Andrea's asset: $48,000
Assets is cash that she owns. Other assets include: property, equipment, furniture - which are all costs that she owns.
Deductions refers to her liabilities- Andrea's liabilities/ $7,500
which costs that she owes to companies, billing and Not that she owns. Such as: mortgage, bills, bank amount loans, expenses etc
Here is what Andrea as an accountant needs to do to find the annual gross: (steps are in order)
1) she lists all of the assets costs & total the assets
As for andrea she added all her assets costs which is $48,000
2) she then lists all the liabilities costs & totals the liabilities costs
Her liabilities costs which is $7,500
3) the last step- she must subtract the assets total & liabilities total
Ex. (Assets) $48,000 - (liabilities) $7,500 = 40,500
The answer is $ 40,500 is her gross pay.
Now you are probably thinking how can that be the answer?!?
An accountant always checks :)
Here is Andreas checking process in order..
1) the answer 40,500 is her gross pay which in accounting terms it's her owner's equity because it is her amount of cash that she owns not giving it away. Think of it as a safe that her storages the money in.
2) in order to determine the total liabilities & owner's equity she must add the total liabilities + the owner's equity that we found.
Ex (total liabilities) $7,500 + $40,500 = $48,000!!
That shows that our answer is correct we retraced our steps like an accountant and found that our answer equals (in accounting terms; balances) the total assets costs.
Here is how the balance sheets looks like: Andreas balance sheet
Assets Liabilities
Cash cost Bank loan costs
Furniture cost Mortgage costs
Property cost Health Costs
Expense costs
Assets total: Liabilities total:
$48,000 $ 7,500
Owners equity (Andrea's safe) $40,500 by
(Assets - liabilities)
Total liabilities & owner's equity (total liabilities + OE (owners equity for short) = $48,000
In accounting if your total assets which is for Andrea is $48,000 equals total liabilities & OE is $48,000 then your answer is correct. In accounting assets total Must equal total liabilities & OE
Hope this helps :)
Answer:
3 years
Explanation:
The formula to compute the payback period is shown below:
= Initial investment ÷ Net cash flow
where,
Initial investment is $450,000
And, the net cash flow = annual net operating income + depreciation expenses
= $105,000 + $45,000
= $150,000
Now put these values to the above formula
So, the value would equal to
= ($450,000) ÷ ($150,000)
= 3 years
Answer:
The<u> "Landrum-Griffin" </u>act requires certain financial disclosures by unions and establishes civil and criminal penalties for financial abuses by union officials.
Explanation:
The other name which is used for Landrum-Griffin Act is Labor-Management Reporting and Disclosure Act (LMRDA). This act was initially ordered in 1959 to ensure workers' rights to organize, deal and select their very own agents. The Landrum-Griffin Act looked to counteract such improper practices by work associations, bosses, and others by building up a Bill of Rights.
Answer:
Supplier or creditor ac Dr .... to Cash ac Cr
Explanation:
- Company records purchases using the gross method
Purchase ac Dr .. to Creditor ac Cr
{ Asset / Expense increase debit , liability increase credit }
- Paid supplier the amount owed from the August 1 purchase.
Supplier or creditor ac Dr .... to Cash ac Cr
{ Liability decrease debit , Asset decrease credit }
Answer:
41 tickets per game
Explanation:
The team's fixed monthly costs are:
$1,000 (wages and salaries) + $100 (municipal fee) = $1,100 per month
Since the team plays at home twice a month, the fixed costs allocated to each game are $550 (= $1,100 / 2).
Contribution margin per person = $10 (ticket price) + $3.50 (1/2 of concession stand's revenue) = $13.50
Break even point = fixed costs / contribution margin = $550 / $13.50 = 40.7 tickets which must be rounded up to 41 tickets per game
