1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
jasenka [17]
3 years ago
12

Tara westmont, the proprietor of tiptoe shoes, had annual revenues of $205,000, expenses of $113,700, and withdrew $26,000 from

the business during the current year. the owner's capital account before closing had a balance of $317,000. the ending owner's capital balance after closing is:
Business
2 answers:
nikitadnepr [17]3 years ago
7 0

Answer:

$382,300

Explanation:

Given:

Annual revenue = $205,000

Annual expenses = $113,700

Withdrew amount = $26,000

Owner capital = $317,000

Computation of net profit :

Net profit = Annual revenue - Annual expenses

Net profit = $205,000 - $113,700

Net profit = $91,300

Computation of owner's capital balance after closing:

Owner's capital balance after closing = Owner capital + Net profit - Withdrew amount

Owner's capital balance after closing = $317,000 + $91,300 - $26,000

Owner's capital balance after closing = $382,300

Whitepunk [10]3 years ago
4 0

The ending owner’s capital balance after closing is $382,300.

The company had a net profit for the year of $91,300. This is calculated by subtracting expenses from net income. $205,000-$113,700 = $91,300.

In order to calculate the the ending owner’s capital for the year the accountant will add the net income to the starting owner’s equity, and then subtract the amount that the owner withdrew from the business.

Starting owner’s equity ($317,000 ) + net income ($91,300) = $408,300 and then subtract the amount withdrawn ($26,000) = $382,300, which is the ending owner’s equity balance.

You might be interested in
(Scenario 4-2: Production of Wheat and Toys) Given the information provided, one can determine that Country A has an absolute ad
Arte-miy333 [17]

Answer:

wheat, wheat

Explanation:

In the field of economics, absolute advantage may be defined as the ability of a producer to produce a particular goods or services at large amount or quantity at the same price or the same quantity at a very low price as compared to other producers. It means producing goods efficiently.

Whereas a comparative advantage of a product is defined as the ability of a producer to produce more goods and and consumes less of it at a lower opportunity cost when compared to its competitors.

Thus in the context, Country A has both an absolute advantage as well as comparative advantage in production of wheat.

4 0
3 years ago
Eventually, Wallace expects that domestic production of the mousetrap will cease altogether. This would happen in the ________ s
jok3333 [9.3K]

Answer:

Maturing product

Explanation:

A product goes through four stages in its life, introduction, growth, maturity and decline. It is during the maturity stage that sales drop as the product has reached almost everywhere. Consumers have accepted the product and now there is no further scope of reach.

Here, mousetrap production is expected to stop indicating that it has entered maturity stage of its life cycle. So, it's a maturing product.

4 0
3 years ago
______________ may backfire if employees become aware but is a tactic that can overcome resistance to change in a rather inexpen
galben [10]

Answer:

Manipulation

Explanation:

Manipulation is the term which is described as to treat or operate someone with mechanical means or with the hands especially in a manner which is skillful or inexpensive.

So, the manipulation is that which might backfire if the employees become known or aware but the tactic or the strategy which could overcome the resistance in order to change in an inexpensive manner or a way.

4 0
3 years ago
Gift property (disregarding any adjustment for gift tax paid by the donor): a.Has the same basis to the donee as the donor's adj
Llana [10]

Answer: Has the same basis to the donee as the donor's adjusted basis if the donee disposes of the property at a gain.

Explanation:

For a gifted property, it should be noted that the tax basis for a donee that is, the person who gets the gift will be identical to that of the donor, this is, the person that donates the gift in cases whereby the property is gotten as a gift.

Therefore, a gift property disregarding any adjustment for gift tax paid by the donor will have the same basis to the donee as the donor's adjusted basis if the donee disposes of the property at a gain.

6 0
3 years ago
Q 8.2: On June 15th, Buehler Company sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20th, Chaz C
densk [106]

Answer:

The amount received in cash is $686

Explanation:

The amount which is received in cash is computed as:

On June 20, the amount of $300 goods returns from customer, so the remaining balance is

= $1,000 - $300

= $700

On the remaining balance, the discount which is evaluated as the payment is received within the discount period which is June 24. So,

= $700 x  (100% - 2%)

= $ 700 x  98%

= $ 686

5 0
3 years ago
Other questions:
  • Does a higher GDP imply high welfare. Why?
    14·1 answer
  • Which of the following management styles is generally best used in a crisis situation?
    6·1 answer
  • Sheldon, Inc. declared a stock dividend of​ 50,000 shares on a date when the​ company's common stock was selling for $ 18 per sh
    9·1 answer
  • Assume the indirect method is used to compute net cash flows from operating activities. For this item extracted from the financi
    14·1 answer
  • People in the engineering, marketing, and operations departments were angry at each other, and to stop the finger-pointing, the
    15·1 answer
  • When the interest rate on a bond is above the equilibrium interest rate, there is excess __________ in the bond market and the i
    8·1 answer
  • In _____ of the implementation phase of the systems development life cycle (sdlc), the old and new systems run simultaneously fo
    15·1 answer
  • Google has written down the following: "to organize the world's information and make it universally accessible and useful." This
    15·1 answer
  • A famous architect wants to build a modern community center building made completely of stainless steel that rises six stories a
    15·1 answer
  • Which one of the following groups of accounts only have debit balances
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!