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shusha [124]
3 years ago
9

At December 31, 2011 the accounting records of Gordon, Inc. contain the following items: If the Notes Payable is $10,000, the De

cember 31, 2011 cash balance is:
Business
1 answer:
Vadim26 [7]3 years ago
6 0

The question is incomplete. The complete question is as follows,

At December 31, 2011 the accounting records of Gordon, Inc. contain the following items:

Accounts Payable 2500

Land 30000

Building 31250

Notes Payable ?

Retained earnings 125000

Accounts Receivable 18750

Cash ?

Equipment 40000

Capital Stock 12500

If the Notes Payable is $10,000, the December 31, 2011 cash balance is:

Answer:

Cash = $30000

Explanation:

The accounting equation states that the sum of total assets is always equal to the sum of total liabilities plus total equity. We can state the equation as follows,

Total Assets = Total Liabilities + Total Equity

So,

(30000 + 31250 + 18750 + 40000 + Cash) = (2500 + 10000) + (125000 + 12500)

120000 + Cash = 12500 + 137500

Cash = 150000 - 120000

Cash = $30000

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3 years ago
Fremont Enterprises has an expected return of 12 % and Laurelhurst News has an expected return of 24 %. If you put 56 % of your
Savatey [412]

Answer:

     = 18.7%

Explanation:

<em>A portfolio is a collection of assets/ investment. The return on a portfolio is the weighted average of all the return of the individual assets weighted according to the percentage of total funds allocated to each assets.</em>

Expected return on portfolio:

E(R) =(  Wa*Ra) + (Wb*Rb)

  Wa   =   56%   ,   Wb = 100-56 = 44%

Ra = 12%, Rb = 24%

E(R) = (0.56*24%) + (0.44× 12%)

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8 0
3 years ago
Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $740 with his state income tax ret
oksano4ka [1.4K]

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Explanation:

Based on the analysis and the information provided in the question, the amount of taxes that Tim can deduct as an itemized deduction will be the addition of the Tim's state income tax return for the previous year, the state tax that was held during the year and the estimated state tax payment. This will be:

= $740 + $4200 + $1020

= $5960

Therefore, the amount of taxes that Tim can deduct as an itemized deduction will be $5960.

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3 years ago
Definition of liability
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Liability means to be responsible for something.
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5 0
3 years ago
Nolan Company's cash account shows a $22,064 debit balance and its bank statement shows $22,531 on deposit at the close of busin
Bezzdna [24]

Answer:

Nolan Company

Bank Reconciliation

June 30

                                                                                                     $

Balance per cash book                                                            22,064

Less: Bank Service charges                                                    (       24)

Add: Error in  recording payment ( $ 59- $ 50)                                9

Add: Interest earned                                                               <u>         27</u>

Adjusted balance per cash book                                           <u> 22,076</u>

Balance per bank statement                                                    22,531

Less: Outstanding checks                                                       (  2,655)

Add; Deposits in Transit                                                           <u>   2,200</u>

Adjusted balance per bank statement                                     <u>22,076</u>      

     

Explanation:

The bank service charges and the interest earned appear on the bank statement and has to be adjusted in the cash book balance. The errors found in recording the payment at $ 59 instead of  $ 50 results in an overpayment and the correction needs to be added to the cash book balance

the outstanding checks has not yet been cleared by the bank so there is a reduction on the bank statement balance. The deposits in transit has not been received by the bank so needs to be adjusted as an addition on the bank statement balance.

3 0
3 years ago
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