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
love history [14]
3 years ago
14

Kamy Corp. is in liquidation under Chapter 7 of the Federal Bankruptcy Code. The bankruptcy trustee has established a new set of

books for the bankruptcy estate. After assuming custody of the estate, the trustee discovered an unrecorded invoice of $1,000 for machinery repairs performed before the bankruptcy filing. In addition, a truck with a carrying amount of $20,000 was sold for $12,000 cash. This truck was bought and paid for in the year before the bankruptcy.
What amount should be debited to estate equity as a result of these transactions?
a. $0
b. $8,000
c. $9,000
d. $1,000
Business
1 answer:
AveGali [126]3 years ago
5 0

Answer:

C) $9,000

Explanation:

Debits to the equity state represent additional expenses or losses that were not previously recorded.

  • gain/loss = cash - carrying value of truck = $12,000 - $20,000 = -$8,000 or $8,000 loss
  • additional repair costs = $1,000 (machinery repairs)

Total unrecorded losses and expenses = $8,000 + $1,000 = $9,000

You might be interested in
If the a=4 find the value a2<br>​
Rashid [163]

Answer:

If a = 4 it would be 4 x 2 = 8

Explanation:

Have a nice dayy/nightt

3 0
3 years ago
Assume there is an increase in demand in a perfectly competitive market that was initially in long-run equilibrium. Which of the
Lemur [1.5K]

Answer:

b. In the short-run profits will be lower than normal.

Explanation:

a. An increase in demand means that customer desire for that good has increase. Thus, it is fair to infer that consumers have shown that they now consider the good to be more valuable.

b. It is actually quite the opposite, in the short-run, companies will be able to raise their prices and profits will be higher than normal.

c. The opportunity related to the increase in demand could be enough to attract resources from other industries into the market.

d. Since this is a perfectly competitive market, it tends to reach equilibrium and the market supply curve will shift right.

The false statement is alternative b.

7 0
3 years ago
Which of the following is NOT an important business process for managing the supply chain?
Dimas [21]

Answer: C. Responding to customer request promptly

Explanation: Supply chain management is the process of coordination of all incoming(inbound) and all outgoing logistics on order to ensure that the manufacturing operations are effectively handled. Supply chain management also involves management of process technology by ensuring that all spare parts and equipment are provided to ensure that manufacturing (Batch or continuous) is done properly.

7 0
4 years ago
What term refers to the percent of total revenues that represent a business's actual profit?
Sliva [168]
Pretty sure your answer is
<span>B. Profit margin</span>
7 0
4 years ago
Stock X has a beta of 1.4 and stock Y has a beta of 0.8. The market risk premium is 5.0% and the risk-free rate is 2.0%. What is
NNADVOKAT [17]

Answer:

d. 4%.

Explanation:

The computation is shown below;

We know that

Expected stock return = Risk free rate + Beta × Market risk premium

So,  

Expected stock return X is

= 2% + 1.4 × 5%

= 9%

And,

Expected stock return Y is

= 2% +.8 × 5%

= 6%

Now  

Expected Portfolio return Y and risk free asset is

= Weight stock y × return Y + Weight risk-free asset × Return risk-free asset

= .5 × 6% + .5 × 2%

= 4%

8 0
3 years ago
Other questions:
  • A work arrangement whereby employees are able to remain at home and perform their work using computers that connect them with th
    5·1 answer
  • What is the most important prerequisite for making your catering business successful
    12·1 answer
  • During a​ period, 40,200 units were completed and​ 3,200 units were in ending WIP Inventory. Ending WIP was​ 95% complete for di
    5·1 answer
  • A primary market would be utilized when:
    12·1 answer
  • Free market economies offer distribution methods for goods and services based on _____ .
    11·2 answers
  • This year Andrews achieved an ROE of 11.6%. Suppose the Board of Directors of Andrews mandates that management take measures to
    5·1 answer
  • Information on Wolfen Company's direct labor costs for the month of January follows: Actual direct labor rate $5.00 Standard dir
    6·1 answer
  • The following information is available for Splish Brothers Corporation for the year ended December 31, 2022.
    10·1 answer
  • Mark owns a driving range in New York City. He has taken notice of the three competitors who are located very close to his busin
    13·1 answer
  • A firm reports net income of $456,325.00 for 2013. The firm has a dividend payout ratio of 20.00%. The firm currently has $994,0
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!