Answer:
$8,000
Explanation:
Calculation for what the depreciation expense for the seventh year of use would be
First step is to calculate the Book value at the end of Year 6
Machinery cost $80,000
Less: Salvage value ($20,000)
Depreciable cost $60,000
($80,000-$20,000)
Divide by useful life 10 years
Annual Depreciation $6,000
($60,000÷10 years)
Accumulated Depreciation for 6 years $36,000
($6,000*6 years)
Book value at the end of Year 6 $44,000 ($80,000-$36,000)
Now let calculate the Depreciation expense for the seventh year of use
Book value at the end of Year 6 $44,000
Less: Salvage value ($20,000)
Remaining Depreciable cost $24,000
($44,000-$24,000)
Divide by Remaining useful life 3 years
Depreciation expense for the seventh year of use $8,000
($24,000/3 years)
Therefore Under this revised estimate, the depreciation expense for the seventh year of use would be: $8,000
21. Mcclam, Inc., is considering the purchase of a machine that would cost $100,000 and would last for 9 years. At the end of 9 years, the machine would have a salvage value of $23,000. The machine would reduce labor and other costs by $19,000 per year. Additional working capital of $2,000 would be needed immediately. All of this working capital would be recovered at the end of the life of the machine. The company requires a minimum pretax return of 13% on all investment projects. The net present value of the proposed project is closest to:
Answer:
The correct option is A. $3,833
Explanation:
Note: This question is not complete has the options are omitted. The complete question is therefore provided before answering the question as follows:
Mcclam, Inc., is considering the purchase of a machine that would cost $100,000 and would last for 9 years. At the end of 9 years, the machine would have a salvage value of $23,000. The machine would reduce labor and other costs by $19,000 per year. Additional working capital of $2,000 would be needed immediately. All of this working capital would be recovered at the end of the life of the machine. The company requires a minimum pretax return of 13% on all investment projects. The net present value of the proposed project is closest to:
A. $3,833
B. $5,167
C. -$2,492
D. $11,514
The explanation of the answer is now given as follows:
Given:
Machine cost = $100,000
Additional working capital = $2,000
Salvage value = $23,000
A = Annual cost saving = $19,000
r = minimum pretax return = 13%, or 0.13
n = number of useful years of the machine = 9
The net present value of the proposed project is now calculated using the following steps:
Step 1: Calculation of the total cost
TC = Total cost = Machine cost + Additional working capital = $100,000 + $2,000 = $102,000
Step 2: Calculation of the present value of the annual cost saving
The present value of the annual cost saving can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PVACS = A * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PVACS = Present value of annual cost saving = ?
A = Annual cost saving = $19,000
r = Minimum pretax return = 13%, or 0.13
n = number of useful years of the machine = 9
Substituting the values into equation (1), we have:
PVACS = $19,000 * ((1 - (1 / (1 + 0.13))^9) / 0.13)
PVACS = $19,000 * 5.13165512782676
PVACS = $97,501.45
Step 3: Calculation of the present value of the salvage value and the recovered working capital
This can be calculated using the present value formula as follows:
PVSW = SW / (1 + r)^n ……………………….. (2)
Where;
PVSW = present value of the salvage value and the recovered working capital = ?
SW = salvage value and the recovered working capital = $23,000 + $2,000 = $25,000
r = Minimum pretax return = 13%, or 0.13
n = number of useful years of the machine = 9
Substituting the values into equation (2), we have:
PVSW = $25,000 / (1 + 0.13)^9
PVSW = $25,000 / 3.00404193798427
PVSW = $8,322.12
Step 4: Calculation of the net present value of the proposed project
This can be calculated as follows:
NPV = PVACS + PVSV - TC ……………………………. (3)
Where;
NPV = net present value of the proposed project = ?
PVACS = Present value of annual cost saving = $97,501.45
PVSW = present value of the salvage value and the recovered working capital = $8,322.12
TC = Total cost = Machine cost + Additional working capital = $100,000 + $2,000 = $102,000
Substituting the values into equation (3), we have:
NPV = $97,501.45 + $8,322.12 - $102,000
NPV = $3,824
From the options in the question, the calculated NPV of $3,823.57 is close to option A. $3,833. Therefore, the net present value of the proposed project is closest to $3,833.
