1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
KatRina [158]
3 years ago
12

Outback Corp. recorded sales of $1,300,000 in 2010, in addition the company's accounts receivable balance grew from $120,000 at

the beginning of 2010 to $165,000 at the end of 2010. How much cash did Outback collect from customers in 2010
Business
1 answer:
klemol [59]3 years ago
8 0

Answer:

$1,255,000

Explanation:

The increase in accounts receivable is the portion of the current year sales revenue that has not been received in cash, hence, the cash collected from customers in the year 2010 is simply the sales adjusted for the impact of accounts receivable as shown below:

cash collection=sales revenue+beginning accounts receivable-ending accounts receivable

sales revenue=$1,300,000

beginning accounts receivable=$120,000

closing accounts receivable=$165,000

cash collection=$1,300,000+$120,000-$165,000

cash collection=$1,255,000

You might be interested in
Leon exchanges an office building which he held as investment property for a bowling alley. His office building has a basis of $
exis [7]

Answer:

According to Section 1031 of Internal Revenue Code, an exchange of like-kind property is referred to as like-kind exchange, if the exchange meets the following criteria:

  • The property should be exchanged only for the 'like-kind' (same class) property.
  • The 'like-kind' property that is in exchange should be either used in operations of business or held for investment purposes.
  • The exchange should be done under specific timing restrictions or requirements (for indirect exchanges through third parties).

Explanation:

A) Explanation: Since both the properties in exchange are real properties which are used in business, this is a like-kind exchange

B)  

Description                           Amount ($)

Fair market value of bowling alley   120,000

<u>Add: Mortgage value L is relieved off     40,000</u>

Amount reali7ed                      160,000

<u>Less: Adjusted basis             (175:000) </u>

<u>Realized loss by L                      (15,000) </u>

C) Explanation: Since the loss realized is due to exchange, the loss is not recognized.

D) Explanation: Since the loss is not recognized, the character of gain or loss could not be

E) Explanation: The total of realized loss, $15,000 (From Requirement (b)) is deferred.

F) Determine the basis of property acquired in exchange, bowling alley.

Description                         Amount ($)

Fair market value of bowling alley        120,000

<u>Add: Deferred loss                   15,000 </u>

<u>Basis of bowling alley                  135,000 </u>

8 0
3 years ago
According to an article in the Wall Street Journal​, KB Home and other builders found demand for new houses increasing in 2017 a
Nadusha1986 [10]

Answer:

Generally speaking, demographic growth can affect the economy quite a lot, but the economy has a very little effect on demographic growth. E.g. the baby boomers were great for the economy during several decades, but there is no clear relationship between population growth and economic activity.

This means that companies like home builders whose demand depends on other factors besides the economy, will be less affected by economic recessions or expansions. E.g. the demographic growth in America was around 0.7% during 2019 and the economy was growing that year.

Actually, the US population has been declining over the last decades. The real growth factor in population has been immigration in the last decades, and that has also been declining lately.

7 0
3 years ago
An individual has $32,000 invested in a stock with a beta of 1.1 and another $48,000 invested in a stock with a beta of 1.3 If t
blagie [28]

Answer:

The beta of the portfolio is 1.22

Explanation:

In calculating the beta of the whole portfolio, we can calculate the weighted average beta of each stock .The sum of all weighted betas give the beta of the entire portfolio.

Beta of portfolio=amounted in first stock/entire amount invested*beta of the first+amount invested in second stock/entire amount invested *beta of the second stock

Beta of portfolio=($32000/($32000+$42000))*1.1+($48000/($32000+$48000))*1.3

Beta of portfolio=1.22

4 0
2 years ago
Dr. Dawson is considering two business opportunities. Both require an initial investment of $200,000. The first will return $50,
Step2247 [10]

Answer: please refer to the explanation section

Explanation:

Investment $200 000, Profit = 50 000 and n = 6

Present Value(using 7%) = 50000/ (1 + 0.07)^6 = 33317.11

Present Value(using 8%) = 50000/ (1 + 0.08)^6 = 31508.48

Present Value(using 9%) = 50000/ (1 + 0.09)^6 = 29813.37

Present Value(using 10%) = 50000/ (1 + 0.10)^6 = 28223.70

Present Value(using 7%) =  50000/ (1 + 0.12)^6  = 25331.56

Investment $200 000, Profit = 35 000 and n = 10

Present Value(using 7%) = 35000/ (1 + 0.07)^10 = 17792.23

Present Value(using 8%) = 35000/ (1 + 0.08)^10 = 16211.77

Present Value(using 9%) = 35000/ (1 + 0.09)^10 = 14784.38

Present Value(using 10%) = 35000/ (1 + 0.10)^10 = 13494.02

Present Value(using 12%) =  35000/ (1 + 0.12)^10  =  11269.06

All present value figures have been rounded of to two decimal places

 

7 0
3 years ago
What is a demand schedule?
inessss [21]
A demand schedule is a chart that shows the demand for a type of product at various prices.
4 0
3 years ago
Other questions:
  • The cost allocation base​ ________. A. is a systematic way to link an indirect cost or group of indirect costs to cost objects B
    6·1 answer
  • The spotlight on small business box "earning while learning" features students who
    14·1 answer
  • Crowding out refers to the situation in which Group of answer choices borrowing by the federal government raises interest rates
    5·2 answers
  • Susan is having a bakery in the heart of the city and supplies special type of cheese cookies to all the retail outlets based on
    7·1 answer
  • A marketing manager who orders that a successful product be removed from the market after a customer dies from consuming it may
    11·1 answer
  • Thomas Partner purchased shares of Bad Wolf Industries on the open January 2 at $116.26 per share. He earned a dividend of $0.41
    12·1 answer
  • If underproduction occurs in this​ market, and 10 million DVDs are​ produced, consumer surplus is ​$ 30 million and producer sur
    15·1 answer
  • A(n) _____ helps domestic producers to compete against foreign imports. Group of answer choices ad valorem tariff specific tarif
    7·1 answer
  • Williams Optical Inc. is considering a new lean product cell. The present manufacturing approach produces a product in four sepa
    5·1 answer
  • Below are transactions for Wolverine Company during 2021.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!