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wolverine [178]
4 years ago
6

Assume bonds payable are amortized using the straight-line amortization method unless stated otherwise.

Business
1 answer:
taurus [48]4 years ago
3 0

Answer:

Luxury Suites Hotels

Balance Sheet as of December 31, 2018:

Liabilities:

Current Liabilities:

Sales Tax Payable                            400

Interest Payable (due next year)   1,000

Estimated Warranty Payable         1,300

Salaries Payable                            2,600

Discount on Bonds Payable        13,500

Accounts Payable                     $33,000

Total current liabilities                                   $51,800

Long-term Liabilities:

Note Payable (long-term)      $200,000

Bonds Payable (due 2022)     450,000

Total long-term liabilities                          $650,000

Total liabilities                                            $701,800

Explanation:

The Hotel's liabilities are the financial obligations that Luxury Suites Hostels owes the debt providers for funding its assets.  They are divided into two: current and non-current or long-term liabilities.  The obligations that are expected to be settled within the next one year are classified as current.  The other obligations which are not expected to be settled within one year are called noncurrent or long-term liabilities.  Liabilities are forms of leverage or gearing that a company employs to help her in generating profits for equity stockholders.

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Select the steps in preparing an operating budget in the proper order.
juin [17]
Cost of Goods
Use a similar prediction method to forecast what your goods will cost for future quarters or months. Account for expected fluctuations in sales, as that will affect your purchases for your goods. Once you have your totals for the expected cost of goods, subtract that total from the expected sales. Your sales total minus your cost of goods total is your gross margin. Now that you have this number you can use it against totals of all your other costs to predict your operating income.

Other Costs
Depending upon the size of your company, you will have any number of other operating costs to estimate. Some examples include payroll for employees, insurance for employees, overhead costs for maintaining a physical shop or warehouse, travel fees, and research and development costs. Record your previous expenses in the categories relevant to your business and use those numbers to predict the expenses over the course of the next year. Subtract that total from your gross margin to determine your operating income.

Taxes
Now that you have estimated your operating income, you can estimate your annual taxes. When you subtract your predicted taxes from your likely operating income you will discover your business's net income, the final step in the preparation of your operating budget. As you progress over the next fiscal year, compare your profits and expenses to those you predicted in your operating budget. If you did not use as much money as you expected in certain areas, move that money to other areas. If you are showing losses, you may need to consider layoffs or cutbacks on fringe benefits to compensate better next year.

6 0
2 years ago
Steve Smith will receive $82,870 on 5 years from now, from a trust fund established by his father. Assuming the appropriate inte
sweet-ann [11.9K]

Answer:

$50,875

Explanation:

The computation of the present value is shown below:

Given that

NPER = 5 × 2 = 10

RATE = 10% ÷ 2 = 5%

PMt = $0

FV = $82,870

The formula is shown below:

= -PV(RATE;NPER;PMT;FV;TYPE)

After applying the above formula, the present value is $50,875

Hence, the present value is $50,875

We simply applied the above formula so that the correct value could come

And, the same is to be considered

7 0
3 years ago
In preparing its August 31, 2017 bank reconciliation, Adel Corp. has available the following information: Balance per bank state
PilotLPTM [1.2K]

Answer:

$22,800

Explanation:

Given that,

Balance per bank statement, 8/31/17 = $21,650

Deposit in transit, 8/31/17 = $3,900

Return of customer’s check for insufficient funds, 8/30/17 = $600

Outstanding checks, 8/31/17 = $2,750

Bank service charges for August = $100

At August 31, 2017, Adel's correct cash balance:

= Balance as per bank statement 8/31/17 + Deposit in transit - Outstanding checks

= $21,650 + $3,900 - $2,750

= $22,800

7 0
4 years ago
Suppose a perfectly competitive firm's total cost of production (TC) is:
elena55 [62]

Answer:

P = 3q^2 - 20q + 30 for prices above $5.

Explanation:

Supply curve is rising Marginal cost  

3 0
3 years ago
( 13 points) Providing adjustable height desks to employees who need a wheelchair is an example of
Hunter-Best [27]

providing adjustable height desks to employees who need a wheelchair is

A) A tangible incentive

7 0
3 years ago
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