As of December 31, Frappe Company has a balance of $11,000 in accounts receivable. Of this amount, $1,100 is past due and the remainder is not yet due. Frappe has a credit balance of $105 in the Allowance for Doubtful Accounts. Frappe Company estimates its bad debt losses using the aging of receivables method, with estimated bad debt loss rates equal to 3% of accounts not yet due and 10% of past due accounts. How will the Bad Debt Expense account be included in the required adjusting journal entry at year-end
Answer:
Debit of $302
Explanation:
Provision required on AR past due = 1,100 * 10% = $110
Provision required on AR not yet due = (11,000-1,100) *3% = 9900 * 3% = $297
Total Allowance for Doubtful Accounts required = Provision required on AR past due + Provision required on AR not yet due
Total Allowance for Doubtful Accounts required = $110 + $297
Total Allowance for Doubtful Accounts required = $407
Existing Allowance for Doubtful Accounts = $105
Bad Debt Expense = Total Allowance for Doubtful Accounts required - Existing Allowance for Doubtful Accounts
Bad Debt Expense = $407 - $105
Bad Debt Expense = $302
So, Bad Debt Expense account will be included in the adjusting journal entry at year-end as Debit of $302
python for data Science and al
Answer:
This is line 1
Explanation:
The function would read the first line of the file. To read all the lines, you need to make a for loop and then print every line in the file.
Hope this helps!
The information technology department is frustrated because they are constantly training one group on the same issue. The department manager reports it is the ________ to learn the system and not expect repetitive training. Group of answer choices
Answer:
users' responsibility.
Explanation:
Training is the process in which employers provides employees with specific, identifiable knowledge and skills for use in their present jobs.
Generally, organizations should ensure they continually train their employees in different areas (skills) so they don't lag behind and to close the gap between rapid technological innovation.
Also, an instructional design process can be defined as a strategic model which typically involves determining the needs of the employees (learners or trainees) for the development of learning goals, objectives, experiences and the design and organization of assessments in order to enhance the quality of information and instructions.
In this scenario, the information technology department is frustrated because they are constantly training one group on the same issue. The department manager reports it is the users' responsibility to learn the system and not expect repetitive training.
This ultimately implies that, once an employee has undergone a training sponsored by his or her employer, it is very important that he or she devotes more time to learning to perfection rather than being trained on the same skill over and over again.
During periods of bad weather, as compared with periods of clear weather, how many additional gallons of fuel on average should FreeEx expect its planes to consume because of airport congestion?
Answer:
the question is incomplete:
arrival rate = 20 per hourlanding rate with good weather = 60 per hourlanding rate with bad weather = 30 per hourλ = 20
μ₀ = 30
μ₁ = 60
Ls for good weather = 20 / (60 - 20) = 20/40 = 0.5
Ls for bad weather = 20 / (30 - 20) = 20/10 = 2
Ws for good weather = 60 / 40 = 1.5
Ws for bad weather = 60 / 10 = 6
Wg for good weather = 1.5 - (60 / 60) = 1.5 - 1 = 0.5
Wg for bad weather = 6 - (60 / 30) = 6 - 2 = 4
Fuel consumed due to slack:
good weather = Ws x λ = 1.5 x 20 = 30 gallons
bad weather = Ws x λ = 6 x 20 = 120 gallons
So each plane should expect to consume 120 - 30 = 90 additional gallons of fuel due to bad weather
g Which of the following statements is CORRECT? a. Since the money is readily available, the after-tax cost of reinvested earnings (not newly issued stock) is usually much lower than the after-tax cost of debt. b. If a company's tax rate increases but the YTM on its noncallable bonds remains the same, the after-tax cost of its debt will fall. c. All else equal, an increase in a company's stock price will increase its marginal cost of new common equity, re. d. All else equal, an increase in a company's stock price will increase its marginal cost of reinvested earnings (not newly issued stock), rs.
Answer:
b. If a company's tax rate increases but the YTM on its noncallable bonds remains the same, the after-tax cost of its debt will fall.
Explanation:
As we know that the cost of debt could be determined by applying the RATE formula in the excel
And, the following tax cost of debt is
= Cost of debt × (1 - tax tate)
In this case , the before the cost of debt or cost of debt remains constant but the tax rate is rising so automatically the following tax cost of debt would decrease
hence, the option b is correct
If the reserve ratio is 10 percent, $1,000 of additional reserves can create A. $5,000 of new money. B. $9,000 of new money. C. $10,000 of new money. D. None of the above is correct.
