Solve the Systems of Equations by 'substitution or eliminat

Romona Company expects its November sales to be 20% higher than its October sales of $ 240 comma 000. All sales are on credit a

kotykmax [81]

Answer:

The cash balance on November 30 amounts to $155,700

Explanation:

Cash balance on November 30 = Beginning balance + Collection of cash from October sales + Collection of cash from November sales - Payments for October Purchases - Payments for November Purchases

where

Beginning balance is $13,700

Collection of cash from October sales = October Sales × % amount collected

= $240,000 × 70%

= $168,000

Collection of cash from November sales = November Sales × % amount collected

= $240,000 × 1.20 × 25%

= $72,000

Payments for October Purchases = October Purchases × % amount paid

= $70,000 × 65%

= $45,500

Payments for November Purchases = November Purchases × % amount paid

= $150,000 × 35%

= $52,500

Putting the values in the above formula

Cash balance on November 30 = $13,700 + $168,000 + $72,000 - $45,500 - $52,500

= $155,700

4 0

3 years ago

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 14,000 Selling price per un

timama [110]

Answer:

Results are below.

Explanation:

<u>Traditional format income statement:</u>

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 10,000 + 86,000 - 23,000

COGS= $73,000

Sales= 14,000*17= 238,000

COGS= (73,000)

Gross profit= 165,000

Total selling expense= (2*14,000 + 19,000)= (47,000)

Total administrative expense= (3*14,000 + 15,000)= (57,000)

Net operating income= 61,000

<u>Contribution margin income statement:</u>

<u>Total variable cost=</u> 73,000 + 14,000*2 + 14,000*3= 143,000

Sales= 14,000*17= 238,000

COGS= (143,000)

Gross profit= 95,000

Total fixed selling expense= (19,000)

Total fixed administrative expense= (15,000)

Net operating income= 61,000

3 0

3 years ago

Approximately 300 billion dollars are given to charities each year. A.No. It is about 30 billion dollars at the most. B.No. It'

alexdok [17]

The answer to the statement above would be TRUE. Yes, it is correct that approximately, 300 billion dollars are donated to charities each year, but this only covers those charities that are registered. There are about 40,000 charities in the United States alone. The answer for this is D.

3 0

3 years ago

When the economy slips into a recession, normally the demand for bonds ________, the supply of bonds ________, and the interest

Leno4ka [110]

Answer:

b. decreases; decreases; falls.

Explanation:

A bond can be defined as a debt or fixed investment security, in which a bondholder (investor or creditor) loans an amount of money to the bond issuer (government or corporations) for a specific period of time. The bond issuer are expected to return the principal (face value) at maturity with an agreed upon interest (coupon), which are paid at fixed intervals.

In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.

The law of demand states that, the higher the demand for goods and services, the higher the price it would be sold all things being equal. On the other hand, law of supply states that the higher the price of goods and services, the lower the supply.

Recession can be defined as a period of economic meltdown, in which there's a general decline in all economic activities such as trade.

Hence, when the economy slips into a recession, normally the demand for bonds decreases, the supply of bonds decreases, and the interest rate falls, ceteris paribus (everything else held constant).

5 0

3 years ago

The graph below represents the low-wage labor market demand curve for a U.S. city; there is also a line (MinWg) showing a $12 ho

alexandr402 [8]

The new ordinance will make a difference when the new wages will be binding.

<h3>How to depict the information?</h3>

It should be noted that the supply curve shows the relationship between the price and the quantity supplied.

Based on the information given, when the equilibrium wage is above the minimum wage, the ordinance won't make a difference.

On the other hand, when the equilibrium wage is below the minimum wage, it'll make a difference for the worker.

Therefore, joining the lowest of the two points will give the equilibrium.

Learn more about supply curve on:

brainly.com/question/26430220

#SPJ11

7 0

2 years ago