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Alexandra [31]
3 years ago
15

A company had beginning assets and liabilities were Rs. 100,000 and Rs. 50,000 respectively.

Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
7 0

Answer: Rs. 120,000

Explanation:

At the end of the year, both assets and liabilities had doubled. New asset and liability figures are therefore:

Assets = Rs. 200,000

Liabilities = Rs. 100,000

Net income is part of equity and as there is no equity, net income must be the entire equity.

Assets = Equity + Liabilities

200,000 = Equity + 100,000

Equity = 200,000 - 100,000

= Rs. 100,000

From this Net income, dividends were distributed to the tune of Rs. 20,000. This should be added back to see the full figure.

= 100,000 + 20,000

= Rs. 120,000

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At the beginning of 2017, Aristotle Company acquired a mine for $970,000. Of this amount, $100,000 was ascribed to the land valu
viktelen [127]

Answer: $225,000

Explanation:

Given that,

Company acquired a mine = $970,000 of this amount,

Land value = $100,000 and remaining  portion to the minerals in the mine

Ore appear to be in the mine = 12,000,000 units

Aristotle incurred development costs = $170,000

fair value of its obligation = $40,000

ore were extracted = 2,500,000 units

Units sold = 2,100,000

Depletion\ per\ unit = \frac{Mine\ acquiring\ cost + Development\ cost + Fair\ value\ of\ land - land\ value}{Ore\ appear\ to\ be\ in\ the\ mine}

                                       =\frac{970,000 + 170,000 + 40,000 - 100,000}{12,000,000}

                                       = $0.09 depletion per unit

The total amount of depletion for 2017 =  depletion per unit × ore were extracted

                                                                 = $0.09 × 2,500,000

                                                                 = $225,000

7 0
3 years ago
A company desires to sell a sufficient quantity of products to earn a profit of $400,000. If the unit sales price is $20, unit v
Amanda [17]

Answer:

Number of units to be sold = 150000

So option (b) is correct option

Explanation:

We have given net income = $400000

Unit sales price = $20

Unit variable cost= $12

Total fixed cost $800000

Units must be sold to earn net income of $400,000 =

=profit+\frac{total\ fixed\ cost}{sale\ price}-ubit\ variable\ cost=400000+\frac{800000}{20}-12=150000units

So number of units to be sold = 150000

So option (b) is correct option

3 0
3 years ago
Selected transactions for Thyme Advertising Company, Inc. are listed here. Describe the effect of each transaction on assets, li
SVEN [57.7K]

Answer:

Explanation:

1. Issued common stock to investors in exchange for cash received from inventors  - Increase in assets (cash) and an increase in equity  (Capital)

2. Paid monthly rent  - The decrease in equity and decrease in assets (cash)

3. Received cash from customers when service was rendered  - Increase in  assets (cash) and an increase in  equity

4. Billed customers for services performed  - Increase in assets (Accounts Receivable) and an increase in equity

5. Paid dividend to stockholders  - The decrease in equity and decrease in assets (cash)

6.Incurred advertising expense on account  - Decrease in equity and an increase in liability (Accounts Payable)

7.Received cash from customers billed in  - Increase in the asset (cash) and decrease in the asset (Accounts Receivable)

8.Purchased additional equipment for cash  - Increase in the asset (Equipment) and decrease in an asset (cash)

9.Purchased equipment on account  - Increase in the asset (equipment) and an increase in liabilities (Accounts payable)

5 0
3 years ago
A decrease in the price of DVD players leads consumers to buy more DVD players. From this information we can conclude that DVD p
Andrej [43]

Answer:

E. None of the above is correct.

Explanation:

3 0
3 years ago
Explain what lower of cost or market means in regards to reporting merchandise inventory on the balance sheet.
Degger [83]

Answer and Explanation:

Inventory is an asset and is posted on the asset side of the balance sheet. As per accounting standards regarding inventory valuation, it can be either valued at historical cost or at market price, whichever is lower.

Historical cost is the cost at which asset was acquired. Market price is the price which would be received if the asset is replaced as on the date on which balance sheet is prepared. Inventory is valued at lower of the above mentioned costs.

4 0
3 years ago
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