Answer:
C. $10,000 of new money.
Explanation:
The computation of the additional reserve developed is as follows;
= Additional reserve ÷ reserve ratio
= $1,000 ÷ 0.10
= $10,000
Hence, it would create $10,000 of new money
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Therefore the correct option is C
You purchased eight TJH call option contracts with a strike price of $37.50 when the option quote was $.55. The option expires today when the value of TJH stock is $37.10. Ignoring trading costs and taxes, what is your total profit on your investment
Answer:
-$4.40
Explanation:
Buyer of Call payoff = Max(S-K,0)
Buyer of Call payoff = Max(37.1-37.5,0)
Buyer of Call payoff = $0
Buyer of Call profit = Call payoff-premium
Buyer of Call profit = 0 - 0.55
Buyer of Call profit = -$0.55
So, for 8 options, Loss = 8*-$0.55 = -$4.40
So therefore, the total profit/loss on eight call option is -$4.40
g The Ricardian equivalence states that if the government cuts taxes without changing current or future expenditure then: a) households will consume more because the marginal propensity to consume is positive b) households will save more because they will expect higher taxes in the future c) households will consume less because they will acquire the debt issued by the government d) households will save less because the tax multiplier is bigger than 1 e) both (a) and (d) f) both (b) and (c)
Answer:
b) households will save more because they will expect higher taxes in the future
Explanation:
The Ricardian Equivalence proposition is one of the pillars of classical economics, which sadly has proven to not work very well in the real world. According to classical economists, and their quantity theory of money plus the Ricardian Equivalence, recessions do not exist because it is impossible for them to exist. But in the real world, that is not true. Recessions exist, e.g. the US is in a recession since the first quarter of 2020 (even before the current health crisis). When real people lose their jobs or are afraid to lose their jobs, their spending habits change.
On the other hand, when real people get a tax refund or tax cut, they generally spend it, they will not save it to pay future taxes. That is why car sales increase during February after checks form the IRS are handed out.
Theoretically, classical economics is great. The problem is that we are human beings, and as such, our behavior cannot be controlled or determined by what we should or should not do. This is exactly why the velocity of money (quantitative theory of money) is not constant.
Pedro borrowed $250,000 to purchase a machine costing $300,000. He later borrowed an additional $25,000 using the machine as collateral. Both notes are nonrecourse. Eight years later, the machine has an adjusted basis of zero and two outstanding note balances of $140,000 and $15,000. Pedro sells the machine subject to the two liabilities for $45,000. What is his realized gain or loss
Answer:
Pedro
Pedro's realized gain is $45,000.
Explanation:
a) Data and Calculations:
Cost of equipment = $250,000
Adjusted basis of equipment after eight years = $0
Proceeds from sale of equipment = $45,000
Realized gain = Sales proceeds minus adjusted basis
= $45,000 - $0
= $45,000
b) Pedro's realized gain is the gain he earned by selling the equipment at a price higher than the original purchase price's adjusted basis. Since the equipment is sold at a higher than its adjusted basis, Pedro has achieved a realized gain of $45,000, which increases his current assets. The outstanding note balances of $140,000 and $15,000 remain liabilities to be settled in the future. They do not form part of the basis for calculating the realized gain or loss.
Azim Services, a nongovernmental not-for-profit organization, received dues of $100 from its members. Azim provided its members with a newsletter that had a $25 value. All other services were valued at $10 per member. What is the amount of contribution made to Azim by each member?
Answer:
Each member of Azim Services pays $ 135 per month in contributions.
Explanation:
While Azim Services charges its members a fee of $ 100, in addition to delivering a newsletter that has a value of $ 25 and providing other services for the sum of $ 10, to determine the amount of money that each member contributes to Azim Services it is necessary to make the following calculation:
100 + 25 + 10 = X
125 + 10 = X
135 = X
Thus, each member of Azim Services pays $ 135 per month in contributions.
