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KatRina [158]
3 years ago
8

A company had credit sales of $ 35 comma 000 and cash sales of $ 25 comma 000 during the month of May. Also during​ May, the com

pany paid wages of $ 24 comma 000 and utilities of $ 9 comma 000. It also received payments from customers on account totaling $ 4 comma 600. What was the​ company's net income for the​ month?
Business
1 answer:
Likurg_2 [28]3 years ago
7 0

Answer:

The​ company's net income for the​ month was $27 comma 000

Explanation:

Net income = Total Sales - total expense

During the month of May,

Total Sales = credit sales + cash sales = $35,000 + $25,000 = $60,000

The company paid wages of $ 24 comma 000, the wages expense was $ 24 comma 000.

The company paid utilities of $ 9 comma 000, the utilities expense was $ 9 comma 000

Total expense = wages expense + utilities expense = $24,000 + $9,000 = $33,000

The payment that the company received from its customer was not the sales or expense. It made increase cash and reduce account receivable.

Net income = $60,000 - $33,000 = $27,000

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By wr
pashok25 [27]

Answer:

C. Liabilities

Explanation:

Financial accounting can be defined as the field of accounting involving specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time.

Owner's equity is simply what a person owns outrightly and it is also referred to as net worth. It ​can be defined as the value of financial and non-financial assets owned by a person minus the total outstanding liabilities or debts of that person. Simply stated, owner's equity refers to the difference between the amount a person own (asset) and the amount owed (liability).

Mathematically, net worth is given by the formula;

Owner's \; equity = Total \; assets - Total \; liabilities

Making liabilities the subject of formula, we have;

Total \; liabilities = Total \; assets - Owner's \; equity

In Financial accounting, liability can be defined as the amount of money being owed by an individual or organization to another.

Simply stated, liability is a debt being owed and as such it usually has "payable" in its account title on the balance sheet.

Generally, liabilities are recorded on the right side of the balance sheet and it comprises of financial informations such as warranties, bonds, loans, deferred revenues, mortgages, account payable etc.

Hence, Assets minus Owner's Equity is equal to Liabilities.

5 0
3 years ago
Choose an advertisement that you found to be especially memorable. Describe the advertisement and explain how effective it is. D
vodka [1.7K]

Answer:

"Priceless" advertisings for Mastercard.

Explanation:

The advertising describes memorable situations that you find priceless like, the smile of a child, sports moments are also used like winning tennis titles celebrations for Roger Federer.

The message of this brand is strong already and well known for consumers the idea will be to enhance the channels in which the advertisements are displayed. Use the internet to promote the brand. Using the social media networks that are most popular.  

6 0
3 years ago
When a transaction requires only a _____, there is not any actual proof that a particular person conducted that transaction. Gro
Sedbober [7]

Answer:

C. password

Explanation:

A transaction is a business activity that involves buyers and sellers. the se two parties agree to exchange goods and services for money. Everyone needs to be on the same page when this happens ; meaning, the sellers should be willing to give out their goods and services and the buyers should be willing to to pay for the what they are interested in. A complete transaction also requires a receipt which is a proof of the exchange . Therefore, having a password is not the only requirement for a transaction.

3 0
4 years ago
You have just determined that the actual number of workstations that will be used on an assembly line is 6, using assembly line
Artyom0805 [142]

Answer:

The assembly line efficiency is 4.17% (to 2 decimal places)

Explanation:

Efficiency is a measure of productivity that is used to determine how well a target is achieved, by finding the ratio of the actual output to the expected output. In this example, the number of units is the output of the assembly line, and the assembly line efficiency is calculated as follows:

Assembly line efficiency = (actual output) /(required output) × 100

actual output = 25 minutes

if 5 minutes = 1 unit

∴ 25 minutes = 1/5 × 25 = 5 units

∴ actual output = 5 units

required output = 120 units

∴ efficiency = \frac{5}{120} *100

= 4.17%

5 0
3 years ago
Easy Car Corp. is a grocery store located in the Southwest. It expects to pay an annual dividend of $6.30 next year to its share
emmainna [20.7K]

Answer:

Missing question <em>"1. What is the cost of debt for Easy Corp? 2. How many interest payments are left for the bond of Easy Corp? 3. What is the interest payment per period for the bond? 4. What is the discount rate per period to use in pricing the bonds? 5. What is the market value of equity for Easy? 6. What is the cost of equity for Easy?"</em>

<em />

1. Cost of debt is equal to YTM, which is equal to 10%

Cost of debt = YTM = 10%

2. Number of interest payment to be made is equal to 26 * 2 = 52

This is because payment is made semi annually

3. Interest payment per period = 8.9141% / 2 * $1,000

Interest payment per period = 4.45705% * $1,000

Interest payment per period = $44.57

4. As the period is semiannual, discount rate per period is equal to 10% / 2 = 5%

5. Market value of equity = 600,000*60 = $36,000,000

6. Cost of equity = Dividend price + Growth rate

Cost of equity = 6.3/60 + 0.05

Cost of equity = 0.105 + 0.05

Cost of equity = 0.155

Cost of equity = 15.5%

7 0
3 years ago
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