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
Answer:
False
Explanation:
Annual cash inflow = Sales revenue - Cash expenses
Annual cash inflow = $16,000 - $8,000
Annual cash inflow = $8,000
Cost of machine = $48,000
Payback period = Cost of machine/Annual cash inflows
Payback period = $48,000/$8,000
Payback period = 6 years
So, the payback period for the machine is 6 years.
D. Platt Hardware Store Trial Balance As of May 31, 20
Answer:
c) Zane will collect $480 cash from the credit card company.
Explanation:
The charges that Zane has to pay to the credit card company is:
$500 x 4% = $20
--> Total amount that Zane will collect from the credit card company is: $500 - $20 = $480
Property, liability, and life.
