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scoray [572]
3 years ago
11

On May 31 of the current year, the assets and liabilities of Riser, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,2

50; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of stockholders’ equity as of May 31 of the current year?
Business
1 answer:
Svetradugi [14.3K]3 years ago
7 0

Answer:

$31,100

Explanation:

On May 31 of the current year, the assets and liabilities of Riser, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300.

Therefore the amount of stockholders’ equity as of May 31 of the current year can be derived by the formula : Capital = Assets - Liabilities

<u>Assets</u>

Cash $20,500;

Accounts Receivable, $7,250;

Supplies, $650;

Equipment, $12,000

TOTAL = 40,400

<u>Liabilities</u>

Accounts Payable, $9,300.

Therefore stockholders’ equity = 40,400 - 9,300 = $31,100

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raketka [301]

Answer:

$8,200

Explanation:

The amount of asset that is not covered under the insurance policy would not be claimable so if the amount of insurance policy that covers jewelry of worth $1000 and silverware of worth $2,500 then the total claimable insurance would be $3500 ($1000 for both Jewelry and $2500 for silverware).

The jewelry stolen is worth $5200 and out of it $4200 is not claimable because $1000 of this is covered under the insurance policy. Likewise the silverware worth of $6500 has been stolen of which $4000 is not claimable because $2500 of this is covered under the insurance policy.

The claim that would be not covered under the insurance policy would be:

Non claimable insurance amount = ($5,200 - $1,000) + ($6,500 - $2,500)

= $8,200

7 0
3 years ago
Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It started production of 244 million barrels of oi
lisov135 [29]

Answer:

Explanation:

Number of completed barrels = 216 + (244-216)*60%

= 233 barrels

Cost per barrel = (3245+3230)/233 = 27.8

Cost of oil shipped in pipeline = 216 * 27.8= 6003 millions

Cost of work in process ending inventory = (244-216)*60% * 27.8

= 467.04 million

4 0
3 years ago
What does the prefix re mean in the word reunited?
sukhopar [10]

Answer:

b. Again

Explanation:

8 0
3 years ago
Read 2 more answers
The Law Firm prepays for advertising in the local newspaper. On January​ 1, the law firm paid for months of advertising. How muc
kupik [55]

Answer and Explanation:

The computation of the advertising expense that should be record for the two month under following basis is

a. For cash basis

It should be recorded at $2,000

b. For accrual basis

= $2,000 ×2 ÷5

= $800

In this way, it should be determined

And, the same should be relevant

7 0
3 years ago
The accounting records of Whispering Winds Corp. show the following data. Beginning inventory 3,010 units at $6 Purchases 8,130
Sindrei [870]

Answer:

$66,700

b. LIFO = $70800

67807.81

Explanation:

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

(8130 x 8) + [(9090 - 8130) x 6) = 70800

FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold

(3010 x 6) + [(9090 - 3010) x $8] = 66,700

Average cost = [(3010 x 6) + (8130 x 8)] /

18060

48640

b 65040

5760

7 0
3 years ago
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