All categories

3 years ago

Accounts Payable: $19,207

Business

1 answer:

lisabon 2012 [21]3 years ago

7 0

Answer:

total liabilities = $169,008

Explanation:

total liabilities:

Accounts Payable: $19,207
Discount on Bonds Payable: ($7,000) ⇒ contra liability account
Sales Tax Payable: 3,512
FICA Tax Payable: 3,200
Bonds Payable: 100,000
Note Payable, due in two years 1,709
Unearned Service Revenue 30,500 ⇒ must be reported as a liability
Salaries and Wages Payable 17,880

to determine the total liabilities we just have to add both current and long term liabilities, and subtract any contra liability accounts = $176,008 - $7,000 = $169,008

You might be interested in

The price that a store pays for goods to the company that manufacturers those goods is called the:

stellarik [79]

I believe it is C, wholesale price.

5 0

4 years ago

PeopleMag sells a plot of land for $100,000 to Seven Star Company, its 100 percent owned subsidiary, on January 1, 20X7. The cos

Kaylis [27]

Answer:

PeopleMag cannot report a gain on the sale of land for 2007 or 2008 in the consolidated financial statements

Explanation:

PeopleMag cannot report a gain on the sale of land for 2007 or 2008 in the consolidated financial statements. The land must be reported on the consolidated balance sheet at its original cost of $75,000. The intercompany gain is unrealized and is eliminated. In 2009, the entire gain of $45,000 ($120,000 - $75,000) is realized and recognized when the land is sold to an outside party.

6 0

3 years ago

A strength of the market economy is that: a. planners rather than consumers determine answers to the basic economic questions. b

aleksandr82 [10.1K]

A strength of the market economy is that resources are used efficiently.

<h3>What is a market economy?</h3>

A market economy is an economic system in which all suppliers and consumers are unhindered by price controls or restrictions on contract freedom and where decisions regarding investment, production, and distribution to consumers are guided by the price signals created by the forces of supply and demand.
The existence of factor markets that control the distribution of capital and the elements of production is a key feature of a market economy.

<h3>What are a market economy's four characteristics?</h3>

A market economy is characterized by private property, freedom, self-interest, competition, and minimal government involvement.
In a market economy, supply and demand are the driving forces.

Learn more about the market economy here:

brainly.com/question/2343400

#SPJ4

8 0

2 years ago

The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2016, pizzas cost $10 eac

grin007 [14]

Answer:

decreased by 4.5%

Explanation:

A family consumes: 10 pizzas, 7 pairs of jeans, and 20 gallons of milk.

In 2016, pizzas cost $10 each, jeans cost $40 per pair, and milk cost $3 per gallon.

The family's total cost of living in 2016 is:

$C_{2016} = 10*\$10 +7*\$40 +20*\$3\\C_{2016} = \$440$

In 2017, pizzas cost $8 each, jeans cost $40 per pair, and milk cost $3 per gallon.

The family's total cost of living in 2017 is:

$C_{2017} = 10*\$8 +7*\$40 +20*\$3\\C_{2016} = \$420$

The change, in percentage, of a typical family's cost of living is:

$R=\frac{C_{2017}-C_{2016}}{C_{2016}} \\R=\frac{420-440}{440} \\R=0.045\ or\ 4.5\%$

The cost of living decreased by 4.5%

5 0

4 years ago

Required information

ArbitrLikvidat [17]

Answer:

book value = $13,200 (purchase price) + $4,200 (paint) + $2,300 (accessories) = $19,700

useful life 5 years, salvage value $5,100

assuming the company uses straight line depreciation:

depreciation per year = ($19,700 - $5,100) / 5 years = $2,920 per year

the journal entries to record the purchase of the vehicle and the improvements are:

July 1, 2022, vehicle is purchased

Dr Suburban SUV 13,200

Cr Cash 13,200

July 1, 2022, vehicle's paint and accessories

Dr Suburban SUV 6,500

Cr Cash 6,500

the journal entry to record depreciation expense ($2,920 x 6 months)

December 31, 2022, depreciation expense

Dr Depreciation expense 1,460

Cr Accumulated depreciation - Suburban SUV 1,460

the journal entry to record insurance expense ($2,100 x 6 months)

December 31, 2022, insurance expense

Dr Insurance expense 1,050

Cr Prepaid insurance 1,050

5 0

4 years ago