When reflecting upon the newer generation, each older generation says the same thing:

Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1

Allisa [31]

Answer:

b. $103,345

Explanation:

Assets = Liabilities + Owner's Equity

Owner's Equity (Year 1) = $908,100 - $267,845

= $640,255

Owner's Equity (Year 2) = $980,279 - $233,892

= $746,387

increase in Owner's Equity = Owner's Equity (Year 2) - Owner's Equity (Year 1)

= $746,387 - $640,255

= $106,132

Net income during Year 2 = Increase in Owner's Equity - Additional investment + Withdrawals

= $106,132 - $28,658 + $25,871

= $103,345

Therefore, the amount of net income during Year 2 is $103.345.

7 0

4 years ago

Madison Foods Corp. is frustrated in its efforts to sell products in Europe because several countries are demanding that the com

mixer [17]

Answer: Trade obstacle

Explanation:

From the information given, we can infer that the demands are examples of trade obstacle.

Trade obstacles refers to the barriers which hinder a trade or the restrictions on an international trade. Trade obstacles can be tariffs or other non-tariff methods. Trade obstacles lead to difficulties in the sale of a product to other countries.

4 0

3 years ago

For a recent year L’Oreal reported operating profit of €3,385 (in millions) for its Cosmetics division. Total assets were €12,88

aivan3 [116]

Answer:

The correct answer is 26.05%.

Explanation:

According to the scenario, the given data are as follows:

Beginning Assets = 12,888 ( million)

Ending Assets = 13,099 (million)

Operating profit = 3,385 (million)

So, Average Assets for the year = (12,888 + 13,099) ÷ 2 = 12,993.5 (million)

So, we can calculate the return on investment by using following formula:

Return on investment = Operating profit ÷ Average assets for the year

By putting the value, we get

Return on investment = 3,385 ÷ 12,993.5 (million)

= 0.2605 or 26.05%

8 0

3 years ago

A company borrows $25 000 to buy new equipment. The loan is to be repaid in five equal annual payments. If the interest rate is1

REY [17]

Answer:

Each payment is of $6595

Explanation:

Amount borrowed by company= $25000

No. of installments = 5

Interest rate = 10%

We are supposed to find how much are each of the payments

Formula : $Amount =I (\frac{1-\frac{1}{(1+r)^n}}{r})$

I = installment

r = rate of interest

n = No. of installments

So, $25000 =I (\frac{1-\frac{1}{(1+0.1)^5}}{0.1})\\\frac{25000}{(\frac{1-\frac{1}{(1+0.1)^5}}{0.1})}=I\\6594.93=I$

So, Each payment is of $6595

7 0

3 years ago

On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 5,500 units of Comfort Office Keyboard to one of its clients

madam [21]

Answer:

A. 2

B. May 1, 2021

Dr Cash $94,600

Cr Deferred revenue $89,870

Cr Deferred revenue-coupons $4,730

C. May 1, 2021

Dr Cash $94,600

Cr Deferred Revenue $94,600

Explanation:

A. Based on the information given the numbers of PERFORMANCE OBLIGATIONS that are in this contract is 2 which are:

KEYBOARD and CUSTOMER OPTION FOR FUTURE DISCOUNT

B. Preparation of the journal entry that Meta would record on May 1, 2021.

May 1, 2021

Dr Cash $94,600

Cr Deferred revenue $89,870

($94,600-$4,730)

Cr Deferred revenue-coupons $4,730

(5%*$94,600)

C. Preparation of the journal entry that Meta would record on May 1, 2021

May 1, 2021

Dr Cash $94,600

Cr Deferred Revenue $94,600

8 0

3 years ago