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Nastasia [14]
3 years ago
9

During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year.

Unable to obtain a job with a reasonable salary, he decided to try the lawn care business for three months. After a survey of the market potential, James bought a used pickup truck on June 1 for $1,160. On each door he painted "James Cook Lawn Service, Phone 471-4487." He also spent $680 for mowers, trimmers, and tools. To acquire these items, he borrowed $2,520 cash by signing a note payable promising to pay the $2,520 plus interest of $65 at the end of the three months (ending August 31)
Business
1 answer:
Andrei [34K]3 years ago
5 0

Answer:

Half of the question is missing, so I looked for similar ones and found the attached image.

Explanation:

We must determine James' profit for the summer:

Cash collected $12,800

Receivables $730

total revenue = $13,530

Expenses:

Gas, oil and lubrication $1,080 + $190 = $1,270

Repairs $550

Supplies $230

Salaries $6,000

Payroll taxes $290

Filing taxes services $35

Insurance $245

telephone $270

interest expense $65 (I'll use the information provided in the question)

Depreciation $620

total expenses = $9,575

net income = $13,530 - $9,575 = $3,955

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(TYPE 6) Given that beginning inventory level is 660 units, total forecasted demand over the next 12 months is 18,000 units, and
aalyn [17]

Answer: $33,440

Explanation:

First find the units to be produced for the year:

= Forecasted demand + Closing inventory - Opening inventory

= 18,000 + 900 - 660

= 18,240 units

Cost of production:

= 18,240 * 22

= $401,280

Cost per month:

= 401,280 / 12

= $33,440

5 0
3 years ago
Southern pine lumber is visually inspected and placed into categories like "Select Structural," "No. 1," and "No. 2." These cate
mafiozo [28]

Answer:

<h2>The answer in this case would be option A. given in the answer choices or Grading.</h2>

Explanation:

  • In a general sense, grading is a process of organizing or ranking various items based on certain criteria or characteristics.
  • In this instance,notice that the pine lumbers are visually inspected and processed or organized on the basis of their respective characteristics and use or utilization. The classification of the lumbers include "No1", No.2" or "Select Structural" etc. which signifies some kind of ranking based on the specified criteria or conditions.
  • Hence, such type of classification system of items or commodities is usually considered as ranking or grading.
7 0
4 years ago
After hearing a knock at your front door, you are surprised to see the Prize Patrol from a large, well-known magazine subscripti
konstantin123 [22]

Answer:

The requirement is to calculate the present value of each option:

$ 11.26   million

$11.5 million

$ 12.52 million

Explanation:

The present value formula in excel is very useful in this case:

=-pv(rate,nper,pmt,fv)

rate is the 14% interest rate to be earned per year

nper is duration of the payment

pmt is the amount of payment expected per year

fv is the is the future worth of the payment which is unknown

Option 1:

=-pv(14%,20,1.7,0)=$ 11.26   million

Option 2:

The amount receivable today is the present value i.e $11.5 million

option 3:

=-pv(14%,20,1.4,0)=$9.27   million

total =amount received today+$ 9.27  million=$3.25 million+$ 9.27  millon=$ 12.52 million

4 0
4 years ago
Suppose the economies of China and India have begun to slow down very rapidly. Based on this scenario
bazaltina [42]

Answer:

The correct answer is C

Explanation:

Economies means the state of the region or the country in relation to the consumption and the production of the services and the goods and also the supply of the money.

If the economies of the India and the China, will be slow down, then the loanable funds as well as the interest rates will increase because the money for liquidity will be negligible which lead to competition among using the money for personal consumption or to delay the consumption through lending the money out.

6 0
3 years ago
For the most recent year, Camargo, Inc., had sales of $594,000, cost of goods sold of $255,330, depreciation expense of $67,900,
defon

Answer: 2.61 times

Explanation:

Times Interest ratio = Earnings before Interest and Tax / Interest

Earnings before Interest and tax = Sales - Cost of goods sold - Depreciation expenses

= 594,000 - 255,330 - 67,900

= $270,770

Net Income = Addition to retained earnings + Total dividends paid

Net income = 80,300 + ( 27,500 * 1.64)

= $125,400

Earnings before tax = Net Income/ ( 1 - T)

= 125,400/ ( 1 - 0.25)

= $167,200

Interest = Earnings before interest & tax (EBIT) - Earnings before tax (EBT)

= 270,770 - 167,200

= $103,570

Times Interest ratio = 270,770 / 103,570

= 2.61 times

5 0
4 years ago
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