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ELEN [110]
3 years ago
7

Kenneth Clark, the CFO of Pharoah Automotive, Inc., is putting together this year's financial statements. He has gathered the fo

llowing balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $313,300, retained earnings of $512,159, inventory of $214,100, goodwill and other assets equal to $78,656, net plant and equipment of $713,000, and short-term notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223. How much long-term debt does Pharoah Automotive have
Business
1 answer:
Vika [28.1K]3 years ago
5 0

Answer:

$171,421

Explanation:

According to the accounting equation the total assets are equal to the sum of total equity and total liability.

Asset = Equity + Liability

We have total assets of $1,181,252 and the sum of total equity and Liabilities is $1,009,831. The difference between these values will be the Long term debt of the company.

Long term debt = $1,181,252 - $1,009,831 = $171,421

Net plant and equipment $713,000

Goodwill & other assets   $78,656

Cash                                   $23,015

Accounts receivable         $141,258

Inventory                            $214,100

Other current assets         <u>$11,223    </u>

Total Assets                       <u>$1,181,252</u>

Common stock                  $313,300

Retained earnings             $512,159

Accounts payable             $163,257

Short-term notes payable <u>$21,115     </u>

Total Equity & Liability      <u>$1,009,831</u>

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Which of the following accounts would not be included in the closing process at year-end?a) Rent expense.b) Additional paid-in c
hammer [34]

Answer:

b) Additional paid-in capital.

Explanation:

Closing process in accounting is a period end activities which involves

the movement or transfer of temporary accounts to permanent accounts.

Temporary accounts are all income statement accounts like sales account, rent account, depreciation expense account, telephone expense account e.t.c.

This exercise is to prepare temporary accounts for the next period.  since temporary accounts are measured as at period end, the transaction of a period must not be allowed to mix with another, hence the need to always close or bring to zero all temporary accounts.

In the question, all are income accounts except additional paid-in capital

3 0
3 years ago
Careers in the Hospitality and Tourism career cluster are
son4ous [18]

Answer:

The correct answer is: B. Bountiful and expected to continue to grow.

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Let me know if this helps!

8 0
2 years ago
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Despite your numerous emails and voicemail messages, a normally dependable vendor has not responded to your important question.
Bogdan [553]

Answer:

A) Consider sending a printed message.

Explanation:

According to the scenario, the most sensible step to get an important response from a supplier after the supplier has not responded would be to send a printed message.

This option would be ideal among the other alternatives above, as it demonstrates that you understand that the supplier may not have seen or been aware of your question, even if numerous e-mails have already been sent, and still awaits an answer , in accordance with professional and ethical communication standards.

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2 years ago
To manufacture 3,000 pairs of sandals in a week, a firm can use 3,600 workers and 135 machines or 270 machines and 3,300 workers
Nutka1998 [239]

Answer:

3,600 workers and 135 machines is more technically efficient.

Explanation:

a. For 3,600 workers and 135 machines

Worker technical efficiency = 3,600/3,000 = $120%

Machine technical efficiency = 135 / 3,000 = 4.50%

Average technical efficiency = (120% + 4.5%) / 2 = 62.25%

b. For 270 machines and 3,300 workers.

Worker technical efficiency = 270/3,000 = $9%

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Average technical efficiency = (9% + 110%) / 2 = 59.50%

Conclusion

Since the average technical efficiency of 62.25% is higher than 59.50%, 3,600 workers and 135 machines is more technically efficient.

8 0
3 years ago
The market for chewing gum is in equilibrium with a current price of 50 cents per pack and a quantity of 100,000 packs per day.
frez [133]

Answer:

A) an increase in the price of other kinds of candy

Explanation:

If the price of substitute products (other types of candy) increases, then the suppliers of chewing gum can increase their price without the quantity demanded decreasing. If the decrease in the price of chewing gum is smaller than the increase in the price of substitute products, the quantity demanded will increase.

If there was a price increase of the main ingredients used to produce chewing gum, then the supply curve would shift to the left (option B is wrong).

If the workers signed an agreement that lowered their wages, then the supply curve would shift to the right (option C is wrong).

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A decrease in income would also decrease the quantity demanded, which would in turn decrease the equilibrium price (option E is wrong).

5 0
3 years ago
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