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DIA [1.3K]
3 years ago
6

Given the following list of accounts, calculate Total Assets:Accounts Receivable $ 10,000 Capital Stock 20,000 Cash 25,300 Equip

ment 16,800 Fees Earned 44,400 Miscellaneous Expense 17,800 Rent Expense 3,250 Retained Earnings 7,850 Salaries Expense 15,400 Wages Expense 15,000
Business
1 answer:
xenn [34]3 years ago
6 0

Answer:

The total assets is $52,100

Explanation:

Total Assets : The total assets is a sum of all current assets and fixed assets. The current assets is that type of asset which is liquidate under one year whereas the fixed assets, the time period is more than one year.

The example of current assets is cash, accounts receivable, stock,etc whereas the fixed assets includes plant and machinery, furniture $ fixtures, equipment, etc.

So the fixed assets is = Accounts Receivable + Cash + Equipment

= $10,000 + $25,300 + $16,800

= $52,100

The accounts which are given in the question are related to liabilities account and expenses account.

Thus, the total assets is $52,100

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Homeowners insurance covers loss of a home caused by which of the following two factors? fire inability of owner to pay mortgage
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Answer:

fire & natural distaster.

Explanation:

homeowners insurance covers things that can't be prevented. :)

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What is a beneficiary?
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Developing the ability to solve problems can help you
atroni [7]

Complete Question:

Developing the ability to solve problems can help you.

The first step you should take is to

________ the problem and then solve it.

Group of answer choices

a. advance in your career.

b. create.

c. become more ethics.

d. identify.

e. change your values.

f. ignore

Answer:

d. identify

Explanation:

The problem-solving process can be defined as the systematic approach used to identify and determine the solution to a particular problem.

The steps involved in the problem-solving process are;

1. Identify and define the problem: this is the first step to be taken in solving a problem. This is to ensure that, the focus is on the main issue or situation and all efforts is channeled in the right direction rather than the symptoms.

2. Gathering of information: this helps to consider the options available in solving a problem effectively.

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4. Weigh disadvantages and evaluate a solution: you weigh the disadvantages of each solution, before choosing the one with the least disadvantages.

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7 0
3 years ago
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Classify each of the following financial statement items based upon the major balance sheet classifications. select a major bala
seropon [69]

Answer:

Prepaid Advertising - Current Asset

Equipment - Property, Plant, and Equipment

Trademarks - Intangible Assets

Salaries and Wages payable - Current Liabilities

Income Tax payable - Current Liabilities

Retained Earnings - Stockholder's Equity

Account Receivable - Current Assets

Land (Held for future use) - Long term Investment

Patents - Intangible Asset

Bonds Payable - Long term Liability

Common Stock - Stockholder's Equity

Accumulated Depreciation -  Property, Plant, and Equipment

Unearned sales revenue - Current Liability

Explanation:

Balance Sheet of a company has different heads under which items are classified according to their nature. The major account heads for classification are Assets, Liabilities and Equity.

Prepaid Advertising and Account receivable are classified as current asset because this is expected to be used within a year.

Equipment is classified as Long term asset under the head, Property, Plant and Equipment. The equipment has estimated useful life more than a year then it is classified as Long term asset.

Trademarks and patents are classified as intangible assets, because they are not physical in nature.

Salaries and Wages payable, Income Tax payable and Unearned sales revenue are classified as Current liabilities. These expenses are due to pay within a year.

Retained Earnings and Common Stock are classified as Stockholders equity. The amount after subtracting all liabilities from total assets is referred to as Stockholder equity.

Accumulated depreciation is deducted from Property, Plant and Assets. This has negative sign and is a contra asset account.

5 0
3 years ago
Walk Co’s average total assets are $200,000, net sales total to $100,000, and net income is $40,000. How much net income did Wal
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To determine how many dollars (or cents) of net income did Walk Co. generate for every dollar of assets invested we have to;

divide Walk Co.'s net income by its total assets = $40,000 / $200,000 = $0.20 or 20 cents. This is called the

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