanation:

Calculation to correctly denotes the number of square feet and employees over which the Building Maintenance cost and Human Resources cost would be allocated

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Therefore the number of square feet and employees over which the Building Maintenance cost and Human Resources cost would be allocated is 40,000

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2 years ago
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