a stock has a beta of 1.5 and an expected return of 16.35%. What is the risk free rate if the markert rate of return is 12.5%
Answer:
4.8%
Explanation:
Calculation for the risk free rate if the market rate of return is 12.5%
Using this formula
Expected rate of return = Risk free rate + Beta( Market rate -Risk-free rate)
Let plug in the formula
0.1635 =Risk-free rate of return + 1.5(0.125 -Risk free rate of return)
0.1635 =Risk-free rate of return + 0.1875 - 1.5(Risk-free rate of return)
0.1635 - 0.1875 =Risk-free rate of return - 1.5Risk-free rate of return
−0.024 = - (1-0.5 Risk-free rate of return)
−0.024 = - 0.5 Risk-free rate of return
Risk-free rate of return =0.024 / 0.5
Risk-free rate of return = 0.048
Risk-free rate of return = 0.048 * 100%
Risk-free rate of return = 4.8%
Therefore the risk free rate if the market rate of return is 12.5% is 4.8%
On January 1, year 1, Olinto created a $650,000 trust that provided his mother with a lifetime income interest starting on January 1, year 1, with the remainder interest to go to his son. Olinto expressly retained the power to revoke both the income interest and the remainder interest at any time. Who is taxed on the trust's year 1 income
Answer:
c. Olinto
Explanation:
Multiple choice "a. Olinto's mother, b. Olinto's son, c. Olinto, d. The trust"
As the income tax rules mandate the liability to pay tax on trustees, the tax can be levied and recovered from a representative assesse i.e., the trustee who is Olinto. Olinto is a grantor and thus as per section 676, he must be taxed on the income generated through revocable trust.
18. A company's flexible budget for 12,000 units of production showed sales, $48,000; variable costs, $18,000; and fixed costs, $16,000. The sales expected if the company produces and sells 16,000 units is: a. $24,000. b. $18,000. c. $48,000. d. $40,000. e. $64,000.
Answer:
e. $64,000.
Explanation:
The computation of the sales expected in the case of 16,000 units
Sales on 16,000 units is
= Budgeted sales ÷ Budgeted volume × Actual volume
= $48,000 ÷ 12,000 units × 16,000 units
= $64,000
hence, the sales expected in the case of 16,000 units is $64,000
Therefore the correct option is e
Hence, the same is to be considered
Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $356,000; the partnership assumes responsibility for a $128,000 note secured by a mortgage on the property. Monroe invests $103,000 in cash and equipment that has a market value of $78,000. For the partnership, the amounts recorded for the building and for Fontaine's Capital account are:_______.
a. Building $356,000; Fontaine, Capital $309,000.
b. Building $356,000; Fontaine, Capital $356,000.
c. Building $228,000; Fontaine, Capital $128,000.
d. Building $228,000; Fontaine, Capital $228,000.
e. Building $356,000; Fontaine, Capital $228,000.
Answer: e. Building $356,000; Fontaine, Capital $228,000.
Explanation:
The company would record the building which Fontaine brought in at its Market value which is $356,000.
However, because the partnership assumes responsibility for a $128,000 note secured by a mortgage on the property, this cannot be counted as a capital contribution from Fontaine so this will be removed from their capital contribution;
= 356,000 - 128,000
= $228,000
Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: August 211 units were purchased at $2 per unit. August 1816 units were purchased at $4 per unit. August 2913 units were sold. What is the amount of the cost of goods sold for this sale
Answer:
$41.41
Explanation:
The Weighted Average Cost Method recalculates the unit cost after every new purchase. The goods are then sold at the recent calculated average cost before the sale.
Average Cost Before sale = Total Cost ÷ Units Available for sale
= ( 11 units × $2 + 16 units × $4) ÷ ( 11 units + 16 units)
= $3.185
Therefore,
Cost of Goods Sold = Units Sold × Average Unit Cost Before sale
= 13 units × $3.185
= $41.41
Conclusion :
The amount of the cost of goods sold for this sale is $41.41.
If a preferred stock from Pfizer Inc. (PFE) pays $4.00 in annual dividends, and the required return on the preferred stock is 8.00 percent, what's the value of the stock?
a. $50.00
b. $0.32
c. $32.00
d. $0.50
Answer:
Option a ($50.00) seems to be the right approach.
Explanation:
The given values are:
Annual dividend is,
= $4.00
Required return is,
= 8.00% i.e., 0.08
By using the formula, we get
⇒ [tex]Value \ of \ the \ stock=\frac{Annula \ Dividend}{Required \ return}[/tex]
On putting the above given values, we get
⇒ [tex]=\frac{4.00}{0.08 }[/tex]
⇒ [tex]=50[/tex] ($)
Suppose a perfectly competitive market is suddenly transformed into a monopoly (all competing firms are consolidated into a single entity). We would expect price to _____, output to _____, consumer surplus to _____ and deadweight loss to _____.
just you know what it must be that i think
Explanation:
suppose a perfectly competitive market is sufdenly what think so
Amy and Hobbes are married and file a joint return. Their three children are 7, 9, and 18 years old. Their modified AGI is $58,000, and their tax liability on Form 1040, line 12a, is $3,647. They have no other tax credits for the tax year. What is the amount of their child tax credit/credit for other dependents on Form 1040, line 13a
Answer:
The amount of their child tax credit is $4,000 ($2,000 for each qualifying child).
