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2 years ago

If the owner contributes $19,400 and net income is $15,900, how much did the owner withdraw (owner, withdrawals)

Business

1 answer:

NeX [460]2 years ago

3 0

Answer:

The owner withdrew $8,300

Explanation:

As per given Data

_______________ Assets ____Liabilities

Beginning of Year: $25,000 ___$17,000

End of Year: _____$62,000 ___$27,000

First, we need to the Beginning and Ending Equity value using following formula

Equity = Assets - Liabilities

Beginning Equity = Beginning Assets - Beginning Liabilities

placing values in the formula

Beginning Equity = $25,000 - $17,000 = $8,000

Ending Equity = Ending Assets - Ending Liabilities

placing values in the formula

Beginning Equity = $62,000 - $27,000 = $35,000

Now use the following formula to calculate the amount of drawing

Ending Equity = Beginning Equity + Contribution + Net Income - Owner withdrawal

Placing values in the formula

$35,000 = $8,000 + $19,400 + $15,900 - Owner withdrawal

$35,000 = $43,300 - Owner withdrawal

Owner withdrawal = $43,300 - $35,000

Owner withdrawal = $8,300

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2 years ago

You are working at a practice that has a very busy daily schedule and needs to standardize the times when statements are handled

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Answer: Cycle Billing

Explanation:

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2 years ago

Suppose the marginal cost curve in the short run first decreases and then increases. If marginal cost is decreasing, _____ must

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Explanation:

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2 years ago

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1 year ago

The Shapely Company uses the high-low method to determine its cost equation. The following information was gathered for the past

Naddik [55]

Answer:

$633,000.

Explanation:

We use the High-low method to get the cost formula:

$\left[\begin{array}{ccc}High&14,250&710,000\\Low&9,250&570,000\\Diference&5,000&140,000\\\end{array}\right]$

This means 5,000 machine hours generate 140,000 labor cost

We divide and get the variable cost generate per machine hour:

Cost 140000

machine hours 5000

140,000/5,000 = 28

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Next, we use this to calculate the fixed cost:

total cost = variable cost + fixed cost

fixed cost = total cost - 28 X DL

High:

Total Cost 710,000

Variable 399,000 (14,250 x 28)

Fixed Cost 311,000

Low:

Total Cost 570,000

Variable 259,000 (9,250 x 28)

Fixed Cost 311,000

Now with the cost formula we solve for 11,500 machine hours

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cost = 633,000

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2 years ago