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vladimir2022 [97]
3 years ago
5

Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: Jan

uary February March Material purchases $12,040 $14,150 $10,970 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $6,500. The expected January 31 Accounts Payable balance is:
Business
1 answer:
zysi [14]3 years ago
6 0

Answer:

The expected balance of Accounts Payable on 31 January is $6020

Explanation:

The expected closing balance of Accounts payable will include the amount of payable for purchases made in January which are still outstanding at the end of the month. According to the policy of the company, 50% of a month's purchases will be paid in the following month. Thus, the ending balance of accounts payable will be 50% of January's purchases.

Closing balance of Accounts payable = 12040 * 0.5 = $6020

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Empirical evidence from 1960 to 2010 shows that convergence in economic growth is occurring in which of the following cases?
kaheart [24]

Answer:

Correct Answer:

c. Low-income developing countries are catching up to high-income industrial countries.

Explanation:

The evidence which shows that low income developing countries are catching up to high-income industrial countries could be found in the series of developmental strides made by some countries like Rwanda, Kenya, Tanzania, Indonesia, Vietnam etc over the years. <em>Most of their achievements is at par with most European countries in different sectors such as educational, and social sectors.</em>

7 0
3 years ago
Use the following scenario to answer the next ten questions: Natasha can produce either 5,000 pounds of cheese or 20 houses per
andrew11 [14]

Answer:

Jameson’s opportunity cost of producing one pound of cheese is 0,002 house(s).

Explanation:

Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another. Resources are limited, therefore the decision to make a quantity of product A limits the amount of producing product B.

In this exercise, Jameson has the resources to produce 5000 pounds of cheese or 10 houses per year or a combination of both.

To calculate the opportunity cost you need to determine how much of a house is 1 pound of cheese.

Opportunity cost= 10house/5000pounds= 0,002

<u>So to produce 1 pound of cheese you need 0,002 of a house.</u>

4 0
3 years ago
Read 2 more answers
The _____ of the United States is the Federal Reserve.
SpyIntel [72]
The answer would be A. central bank
4 0
3 years ago
Read 2 more answers
The transactions of Spade Company:
diamong [38]

Answer:

Trial Balance

                                                                                                    Debit     Credit

Cash                                                                                           $8,982

($16,500 - $479 + $1,947 - $9,125 - $530 + $1,469 - $800)  

Common Stock                                                                                        $16,500

Office Supplies                                                                             $479

Office Equipment                                                                      $9,125

Accounts Payable ($9.125 - $9,125)                                                            $0

Service Fees ($1,947 + $3,498)                                                               $5,445

Accounts Receivable ($3,498 - $1,469)                                  $4,967

Rent Expense                                                                              $530

Dividends                                                                                    $800

Totals                                                                                        $21,945  $21,945

Explanation:

A trial Balance is a list of balances that are extracted from the ledger accounts  from which the financial statements are prepared.

First Record the Transaction, then determine account balances.

a.

Cash $16,500 (debit)

Common Stock $16,500 (credit)

b.

Office Supplies $479 (debit)

Cash $479 (credit)

c.

Office Equipment $9.125 (debit)

Accounts Payable $9.125 (credit)

d.

Cash $1,947 (debit)

Service Fees $1,947 (credit)

e.

Accounts Payable $9,125 (debit)

Cash $9,125 (credit)

f.

Accounts Receivable $3,498 (debit)

Service Fees $3,498 (credit)

g.

Rent Expense $530 (debit)

Cash $530 (credit)

h.

Cash $1,469 (debit)

Accounts Receivable $1,469 (credit)

i.

Dividends $800 (debit)

Cash $800 (credit)

5 0
3 years ago
North Company has completed all of its operating budgets. The sales budget for the year shows 50,220 units and total sales of $2
Dmitriy789 [7]

Answer:

The income taxes figure of $203,000 is missing from the information  provided:

The net income from the  budgeted income statement is $466,520

Explanation:

The multiple step income statement differentiates operating revenue from  non-operating revenue,operating expenses from one off non-operating expenses as operating gains and losses from  non-operating ones

    North Company  budgeted income statement

Total sales revenue                                   $2,190,100

Variable costs of sale($24*50,220)          ($1,205,280)

Gross profit                                                  $984,820

Selling and administrative expenses         ($305,300)

Profit before interest & taxes                      $678,940

Interest expense                                           ($10,000)

Income taxes                                                 ($203,000)

Net income                                                     $466,520

5 0
3 years ago
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