Answer:
Assets = Laboratory Equipment ( Fixed asset) + Laboratory supplies (Current Asset) + Cash ( Current asset)
= 155,000 + 21,600 + 99,000
= $275,600
Liabilities = Loan Payable ( Long term liability) + Accounts Payable ( current liability)
= 30,400 + 22,750
= $53,150
Assets = Liabilities + Owners Equity
Owners Equity = Assets - Liabilities
= 275,600 - 53,150
= $222,450
The effective interest rate is given by
Given that the <span>bond yeilds an annual yield of 6.7 percent and pays coupons twice a year.
The effective interest rate is given by:
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Answer and Explanation:
The preparation of the cost of goods sold section of a multiple-step income statement is presented below:
<u>Cost of goods section</u>
<u>Multiple-income statement</u>
Opening inventory $37,000
Estimated return inventory $1,000
Purchase $102,000
Less purchase returns -$4,200
Less: Purchase discount -$2,040
Add: Freight in $800
Less: closing inventory -$30,500
Less: estimated return inventory -$1,500
Cost of goods sold $102,560
Answer:
All commercial banks create credit by advancing loans and purchasing securities. They lend money to the individuals as well as to the businesses out of deposits accepted from the public. The commercial banks are not allowed to use the entire amount of public deposits for lending purposes.