Answer:
The approximate monthly payment is $383
Explanation:
Here, we want to calculate the approximate monthly payment on a 3-year lease agreement and we have been told what to do in the question.
Firstly, we start off by subtracting 48% residual value from the MSRP
48% of 26,500 = 48/100 * 26,500 = $12,720
We subtract this from $26,500
That will be $26,500 - $12,720 = $13,780
We have 3 years and that is 36 months
So the approximate monthly payment will be;
$13,780 / 36 = 382.7777777777778 which is approximately $383 to the nearest whole digit
Answer:
Explanation:
The classified balance sheet comprises of the assets, liabilities, and stockholder equity. With the help of the accounting equation, the total assets are equal to the total liabilities including stockholder's equity.
The assets are further divided into current assets, fixed assets, and intangible assets. Similarly, the liabilities are also further divided but they do not have any intangible liabilities.
The preparation of the partial balance sheet is presented in the spreadsheet. Kindly find the attachment below:
Answer:
Dr. Office Supplies Expense $900
Cr. Office supplies $900
Explanation:
At the end of the period office supplies account requires an adjusting entry of the office supplies used during the period. It can be calculated as follow
Ending balance of Office supplies = Beginning balance of Office supplies + Purchases during the period - office supplies expense during the period
$1,200 = $1,100 + $1,000 - office supplies expense during the period
$1,200 = $2,100 - office supplies expense during the period
Office supplies expense during the period = $2,100 - $1,200
Office supplies expense during the period = $900
Journal Entry will be debited to office supplies expense account and credit to office supplies inventory account, which will increase the expenses and decrease the inventory.
Answer:
1. Time is scarce so Trey must decide whether to buy the car as soon as possible or to keep his position on the team
2. Entrepreneurship
3. A supply truck
4. Josephine felt she could help students most by improving teachers' skills
5. Profit
6. The ability to produce goods at a lower price
7. Feels the marginal benefit of an extra hour of studying exceeds the marginal cost of not playing basketball.
Explanation:
1. Trey should not take too long to make his decision as time is scarce. If he does, then the price of the car may fluctuate or someone else might end up buying it.
2. Janice is the one who came up with the idea of setting up the business and she is also the risk-taker here. For this reason, she represents entrepreneurship.
3. A supply truck is the capital for a construction company because it is used as an input to deliver the material.
4. Josephine identified the problem that teachers need to be taught better management skills for the sake of students' success.
5. Profit is one of the many major goals of business owners because that amount is used to pay for future business-related needs. It is also important because it keeps the business up and running.
6. Singapore offered lowered rates of production. Although other facilities are better in Michigan the cost of production will increase a lot. Therefore, the ability to produce goods at a lower cost is the opportunity cost.
7. Russel believes that studying extra will make his future bright than playing basketball. Also, the benefits of studying are more than the disadvantages of not playing basketball.
Answer and Explanation:
The effect of undervaluation of Inventory is shown below:-
Inventory Understated = Inventory counted + Correct value of inventory
= $545,000 - $554,000
= $9,000
Now, the effect of undervaluation of Inventory is
Cost of goods overstated by $9,000
Net income understated by $9,000
Retained earning understated by $9,000
Assets (Current assets - Inventory) understated by $9,000
