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MaRussiya [10]
3 years ago
12

Finnish Motors has the following balance sheet accounts:

Business
1 answer:
lianna [129]3 years ago
6 0

Answer:

Accounts Payable   15,000

Prepaid Rent            39,000

Explanation:

<u><em>Assets:</em></u>

Cash                 25,000

Supplies            10,000

Prepaid Rent    X?

Equipment        90,000

Land                 150,000

Total Assets =  290,000

We subtract from the total assets the know values to get the unknow which is, prepaid rent:

290,000 - 150,000 - 90,000 - 10,000 - 25,000 = 15,000 prepaid rent

Then laiblities + equity = total assets

so we use the same idea;

Liabilities

Accounts Payable        X?

Salaries Payable    12,000

Notes Payable        99,000

Total liabilities             Y?

Equity

Common Stock       40,000

Retained Earnings 100,000

Total equity             140,000

Total Liab + SE       290,000

290,000 - 140,000 = total liab = 150,0000

then AP

150,000 - 99000, - 12,000 = 39,000

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As a sole proprietor, what are the ways in which you can raise money to establish your business, and make it grow?
kolezko [41]

Answer:

Take out a small business loan.

Explanation:

A small loan is a way, based on your credit, to establish a way to raise money.

3 0
3 years ago
(a)<br>What is the meaning of subsidiary company (2)<br>​
netineya [11]

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A subsidiary company is a business that is owned, either partially or completely, by another company. This company is referred to as a parent company.

Explanation:

8 0
3 years ago
Which assumption or principle requires that all information significant enough to affect decisions of reasonably informed users
sladkih [1.3K]

Answer:

The answer is: full disclosure principle

Explanation:

Full disclosure principle in accounting refers to the requirement that businesses are supposed to provide all material information pertaining to their operations to the stakeholders of the business so as to facilitate better decision-making frameworks when evaluating the business.

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7 0
3 years ago
"We chose this plan because it would benefit the majority of you, and harm the fewest" would be an example of using this perspec
Alborosie

Answer:

utilitarian perspective      

Explanation:

In simple words, utilitarian approach refers to a method for making decisions in case of ethical dilemmas. Under this approach, the decision making authority makes judgement by focusing on the greater good, that is, making judgement that benefits the most of the individuals and harm the least.

This theory states that every party's interest should be taken into consideration equally as every related individual to the judgement is capable of suffering . However this approach is used when it is not possible to benefit all the stakeholders equally.

6 0
3 years ago
On January 1, 2018, Lumos Company purchased a machine for $70,200. Lumos uses straight-line depreciation and estimates an eight-
jeka94

Answer:

Gain= $4,200

Explanation:

Giving the following information:

Purchase price (2018)= $70,200

Salvage value= $5,400

Useful life= 8 years

Selling price= $42,000

<u>First, we need to calculate the depreciation expense and accumulated depreciation:</u>

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (70,200 - 5,400) / 8

Annual depreciation= $8,100

Accumulated depreciation (ending 2021)= 8,100*4= $32,400

<u>If the selling price is higher than the book value, the company gain from the sale. Now, we need to determine the book value.</u>

<u></u>

Book value= purchase price - accumulated depreciation

Book value= 70,200 - 32,400= $37,800

Gain/loss= selling price - book value

Gain/loss= 42,000 - 37,800

Gain= $4,200

6 0
3 years ago
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