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Kazeer [188]
2 years ago
6

is the organization providing a charitable or public service? if so, what is it? will the company still have profit to motive?

Business
1 answer:
deff fn [24]2 years ago
4 0
Here is the answer to your question
Hope it helps!

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A firm has $600,000 in current assets and $150,000 in current liabilities. Which of the following is correct if it uses cash to
Molodets [167]

Answer:

4) Net working capital will not change.

Explanation:

The best answer to the question is the 4th option. The net working capital will not be changed if company would be usingcash to pay off their accounts payable. Also the difference that exists between current assets and current liabilities will also stay the same way as it was before. current ratio will go up to 5.5.

Thank you.

4 0
3 years ago
Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. Th
nydimaria [60]

Answer:

Journal entry to record depletion expense

Depreciation expense $280,000 (debit)

Accumulated depreciation $280,000 (credit)

Explanation:

The coal mine is an economic resource controlled (ownership of risks and benefits) by Last year, Mountain Top, Inc as a result of past event (purchase transaction) from which economic benefits are expected to flow into the business (cash from sale of minerals).Therefore the coal mine is an asset!

The asset is being depleted as it is being used. This is called depreciation.

Depreciation expense in this case is calculated as :

Depreciable Account × Current harvest as a percentage of total estimated tons available

(900000-100000)× 70000/200000 = $280,000

6 0
3 years ago
An account that would be increased by debit is
Gnesinka [82]

I would assume it's a bank account...


6 0
2 years ago
Sheffield Corp., public camping ground near the Four Corners National Recreation Area, has compiled the following financial info
Valentin [98]

Answer:

(a) $40,000

(b) See explanation below

Explanation:

(a) Net Income for 2019

Revenues during 2019 Camping fees = $140,000

Revenues during 2019 General store 50,000

Expense during 2019 $150,000

Net Income = Total Revenue - Expenses

Net Income = $140,000 + $50,000 - $150,000

Net Income = $40,000

(b) Prepare a balance sheet

Assets

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . .$. 23,000

Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,500

Equipment . . . . . . . . . . . . . . . . . . . . . . . . .140,000

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$165,500

Liabilities

Accounts Payable . . . . . . . . . . . . . . . . . . . . 11,000

Notes Payable . . . . . . . . . . .. . . . . . . . . . . . 60,000

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71,000

Stockholders' Equity

Common Stock . . . . . . . . . . . . . . . . . . . . . . 20,000

Retained Earnings . . . . . . . . . . . . . . . . . . . . 74,500

Total Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . .94,500

Total Liabilities and Stockholders' Equity . . . . . . . . . . . . . . . . . . .$165,500

Liabilities + Equity

4 0
2 years ago
ompany paid $48,000 cash to purchase raw materials. The recognition of this event will: Multiple Choice not affect total assets,
Ganezh [65]

Answer:

The recognition of this event will:

not affect total assets, will decrease net income, and will decrease cash flow.

Explanation:

a) Data and Analysis:

Balance Sheet Effect:

Raw materials inventory (Assets) +$48,000

Cash (Assets) -$48,000

Net effect = $0

Income Statement Effect:

Purchase of raw materials (Cost of production) +$48,000

Net income will decrease by cost of $48,000

Statement of Cash Flows (Operating Activities)

Purchase of raw materials (Cash outflow) -$48,000

3 0
3 years ago
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