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MariettaO [177]
3 years ago
9

On July 1 of the current year, the assets and liabilities of Wong Industries, are as follows: Cash, $15,000; Accounts Receivable

, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $8,700. What is the amount of stockholders’ equity as of July 1 of the current year?A. $32,100
B. $43,700
C. $56,700
D. $65,400
Business
1 answer:
lisov135 [29]3 years ago
5 0

Answer:

C. $56,700

Explanation:

From the accounting equation which shows the relationship between the elements of a balance sheet namely;asset, liabilities and equity.

Asset =  liabilities + equity

Total assets = $15,000 + $12,300 + $3,100 + $35,000 = $65,400

Total liabilities = $8,700

Stockholders’ equity = $65,400 - $8,700

= $56,700

The stake of the owners of the company is $56,700

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Answer: $6581.58

Explanation:

Based on the information given in the question, the mortgage payment per month will be calculated thus:

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where,

P = Principal = $750000

I = Interest rate per month = 10%/12 = 0.10/12 = 0.008333

N = number of installments = 30 × 12 = 360

Then, the equated monthly installment will be:

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= [750000 × 0.008333 × 19.8350386989] / [19.8350386989 - 1]

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Under this loan proposal, your mortgage payment will be $6581.58 per month.

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3 years ago
For a given company, total assets are $260,000, current liabilities are $10,000, long-term liabilities are $60,000, common stock
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1. $140,000

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4.$110,000

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4 years ago
On July 1, Alaskan Adventures issues a $120,000, eight-month, 6.5% note. Interest is payable at maturity. What is the amount of
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Answer:

December 31  Interest expense       $3900 Dr

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Explanation:

The interest and principal is both payable at maturity thus we need to accrue the interest payment and create a liability against the amount of interest due. The adjustment is made 6 months from the issue of the note thus the interest for 6 months is due. The entry would be to record 6 month's interest that relates to this year. The interest expense will be,

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Answer:

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Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace.

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Answer:

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