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slega [8]
3 years ago
13

Paul Kim estimates that he will drive about 10,000 miles during the year and will have $3,460 in annual fixed costs. He projects

a cost per mile of $0.54 or less for his truck. What is the maximum annual variable cost he can have to reach his projection?
Mathematics
1 answer:
Mama L [17]3 years ago
5 0

Answer:

The maximum annual variable cost he can have to reach his projection is $1,940

Step-by-step explanation:

Given;

Number of miles drive per year N = 10,000 miles

Total annual Fixed cost F = $3,460

cost per mile(rate) r = $0.54 or less

Total cost = fixed cost + variable cost

Total cost = cost per mile × number of miles

Total cost = r × N = $0.54 × 10,000 = $5,400

Let V represent the total variable cost per year;

F + V ≤ r × N

Substituting the values;

3,460 + V ≤ 5,400

V ≤ 5,400 - 3,460

V ≤ 1,940

The maximum annual variable cost he can have to reach his projection is $1,940

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Based on the items appearing in Gravano Engineering's Statement of Financial Position at the year-end, the totals for the following are:

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2. Current Assets = $64,000

<h3>What is a Statement of Financial Position?</h3>

A Statement of Financial Position is a financial statement that shows an entity's assets, liabilities, and equity.

Assets are items owned by an individual or entity that generate current, future, or potential economic benefits.

Liabilities are financial obligations that an individual or entity owes creditors.

Equity is the difference between assets and liabilities, which refers to the financial benefits accruing to the stockholders.

<h3>Data and Calculations:</h3>

1. Trade payables                                    $39,000

2. Cash at bank                                         14,000

3. Motor vans                                           25,000

4. Inventories                                             7,000

5. Bank overdraft                                     13,000

6. Property                                              96,000            

7. Trade receivables                              43,000            

8. Plant and equipment                        26,000            

9. Trademarks                                        28,000

10.   Fixtures and fittings                        17,000

11.   Mortgage on property                   45,000​

<h3>Current Assets:</h3>

2. Cash at bank                                          14,000

4. Inventories                                              7,000

7. Trade receivables                                43,000            

Total current assets =                           $64,000

<h3>Non-Current Assets:</h3>

3. Motor vans                                          25,000

6. Property                                              96,000                      

8. Plant and equipment                         26,000            

9. Trademarks                                        28,000

10.   Fixtures and fittings                         17,000

Total non-current assets =                $192,000

Thus, the total non-current assets are $192,000 and the current assets total $64,000.

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