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bekas [8.4K]
3 years ago
9

A company had total liabilities of $275,000 and the owner’s equity was $1,722,000. According to the fundamental accounting equat

ion, total assets must be:
Business
1 answer:
miskamm [114]3 years ago
8 0

Answer:

1,997,000

Explanation:

Assets = Liabilities + Owners Equity

Assets=275,0000 + 1,722,000

Assets = 1,997,000

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Here are incomplete financial statements for BLOSSOM, Inc. Calculate the missing amounts
Otrada [13]

Answer:

(A) net income: 20,000

(B) COGS = 55,000

(C) Common Stock = 30,000

Explanation:

(A) with the RE statemtn we sovle for RE

net income = ending RE - beginning RE + dividends

net income = 27,000 - 12,000 + 5,000 = 20,000

(B) With the net income we solve for COGS

COGS= revenues - net income - salaries and wages

COGS = 85,000 - 20,000 - 10,000 = 55,000

(C) now we solve for common stock

liab + equity = total liab and stockholders equity

account payable + common stock + RE = total liab and stockholders equity

5,000 + CS + 27,000 = 62,000

CS = 62,000 - 27,000 - 5,000 = 30,000

5 0
3 years ago
The major work elements defined in the statement of work (SOW) section along with the detailed list of deliverables provide the
Natali5045456 [20]

Answer:

Work Breakdown Structure (WBS)

Explanation:

Note that, <em>the statement of work (SOW</em>)  is usually used in project management to define project-specific activities, deliverables etc.

The Work Breakdown Structure (WBS)<em> finally breaks down the project into smaller components</em> as found in the image below. The image shows the case of a project breakdown to design and build a custom bicycle.

3 0
3 years ago
According to Adam Smith, why do people work hard?
MrRa [10]

Answer:

Money

Explanation:

they need money because to live in a house get a car,food etec

5 0
3 years ago
Assume that your grandmother wants to give you generous gift. She wants you to choose which one of the following sets of cash fl
Finger [1]

Answer:

The best option is Option A.

Explanation:

3 0
3 years ago
PLEASE HELP!!
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Bitcoin, Equal Dollars, Ithaca Hours, Starbucks Stars, Amazon Coins, Sweat.

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