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3 years ago

What is the majority of our federal budget devoted to? (What

Business

1 answer:

RoseWind [281]3 years ago

6 0

Answer:

Mandatory

Explanation:

The mandatory spending accounts for around two-thirds of the federal budget and is determined by existing laws that constitute programs such as the social secutity program.

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The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $20,000 but no other as

Rashid [163]

Answer:

a. Contribution from Berry = $6,000

b-1. Contribution from Hammond = $22,556

b-2. Disbursement shall be:

Anderson = $8,889

Berry = $3,667

c. Amount to be received by Anderson on Liquidation = $11,500

Explanation:

As for the provided information we have,

Capital balances

Anderson 40% $20,000

Berry 30% $12,000

Hammond 20% $17,000 (Deficit)

Winwood 10% $25,000 (Deficit)

a. Total deficit in this case will be = Share of Hammond + Winwood = $17,000 + $25,000 = $42,000

Berry's share = $\frac{30}{30+40} \times 42,000 = 18,000$

Since Berry's current balance = $12,000

Contribution required = $18,000 - $12,000 = $6,000

b-1. Total deficit of Winwood = $25,000

Hammond share = $\frac{20}{20+30+40} \times 25,000 = 5,556$

Hammond's current balance = - $17,000

Thus, contribution from Hammond = $5,556 + $17,000 = $22,556

b-2. Total deficit balance = $17,000 + $25,000 = $42,000

Total sufficient balance = $20,000 + $12,000 = $32,000

Net deficit balance = $42,000 - $32,000 = $10,000

Anderson share in Deficit of Winwood = $25,000 \times \frac{40}{40 + 30 +20} = 11,111$

Thus, net capital of Anderson = $20,000 - $11,111 = $8,889

Berry's share in deficit of Winwood = $25,000 \times \frac{30}{40+30+20} = 8,333$

Thus, net capital from Berry = $12,000 - $8,333 = $3,667

c. Total deficit from Hammond = $17,000

Anderson share = $17,000 \times \frac{40}{40+30+10} = 8,500$

Anderson's current balance = $20,000

Amount extra contributed by Anderson = $20,000 - $8,500 = $11,500

Thus, Anderson will receive $11,500 on liquidation.

Final Answer

a. Contribution from Berry = $6,000

b-1. Contribution from Hammond = $22,556

b-2. Disbursement shall be:

Anderson = $8,889

Berry = $3,667

c. Amount to be received by Anderson on Liquidation = $11,500

3 0

3 years ago

Carissa Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its fir

marishachu [46]

Answer:

1. Carissa Communications' Statement of Retained Earnings for the year ended July 31, 2018:

Retained Earnings, July 31, 2017 $0

Net Income (Loss) 6,845

Retained Earnings, July 31, 2018 $6,845

2. Carissa Communications' Classified Balance Sheet as of July 31, 2018:

Assets:

Current Assets:

Cash $ 3,500

Accounts Receivable 3,000

Merchandise Inventory 1,300

Total Current Assets $7,800 $7,800

Long-term Assets:

Equipment, net 12,500 $12,500

Total Assets $20,300

Liabilities + Equity:

Current Liabilities:

Accounts Payable 1,900

Accrued Liabilities 5,855

Total Current Liabilities $7,755 $7,755

Long-term Liabilities:

Notes Payable, long-term 3,400

Total Liabilities $11,155

Stockholders' Equity:

Common Stock 2,300

Retained Earnings 6,845

Total Stockholders' Equity 9,145 $9,145

Total Liabilities + Equity $20,300

Explanation:

a) Data and Calculations:

1. Adjusted Trial Balance for its first year of business, which ended on July 31, 2018

Cash $ 3,500

Cost of Goods Sold $ 18,400

Selling expenses 1,700

Equipment, net 12,500

Accounts Payable 1,900

Accrued Liabilities 5,855

Common Stock 2,300

Net Sales Revenue 30,000

Notes Payable, long-term 3,400

Accounts Receivable 3,000

Merchandise Inventory 1,300

Interest Expense 55

Administrative Expense 3,000

Total $43,455 $43,455

2. Carissa Communications Income Statement Year Ended July 31, 2018

Net Sales Revenue $30,000

Cost of Goods Sold 18,400

Gross Profit 11,600

Operating Expenses

Selling Expenses 1,700

Administrative Expenses 3,000

Total Operating Expenses 4,700

Operating Income 6,900

Interest Expense (55)

Net Income (Loss) $6,845

6 0

3 years ago

Suppose that households became mistrustful of the banking system and decide to decrease their checking account balances and incr

Talja [164]

Answer: The equilibrium interest rate should A. increase.

Explanation: The demand curve for money shows the quantity of money that is demanded at a given interest rate. The money supply model shows the money supply that is set at a given interest rate. If there is an increase in interest rates the equilibrium rate will increase to adjust for the rising rates.

7 0

3 years ago

Watson Company applies overhead on the basis of machine hours. Given the following data, compute the amount of overhead applied

Dmitriy789 [7]

Answer:

A: $1,475,000

Explanation:

The computation of the overhead applied is shown below:

But before that first determine the predetermined overhead rate which is

= Estimated annual overhead cost ÷ Estimated machine hours

= $1,500,000 ÷ 300,000

= $5

Now the applied overhead is

= Predetermined overhead rate × Actual machine hours

= $5 × 295,000

= $1,475,000

6 0

3 years ago

There are three key types of productivity: technological productivity, managerial

krek1111 [17]

The three key types of productivity are technological productivity, managerial productivity, and human labor productivity

7 0

2 years ago

Read 2 more answers