Explanation:
a) Data and Calculations:
Modified AGI = $58,000
Tax liability = $3,647
Dependent children = 3 (aged 7, 9, and 18)
Qualifying children for child tax credit = 2 (aged 7 and 9)
Child tax credit = $2,000 x 2 = $4,000
Refundable tax credit = $1,4000 x 2 = $2,800
This means that Amy and Hobbes will pay tax of $847 ($3,647 - $2,800).
b) However, they can only be refunded $2,800 ($1,400 for each qualifying child). According to the IRS records, starting with the 2018 tax year until the end of 2025, the new $2,000-per-qualifying-dependent-child credit makes $1,400 of the Child Tax Credit refundable.
Annalise received financial aid offers from two universities.
Financial Analysis for Option A
Costs per Year
Financial Aid Package per Year
Tuition & Fees
Scholarships & Grants
$10,000
$7,000
Room & Board
Work-Study
$11,500
$4,000
Financial Analysis for Option B
Costs per Year
Financial Aid Package per Year
Tuition & Fees
Scholarships & Grants
$28,000
$18,000
Room & Board
Work-Study
$9,000
$4,000
Which statement about the costs per year is true?
Option A will save her $4,500.
Option B will save her $7,000.
Option B will save her $11,000.
Option A will save her $15,500.
Answer:
Option A will save her $15,500.
Explanation:
Financial aid is the assistance given to students to cater to a college education. It excludes Scholarships and grants as these are not cost items by other forms of assistance.
Total for University Option A excluding scholarships and grants
Tuition & Fees $10,000
Room and Board $11,500
Work-Study $ 4,000
Total for A $25,500
For university option B
Tuition & Fees $28,000
Room & Board $ 9,000
Work-study $ 4,000
Total for B $41,000
Option B is more costly than A by :$41,000 - $25,500=$15,500.
Therefore, Option A saves $15,500
Answer:
Option A will save her $4,500.
Explanation:
A business finds that sales increase when the outdoor temperature decreases. Identify the relation between sales and temperature. Select the correct answer below: Sales and temperature are positively correlated. An increase in sales causes an increase in temperature. Sales and temperature are negatively correlated. An increase in temperature causes an increas
an increase in temp causes qnd increase in sales
An increase in temperature causes an increase in sale is the relation between sales and temperature. Hence, option D is correct.
What is the increase in sales?The sales growth rate measures how successfully your company can generate revenue from sales over a specific period of time. This rate is used by investors to assess if your company is growing or starting to plateau. It is used by your firm to evaluate internal successes and difficulties.
Effective sales enable you to acquire quality leads and clients who are also useful to you. If the business was experiencing excellent sales, the employees would also be happy.
In reality, it will enhance worker performance and enable them to do their responsibilities in a more systematic and expert manner.
Thus, option D is correct.
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Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to:
Answer:
a. $259.70
Explanation:
Note: The full question is attached as picture below
Predetermined overhead rate = 2 + (294300/32700)
Predetermined overhead rate = $11
Job T687 Total cost = Direct materials cost + Direct labor cost + Overhead applied
Job T687 Total cost = 545 + 1090 + (20*11)
Job T687 Total cost = 545 + 1090 + 220
Job T687 Total cost = 1855
Cost per unit = $1,855 / $10
Cost per unit = $185.5
Selling price per unit = Cost per unit + Mark-up price
Selling price per unit = $185.5 + $185.5*40%
Selling price per unit = $185.5 + $74.20
Selling price per unit = $259.70
1.Make a list of at least 5 good topics for networking.
Answer:
Explanation:
Networking has so many subcategories and topics that can be discussed since there are a huge array of techniques, methods, technology, etc. Therefore I would say that 6 pretty good networking topics that would be great to discuss with other people or even create a presentation/essay on would be the following...
