Answer:
$135,000
Explanation:
Equity is the difference between the assets and liabilities of an entity.
Using the accounting equation;
Assets - Liabilities = Equity
Given;
Opening assets balance = $350,000
Opening liabilities balance = $230,000
Therefore;
Opening balance of equity = $350,000 - $230,000
= $120,000
Increase in asset = $20,000
Increase in liabilities = $5,000
Increase in equity = $20,000 - $5,000
= $15,000
Balance of stockholders' equity at December 31, 2016 = $120,000 + $15,000
= $135,000
Answer:
A) The policy would provide a maximum of $100,000 for each person who was injured, and no more than $300,000 for total injuries of all parties in the accident.
Explanation:
The auto liability insurance policy held by the driver is an example of a split limit liability insurance. The split limit insurance of 100/300/50 is explained thus:
$100,000 - bodily injury liability insurance per person
$300,000 - Total bodily injury liability insurance per accident
$50,000 - Property damage liability per accident.
Answer:
The correct answer is A. Shopping and information agents
Explanation:
When a customer needs to acquire goods in the market, he needs the best information regarding those goods. That will allow you to optimize your purchases and act with good judgment.
If it is a minor purchase, the customer can do a market study. But when they are imported products, or when it comes to foreign trade operations, it is when it is more advisable to go to these professionals.
A purchasing agent acquires supplies and goods of all kinds for its customers, which can be individuals or companies. These clients need the goods to be able to develop their economic activity, but they are not aware of the market in a broad sense. That is why they resort to the figure of the purchasing agent, to do that work for him.
To carry out their functions, purchasing agents follow several steps:
- First they evaluate all the possible suppliers, investigating their degree of reliability and seriousness in the commercial relations.
- They contact them, negotiating quantities and prices, to get the best possible product, at the best price.
- Sometimes they request a sample of the product, to present it to the customer. This will determine if it suits your needs or not.
- Manage the entire purchase chain, solving any problems that may arise, until the final delivery of the product takes place
"what is south korea's opportunity cost of producing one digital camera?"
A: 20lbs of wheat.
Answer:
Pronghorn Inc.
Inventory Turnover = 7 times
Days in inventory = 52.14 days
Gross profit rate = 47.86%
Explanation:
a) Data and Calculations:
Beginning inventory $10,620
Ending inventory 13,430
Average inventory = $12,025 ($10,620 + $13,430)/2
Cost of goods sold 84,175
Sales 146,100
Gross profit = $69,925 ($146,100 - $84,175)
Inventory Turnover = Cost of Goods Sold/Average Inventory
= $84,175/$12,025
= 7 times
Days in inventory = 365/7 = 52.14 days
Gross profit rate = Gross profit/Sales * 100
= $69,925/$146,100 * 100
= 47.86%
