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ivann1987 [24]
3 years ago
10

The 15 homes in a new development are each to be sold for one of three different prices so that the developer receives an averag

e (arithmetic mean) of $200,000 per home. If 4 of the homes are to be sold for $170,000 each and 5 are to be sold for $200,000 each, what will be the selling price of each of the remaining 6 homes?
A. $200,000
B. $210,000
C. $215,000
D. $220,000
E. $230,000
Business
1 answer:
7nadin3 [17]3 years ago
5 0

Answer:

D. $220,000

Explanation:

In order to calculate the selling price of each of the remaining 6 homes, we need to do the following calculations shown below:

As the average of 15 homes is $200,000 each. Therefore, the total price would be

= $200,000 × 15

= $3,000,000

Now for 4 houses, the selling price would be

= $170,000 × 4

= $680,000

And for 5 homes, the selling price would be

= $200,000 × 4

= $1,000,000.

Now the selling price for 6 homes would be

= $3,000,000 - $680,000 - $1,000,000

= $1,320,000

And the average would be

=  $1,320,000 ÷ 6 homes

= $220,000

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Radda [10]

Answer:

Required 1.

<u>Bank Reconciliation Statement as at 31 July</u>

Balance at bank as per updated Cash Book           $28,192

Add Unpresented Cheques

Check 1429                                                 $1,248

Check 1430                                                    $140      $1,388

Less Lodgements not yet credited                             ($790)

Balance as per Bank Statement                              $28,790

Required 2.

Journal Entries :

J1

Cash $14,300 (debit)

Accounts Receivable : Foncier Ricard $14,300 (credit)

J2

Accounts Payable : Central Common $261 (debit)

Cash $261 (credit)

J3

Check 1425 $30 (debit)

Cash $30 (credit)

Explanation:

The first step is to update the Cash Book Bank Balance as follows :

<u>Debit :</u>

Balance as at July 31                                                    $14,183

Credit Transfer : Foncier Ricard                                 $14,300

Totals                                                                           $28,483

<u>Credit:</u>

Check 1425 understated ($99 - $69)                               $30

Direct Debit : Central Common                                       $261

Cash Book Updated Balance (Balancing figure)       $28,192

Totals                                                                           $28,483

Then prepare a Bank Reconciliation Statement as at 31 July :

<u>Bank Reconciliation Statement as at 31 July</u>

Balance at bank as per updated Cash Book           $28,192

Add Unpresented Cheques

Check 1429                                                 $1,248

Check 1430                                                    $140      $1,388

Less Lodgements not yet credited                             ($790)

Balance as per Bank Statement                              $28,790

Journal Entries :

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Accounts Receivable : Foncier Ricard $14,300 (credit)

J2

Accounts Payable : Central Common $261 (debit)

Cash $261 (credit)

J3

Check 1425 $30 (debit)

Cash $30 (credit)

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Answer:

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Firstly, we identify that the spot price of market index is $900.

Now, a three months forward contract equals a value of $930.

Raising the index to $920 at the expiry date is obviously a profit to the short position.

To calculate the profit here, we simply subtract the index at expiry date from the three months forward contract.

Mathematically, this is equal to $930-$920 = $10 profit

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