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3 years ago

8

Suppose that Jacob's assets include a motorcycle worth $12,000 and a checking account with a $3,000 balance, while his liabiliti

es include a credit card balance of $4,000 and a motorcycle loan balance of $7,000. What is his net worth?
A) $4,000
B) $5,000
C) $7,000
D) $12,000

1 answer:

Sonbull [250]3 years ago

7 0

Answer is A

Explanation:

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The weighted-average cost method is used by Jose, Inc. Sales are $240,000, the number of units available for sale is 100, the nu

-Dominant- [34]

Answer:

Gross profit= $195,000

Explanation:

Giving the following information:

Sales= $240,000

Number of units sold= 75

Weighted-average cost= $600 each.

<u>To calculate the gross profit, we need to use the following formula:</u>

Gross profit= sales - COGS

Gross profit= 240,000 - 75*600

Gross profit= $195,000

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3 years ago

Smitty Museum purchased the copyright to a piece of artwork for $925,000. Smitty plans to reproduce 2.1 million posters of the a

Harman [31]

Answer:

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copyright 3,268

Explanation:

We will divide the acquisition cost by the total units of production:

925,000 / 2,100,000 = 0.024571429 this would be the rate per poster

<u>Then we multiply by this year level:</u>

(it is convinient to do all in a single step if using a calculator to avoid any rounding error)

133,000 x 925,000 / 2,100,000 = $3,268.00

amoritzation expense 3,268

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8 0

4 years ago

The balance of an account is determined by

AlladinOne [14]

Answer:

(B) adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sum

Explanation:

While calculating the closing balance of any account,

There includes two possibilities that the account might have debit balance or the account might have credit balance. And for computing this:

All the debits shall be accumulated and then their total shall be computed.

Similarly, all the credits shall be accumulated and their total shall be done.

Which ever is more then the account will have that nature of balance, accordingly the smaller shall be deducted from the larger one and the larger one will decide the nature of balance whether debit or credit.

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3 years ago

Oriole Inc. had beginning inventory of $11,400 at cost and $20,600 at retail. Net purchases were $127,926 at cost and $181,000 a

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Answer:

Ending inventory at cost using the conventional retail method is $36,498.

Explanation:

Note: See the attached excel file for the computation of Goods available for sales and Ending inventory at Retail.

From the attached excel file, we have:

Goods available for sales at Cost = $139,326

Goods available for sales at Retail = $211,100

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Therefore, we have:

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Ending inventory at Cost = Ending inventory at Retail * Ratio of goods available for sales of Cost to Retail = $55,300 * 66% = $36,498

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3 years ago

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larisa86 [58]

When we say informal sectors, these are organizations that are excused from being taxed or monitored by the government. In this sector, their activities are not part of the <span>gross national product and gross domestic product. Although this kind of economy has some negative impact for some, it can be effective and also helpful in providing jobs especially for the poor ones.</span>

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3 years ago