All categories

3 years ago

A company has the following loan activity—Additional loan from bank: $19,000; Ending cash

Business

1 answer:

Bingel [31]3 years ago

3 0

Answer:

Preliminary cash balance = - $13,400.

Explanation:

We know,

Cash at hand = Preliminary cash balance + Additional borrowings from bank.

Given,

Cash at hand = $5,600

Additional borrowings from bank = $19,000

Putting the values into the formula, we can get

Cash at hand = Preliminary cash balance + Additional borrowings from bank

Or, $5,600 = Preliminary cash balance + $19,000

Or, $5,600 - $19,000 = Preliminary cash balance

Or, Preliminary cash balance = - $13,400.

Therefore, the company had no cash at the beginning; rather, they had to use other people's money.

You might be interested in

A farmer grows a bushel of wheat and sells it to a miller for $1. The miller turns the wheat into flour and then sells the flour

SIZIF [17.4K]

Answer: $Value added by farmer = $1 Value added by miller = $2 Value added by the baker = $3$

GDP contribution is $6.

Explanation: GDP refers to the market value of final goods and services produced withing the national territory of a country.

Using the value added method, we can calculate GDP by summing up the value added at each level of production.

$Value added by farmer = $1 Value added by miller = $3 -$1 = $2 Value added by the baker = $6 - $3 = $3$

$GDP = Value added by the farmer +Value added by the miller + Value added by the baker = $1 + $2 +$3 =$6$

Using the expenditure approach, GDP is the market value of the final good sold to the customer.

GDP = Cost of bread to the engineer = $6

6 0

3 years ago

Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $43,300 in tailoring fee

Luba_88 [7]

Answer:

net income = $31,500

Explanation:

given data

collect tailoring fees = $43,300

paid expenses = $12,300

Depreciation expense= $2,500

Accounts receivable = $1,050

supplies increased = $4,300

liabilities increased = $2,350

to find out

accrual basis net income

solution

we get here net income by given expression that is

net income = tailoring fees - expenses paid + account receivable + supplies increased - liabilities increased - Depreciation expense .......1

put here value

net income = $43,300 - $12,300 + $1,050 + $4,300 - $2,350 - $2,500

net income = $31,500

8 0

3 years ago

Garfield Company has the following information for the current year: Beginning fixed manufacturing overhead in inventory $230,0

Lemur [1.5K]

Answer:

the difference between operating incomes under absorption costing and variable costing is $180,000 .

Explanation:

The difference between the two Operating Incomes lies in the amount of Fixed Overheads that has been deferred in Inventory.

So, calculation of the difference will be as follows :

Beginning fixed manufacturing overhead in inventory $230,000

Less Ending fixed manufacturing overhead in inventory ($50,000)

Difference between absorption costing and variable costing $180,000

3 0

3 years ago

What type of financial aid does not require you to pay money back

9966 [12]

Section 8 does not require you to pay them back

8 0

3 years ago

Read 2 more answers

Ida works on creating ways to ensure that customers receive goods at the right time and correct location. ida is involved in her

dalvyx [7]

disturbution, in marketing this is how we get the product to conumers

6 0

3 years ago