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Lena [83]
2 years ago
9

Jordan has the following assets and liabilities:_______. Two cars $10,000 House $200,000 Mortgage $100,000 Cash $1,000 Car loans

$3,000 Checking account balance $2,000 Credit card balance $1,000 What is Jordan’s wealth?a. $107,000
b. $213,000
c. $109,000
d. $111,000
Business
1 answer:
damaskus [11]2 years ago
4 0

Answer:

c $109,000

Explanation:

A person's wealth is calculated by deducting their liabilities from their assets. The value left after the deduction is the person's wealth. In the above case, Jordan's wealth is calculated as;

= Assets [ Two cars + House + Cash balance + Checking account balance ] - Liabilities[ Mortgage - Car loans - Credit card balance ]

= [ $10,000 + $200,000 + $1,000 + $2,000 ] - [$100,000 + $3,000 + $1,000]

= $213,000 - $104,000

= $109,000

Therefore, Jordan's wealth is $109,000

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. Based on the following data, Accounts payable…………………………………………………..... $62,000 Accounts receivable…………………………………………………. 100,000
Temka [501]

Answer:  $428,000

Explanation:

Given that,

Accounts payable = $62,000

Accounts receivable = 100,000

Cash = 30,000

Inventory = 138,000

Land = 160,000

Common Stock = 200,000

Revenue = 80,000

Dividends = 56,000

Expenses = 40,000

Total assets = Accounts receivable + Cash + Inventory + Land

                     = 100,000 + 30,000 +  138,000 + 160,000

                     = $428,000

3 0
3 years ago
A machine costing $251,800 was purchased May 1. The machine should be obsolete after three years and, therefore, no longer usefu
e-lub [12.9K]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

A machine costing $251,800 was purchased May 1. The machine should be obsolete after three years and, therefore, no longer useful to the company. The estimated salvage value is $3,400.

A) Straight-line:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (251,800 - 3,400)/3= $82,800

B) Double declining balance:

Annual depreciation= 2*[(original cost - residual value)/estimated life (years)]

Year 1= (248,400/3)*2= 165,600

Year 2= 55,200

Year 3= 18,400

5 0
3 years ago
WILL MARK BRAINLIEST!
Morgarella [4.7K]

Answer:

Public relations specialists

Explanation:

Public relations specialists refer to individuals who develop and maintain the public image i.e. favorable for the company in which they present. Here the perception of the organization should be shape aslo it would be increase the awareness towards the work and goals

Therefore according to the given situation, the professional that is closely linked with the reputation of the company is public relations specialist

7 0
2 years ago
The level of inventory of a manufactured product has increased by 8,000 units during a period. The following data are also avail
LiRa [457]

Answer:

There will be a difference in the income .

Absorption costing income will be lower as it transfers all the fixed costs to the ending inventory.

Variable costing income will be higher as it does not transfer  the fixed costs to the ending inventory.

The difference will be  of $ 104000

Explanation:

Increase in units 8000                                                              

                                                              Variable       Fixed

Unit manufacturing costs of the period $24.00 $10.00

Unit operating expenses of the period    8.00       3.00

Total Unit Costs                                       $ 32.00    $ 13.00

The net operating income under variable costing for the year will be $ 13* 8000= $ 104000 Lower than the net operating income under  absorption costing.  This is because the all fixed costs will be treated as period cost rather than product costs.

In variable costing the ending inventory will be $104000 lower than the ending inventory under absorption costing  because the fixed costs will not be allocated to products.

Under variable costing, the units in the ending inventory will be costed at $32 each.Under absorption costing, the units in the ending inventory will be costed at $32+ $ 13= $ 45 each.

7 0
3 years ago
On May 1, Tango Co. agreed to sell the assets of its Formal Wear Division to Top Hat Inc.
beks73 [17]

Answer:

This gives a net losses from discontinued of operations of $13.5m

After having deducted tax benefit of $4,5m

Explanation:

Kindly find attached spreadsheet showing of the computations from US GAAP's perspective

Mind the use of formulas highlighted before each calculation

Download xlsx
3 0
3 years ago
Read 2 more answers
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