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aleksklad [387]
2 years ago
6

Harvey quit his job at State University, where he earned $62,000 a year. He figures his entrepreneurial talent or forgone entrep

reneurial income to be $4,000 a year. To start the business, he cashed in $50,000 in bonds that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 10,000 units of software at $72 for each unit. Of the $72 per unit, $60 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. The accounting profit of Harvey's firm in the first year was: _________
Business
1 answer:
Liula [17]2 years ago
5 0

Answer:

Accounting profit = 120,000

Explanation:

Accounting profit = total revenue - explicit costs

Accounting profit = 72*10,000 - 60*10,000

= 720,000 - 600,000 = 120,000

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ABC Inc. was incorporated two years ago by issuing 5,000 shares of common stock at $400 each and borrowing $240,000 from a bank
trapecia [35]

Answer:

Total Asset = $2,598,200

Explanation:

Accounting equation : Asset = Equity + liabilities

Equity =common stock + retained earnings

          = ( 5000*$400) + (40000 - 1800)

          = $2,000,000 + 38200

          = $2,038,200

Liabilities = $240,000 + 320000

               = $560,000

Total Equity and Liabilities = 2038200 + 560000

                                            = $2,598,200

double entry principle helps to ensure that the accounting equation is done e.g when common stock is issued contra entry is bank if cash is received.

6 0
3 years ago
Read 2 more answers
A(n) _____ is a strategy that guarantees a solution to a problem. subgoal
salantis [7]

Answer:

Algorithm

Explanation:

An algorithm can assist in solving organizational problems by setting standards that will aid in decision making. They are effective because they use statistical data and past information stored so that through artificial intelligence executives get data that surpasses human limitations. But it should be reviewed by IT professionals to avoid failures.

5 0
3 years ago
Brain Teaser: You are driving a bus, 6 people get on, 2 people get off, then 10 get on and 5 get off, and then 8 get on and 4 ge
natita [175]
The answer is whatever eye color your eyes because you are driving the bus. in my case, the asnwer is brown.

how about this one: a bus driver was heading down the street. He turned left at a no-left turn sign and went the wrong way down a one-way street. even though he passed right by a police officer, the police officer didn't arrest him. Why?








































































































A: The bus driver was walking. I never said that he was driving.

8 0
3 years ago
Read 2 more answers
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
astra-53 [7]

Answer:

Explanation:

please find the attached for the full explanation of the answer.

before answering the total current assets that will be recorded by Symphony one needs to understand what a current asset is. A current asset  can be referred to a short term meaning that its span of life is short it can not be longer than 12 months hence current.

we also need to explain an asset: an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies

Download docx
5 0
3 years ago
Franz ask Joe if he will paint his office building for $1000. Joe says he will do it for $2000. Joe's response is called
Novay_Z [31]
Hey there!

Joe's response is called a counteroffer, which is just an offer that's made in response to an offer given by someone else.
Thie helps two people come to a consensus about an offer.

Hope this helps!
4 0
3 years ago
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