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Alexxx [7]
2 years ago
14

Midyear on July 31st, the Chester Corporation's balance sheet reported: Total Assets of $81.965 million Total Common Stock of $2

.540 million Cash of $4.020 million Retained Earnings of $17.152 million. What were the Chester Corporation's total liabilities?
Business
1 answer:
Vera_Pavlovna [14]2 years ago
5 0

Answer:

  Total Liabilities  = $62.273 million  

Explanation:

<em>The accounting equation state that :</em>

Total assets = capital + liabilities.

<em>This is a fundamental relationship that underpins the preparation of financial statements</em>

<em>Capital for a company is represented by the shareholders funds which is the book value of issued common stock, share premium plus the retained earnings.</em>

So we can apply the equation to the figures of Chester Corporation

81.965  =( $2.540 + 17.152 ) + liabilities

Liabilities =  81.965  - ( $2.540 + 17.1552 )

                = $62.273 million

Total Liabilities  = $62.273 million

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Assuming that data mining techniques are to be used in the following cases, identify whether the task required is supervised or
Greeley [361]

Answer:

Supervised and Unsupervised Learning:

a. Unsupervised learning

b. Supervised learning

3. Supervised learning

4. Unsupervised learning

Explanation:

The key difference between supervised machine learning and unsupervised machine learning is that with supervised machine learning there is a training dataset (labeled data) on which the algorithm is trained to predict patterns.  With unsupervised machine learning on the other hand, there is no training data.  So, the algorithm discovers patterns on itself without reference to another labeled data or training dataset.

6 0
3 years ago
If a gain of $221000 is realized in the cash sale of a building having a book value of $882000, the total amount reported in the
djyliett [7]

Answer:

$1,103,000

Explanation:

The cash flow statement categories the company's transactions in a financial period into 3 groups; these are operating, investing and financing.

The net profit/loss, depreciation, changes in current assets (other than cash) and liabilities are considered as operating activities including income taxes.  

The sale of assets, interest received, purchase of investments are examples of investing activities while the issuance of stocks, debt principal deduction (loan settlement), issuance of debt securities etc are examples of financing activities.

For assets disposed, the amount received from the disposal is the amount recorded as an investing activity.

Amount received  - Book value of asset = Gain on disposal

Amount received = $221000 + $882000

= $1,103,000

8 0
3 years ago
Many small businesses choose to outsource their payroll activities to firms that specialize in providing payroll services. Dolor
natita [175]

Answer:

revenue cycle

Explanation:

Dolores Yu provides a payroll processing business. According to question, service has been rendered and now its time to collect bills for those service.

Since revenue cycle is capturing of bills and payment for product or service rendered. The work mentioned in the problem is part of revenue cycle.

5 0
2 years ago
Suppliers deliver product to restaurants on a regular schedule throughout the week. You are responsible for checking delivery or
Katen [24]

Answer: e) All of the above

Explanation:

6 0
2 years ago
Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions
shusha [124]

Answer:

1. Asset and capital will increase

2. Current asset decrease

3. Asset and liability increase

4. Asset decrease

5. Asset increase

6. Asset increase

7. Asset decrease, expense increase

8. Asset increase

9. Asset increase

10. Asset decrease, liability decrease

11. Liability increased

12. Asset decrease

13. Asset decrease

14. Capital decrease

Explanation:

<u>Income Statement for the month of May:</u>

Sales Revenue $11,100

Less: Operating Expenses:

Cleaning service $750

Salary expense $750

Advertising expense $80

Salaries expense $750

Telephone bill $300

Utilities expense $280

Net Profit $8,190

4 0
2 years ago
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