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2 years ago

Question 1 Multiple Choice Worth 10 points)

Business

1 answer:

kipiarov [429]2 years ago

3 0

Answer:

Federal Trade Commission

Explanation:

I just took the quiz and got it right.

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Liabilities and owner's equity of a company are $150,000 and $30,000, respectively. Determine assets using the accounting equati

ArbitrLikvidat [17]

Answer:

Assets: 180,000

Explanation:

Accounting Equation Formula:

Assets = Liabilities + Owner's Equity

The accounting equation shows which resources the company has for the development of its activities and how they are financed. Assets are those mentioned resources, such as cash, bank accounts, inventory, etc. Those assets can be financed by external or internal sources. Liabilities represent external sources, which means, obligations. Instead, Owner's Equity represents internal sources, which means issuing equity shares. As every resource have to be finance either external or internally, the value of the Asset should match the add of Liabilities and Owner`s Equity.

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3 years ago

Partner Industries sells a single product for $50 that has a variable cost of $30. Fixed costs amount to $15 per unit when antic

DENIUS [597]

Answer:

$20.

Explanation:

As the question require us to calculate the profit when one unit in excess of break-even point is sold, so we have to calculate the break-even quantity first. The formula to calculate the break-even quantity is:

Break-even Units = Fixed Cost / (Contribution Margin Per Unit)

where

Contribution margin per unit = Selling price per unit - variable cost per unit

⇒ Break-even units = 15 / (50 - 30) = .75.

This makes the one unit in excess of break-even volume to be 1.75. Now, we have to draft the income statement to determine the operating profit when sales volume is 1.75.

Income Statement

Revenue (50 * 1.75) $87.5

Variable Cost (30 * 1.75) (52.5)

Fixed Cost (15)

Operating Profit $20

3 0

3 years ago

Read 2 more answers

Assume that a family spends 35% of its income on housing, 20% on travel-related expenses, 10% on utilities, 25% on health care,

iogann1982 [59]

Answer:

We need the slope of each category.

Explanation:

Having the amount of each category is not enough to find the responsive of each one of them to a change in their prices, we need a measure called elasticity, this indicator measures the responsive of a product to a change in its price.

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2 years ago

On July 1, Hartford Construction purchases a bulldozer for $228,000. The equipment has a 9-year life with a residual value of $1

UkoKoshka [18]

Answer:

a. Depreciation expense per hour:

= (Cost - salvage value) / Expected operating hours

= (228,000 - 16,000) / 26,500

= $8 per hour

b. First year depreciation: Second year depreciation:

= 1,250 * 8 = 2,755 * 8

= $10,000 = $22,040

Third year depreciation:

= 1,225 * 8

= $9,800

Journal entries

Date Account Title Debit Credit

June 30, Year 1 Depreciation $10,000

Accumulated Depreciation $10,000

Date Account Title Debit Credit

June 30, Year 2 Depreciation $22,040

Accumulated Depreciation $22,040

Date Account Title Debit Credit

June 30, Year 3 Depreciation $9,800

Accumulated Depreciation $9,800

4 0

2 years ago

Match each Act to its purpose.

Marta_Voda [28]

Credit CARD Act

↓

Protects consumers from unfair credit card billing practices.

Patriot Act

↓

Prevents, detects, and prosecutes international money laundering

Identity Theft and Assumption Deterrence Act

↓

Criminalizes identity theft

Dodd-Frank Act

↓

Educates consumers so that they can protect themselves from unfair practices.

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2 years ago