QoS ImplementationIP vs ATMSAN vs NASPeer-to-Peer or Base Stations?Ad-Hoc vs InfrastructureEverything over IP
Compare and contrast the protection to intellectual property provided by trade secrets relative to that provided by patents. What important defense is available to defendants in trade secret cases that is not available to patent infringement defendants?
Answer:
1. Protection to trade secrets and patents:
a. Trade secrets are protected indefinitely. Generally, patents are granted for a maximum of 20 years.
b. The owner of a trade secret does not need to pay annual fee to defend the secret. A patent holder is required to pay an annual fee, in order to make the patent enforceable.
2. Important defense for defendants in trade secret cases that is not available to patent infringement defendants:
The defendant in a trade secret case will cite that the secret is still commercially valuable. But a patent holder cannot cite this because the patent is granted for a maximum of 20 years to stop stifling innovation.
Explanation:
Both trade secrets and patents are intellectual property rights which confer on their owners the exclusive use of their intellectual property. The major differences are in the duration and the defense of the rights. Patents, unlike trade secrets, do not last forever. Patents, again unlike trade secrets, must be defended periodically through the payment of fees.
find median for the following terms is 72 76 64 80 68 61 85 91 62 82
Answer: 74 ? i think
In the management assistance area, the Small Business Administration (SBA) provides all of the following EXCEPT: Group of answer choices free college credit courses in management toll-free advice numbers training and educational programs counseling by business development officers free publications on business topics
Answer: Free college credit courses in management
Explanation:
The Small Business Administration (SBA) is a Federal government agency that aims to help small businesses and entrepreneurs by providing them with resources to make them grow.
They have toll-free phone numbers that entrepreneurs and small businesses can call for advice, they have trading training programs and business development offices who offer advice and counsel on business techniques and they even free publications on business topics.
They do not however offer free college credit courses in management.
If a check correctly written and paid by the bank for $236 is incorrectly recorded in the company's books for $263, how should this error be treated on the bank reconciliation
Answer: Difference is added to book balance
Explanation:
The error overstated the amount of money that the business paid by check which means that it understated the bank balance of the company.
The difference between the amounts should therefore be added to the book balance to reconcile it to the bank balance;
= 263 - 236
= $27
$27 will be added to the book balance.
Mary's team is located in different countries. Because of the time zone differences, it is difficult for the team to meet all together so their meetings are conducted ________. Group of answer choices when Mary can meet because she is the leader asynchronously the end of the project is reached at the same time synchronously
Answer: asynchronously
Explanation:
Mary's team is located in different countries. Because of the time zone differences, it is difficult for the team to meet all together so their meetings are conducted asynchronously.
We should note that while synchronous means for something to happen at the same time, asynchronous means something that doesn't happen same time.
Because of the time zone differences, the meeting will be conducted asynchronous as the participants that are involved can meet at their own pace uwng their time.
Asynchronously
Countries around the world have different time zone. For instance, the time zone for countries around Asia is different from those countries in Africa.
It therefore means that while synchronous means something to happen at the same time , asynchronous means something that doesn't happen same time.
Due to the difference in time zone, the meeting will be conducted asynchronous so that the team that are involved can meet at the time it falls in their own country.
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Shelton, Inc., has sales of $20 million, total assets of $18.2 million, and total debt of $9.1 million. Assume the profit margin is 9 percent. What is the company's net income
Answer:
$1,800,000
Explanation:
Shelton incorporation has sales of $20,000,000
Total assets is $18.2 million
Total debt is $9.1 million
Profit margin is 9%
Therefore the company net income can be calculated as follows.
= sales × profit margin
= 20,000,000 × 9/100
= 20,000,000 × 0.09
= 1,800,000
Hence the company net income us $1,800,000
Novak Corp.'s trial balance reported the following balances at the end of its first year: Cash $17080 Prepaid insurance 850 Accounts receivable 4270 Accounts payable 3420 Notes payable 5120 Common stock 6590 Dividends 850 Revenues 35380 Expenses 21350 What amount did Novak Corp.'s trial balance show as total credits
Answer:
Explanation:
Novak Corp.'s
Trail Balance
Debit ($) Credit ($)
Cash $17,080
Prepaid insurance $850
Accounts receivable $4,270
Accounts payable $3,420
Notes payable $5,120
Common stock $6,590
Dividends $850
Revenues $35,380
Expenses $21,350
Credit Total $50,510
