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frutty [35]
3 years ago
14

The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entri

es are posted, what will be the balance in the Sue Harris, Capital account?
Total revenues $ 100,000
Total expenses 48,000
Sue Harris, Capital 64,000
Sue Harris, Withdrawals 12,000

a. $116,000.
b. $52,000.
c. $48,000.
d. $64,000.
e. $104,000.
Business
1 answer:
zvonat [6]3 years ago
8 0

Answer:

e. $104,000.

Explanation:

The computation of the ending capital balance is shown below:

As we know that

Ending capital balance = Opening capital balance + net income - withdrawn amount

where,

Opening capital balance = $64,000

Net income is

= Revenues - expenses

= $100,000 - $48,000

= $52,000

And, the withdrawn amount is $12,000

So, the ending capital balance i s

= $64,000 + $52,000 - $12,000

= $104,000

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Economists usually assume that production is subject to increasing opportunity costs because: a. higher production usually resul
umka2103 [35]

Answer:

d. not all resources are equally suited to producing every good.

Explanation:

The rule of increasing cost of opportunity is the principle that, when you keep increasing the development of one item, the cost of opportunity of creating the next unit rises. It occurs just as you redistribute resources to create one product which was ideally suited to create the initial product.

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3 years ago
To save for​ retirement, a student invests ​$60 each month in an ordinary annuity with 6 % interest compounded monthly. Determin
professor190 [17]

Answer:

The student invests $60 each month and the interest rate is 6%. The interest rate is compounded monthly so we will take the interest rate as 0.5% (6/12).

The number of periods will be 420 (35*12) as the payments are made every month.

The present value is 0 as he is not making any investment at the start.

We need to find the future value of these payments, and for that we need to put these values in a financial calculator

PV= 0

PMT= 60

I= 0.5

N=420

Compute FV

FV=85,482

The total accumulated amount in the students annuity will be $85,482.

Explanation:

6 0
3 years ago
What are some potential positive outcomes of filing for bankruptcy?
matrenka [14]

Answer:

An automatic stay against creditors. Once you file, the court automatically issues this stay against any and all debt collection activity.

Dischargeable debts.

Bankruptcy exemptions might allow you to maintain ownership of your property after bankruptcy.

Credit Score.

8 0
2 years ago
Richards Corporation had net income of $231,971 and paid dividends to common stockholders of $58,300. It had 55,100 shares of co
Karolina [17]

Answer:

It is 15.68 times

Explanation:

Price-Earnings Ratio = Market Price per share (MPS)/Earning per share (EPS).

Where EPS = $231,971 /55,100

                   = $4.21

Hence, Price-Earnings Ratio = 66/4.21

                                               =15.68 times

P/E ratio shows the expectations of the market and is the price you  pay per unit of current earnings.

The  ratio is as well being used for valuing companies and to find out whether they are overvalued or undervalued most especially by the investors.

8 0
3 years ago
"Shenandoah Skies" is the name of an oil painting by artist Kara Lee. In each of the following cases, determine the amount and c
masya89 [10]

Answer:

A. $6000 ordinary income on sale of a creative asset by the creator of the asset.

B. $4000 ordinary income on the sale of inventory.

C. $35000 capital gain on sale of a capital asset. (which is a non depreciable business personality).

Explanation:

The taxpayer sold a painting to Reller Gallery for $6000. So, the tax payer amount and the character of tax payer gain or loss is as follows:

A. $6000 amount realized minus zero basis is equal to $6000 ordinary income on sale of a creative asset by the creator of the asset.

Reller Gallery sold the painting purchased by from Kara to a regular customer, Lollard Inc. for $10000. So, the tax payer amount and the character of tax payer gain or loss is as follows:

B. $10000 amount realized minus $6000 cost basis is equal to $4000 ordinary income on the sale of inventory.

Lollard Inc., the tax payer, was the regular customer that purchased the painting from the Reller Gallery. Lollard showed the painting in the lobby of its corporate headquarters until it sold "Shenandoah Skies" painting to a collector from Dallas. Where the collector paid $45,000 for the painting. So, the tax payer amount and the character of tax payer gain or loss is as follows:

C. $45000 amount realized minus $10000 cost basis is equal to $35000 capital gain on sale of a capital asset. (which is a non depreciable business personality).

3 0
2 years ago
Read 2 more answers
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