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Aloiza [94]
2 years ago
7

On January 1, Kirk Corporation had total assets of $851,000. During the month, the following activities occurred: Kirk Corporati

on acquired equipment costing $6,100, promising to pay cash for it in 60 days. Kirk Corporation purchased $3,510 of supplies for cash. Kirk Corporation sold land, which it had acquired 2 years ago. The land had cost $15,100 and it was sold for $15,100 cash. Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $1,010 per month. What is the amount of total assets of Kirk Corporation at the end of the month?
Business
1 answer:
White raven [17]2 years ago
8 0

Answer:

Ending balance of assets is $ 857,100

Explanation:

Computation of total assets of Kirk Corporation

Opening Assets                                                            $ 851,000

Purchase of equipment                                               $      6,100

Purchase of supplies for cash                                     $            0

Sale of land at cost                                                       $            0

Agreement for storage space                                     <u>$             0</u>

Ending balance Assets                                                $ 857,100

Purchase of equipment on credit increases assets

Purchase of supplies for cash is neutral. Supplies ( considered as included in inventory) is paid in cash asset increases and decreases

Sale of land at cost is also neutral for asset purposes

Agreement to rent storage space is not an executed transaction

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Blababa [14]

Answer:

the answer is insurance, jobs, rentals on edgy

7 0
2 years ago
Read 2 more answers
4. A company makes bicycles. It produces 450 bicycles a month. It buys the tires for bicycles from a supplier at a cost of $20 p
Sever21 [200]

Answer:

Explanation:

a. The computation of the economic order quantity is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

where,

Carrying cost = $20 × 15% = 3

And, the annual demand = 450 bicycles ×  12 months × 2 tyres = 10,800

And, the ordering cost is $50

Now put these values to the above formula  

So, the value would equal to

= \sqrt{\frac{2\times \text{10,800}\times \text{\$50}}{\text{\$3}}}

= 600 tires

b. The number of orders would be equal to

= Annual demand ÷ economic order quantity

= $10,800 ÷ 600 tires

= 18 orders

c. The average  annual ordering cost would equal to

= Number of orders × ordering cost

= 18 orders × $50

= $900

3 0
2 years ago
Q 2.29: During its most recent period, Raymond Manufacturing expected Job No. 59 to cost $600,000 of overhead, $1,000,000 of mat
beks73 [17]

Answer:

$70,000 overapplied

Explanation:

Raymond manufacturing expected job No 59 to cost $600,000 of overhead , $1,000,000 materials and $400,000 labour

The actual production cost is $590,000

$1,140,000 worth of materials were used and $440,000 labour cost

The first step is to calculate the overhead rate

= expected overhead /expected cost of labor

= $600,000/$400,000

= 1.5

The overhead applied can be calculated as follows

= overhead rate× real cost of labor

= 1.5 × $440,000

= $660,000

Therefore the over applied or underapplied can be calculated as follows

= $660,000-$590,000

= $70,000

Hence the overapplied is $70,000

3 0
2 years ago
Label each scenario below according to the type of financial asset described.
PSYCHO15rus [73]

Answer:

SCENERIO 1=BOND

SCENERIO 2=LOAN

SCENERIO 3=STOCK

SCENERIO 4=SECURITIES WHICH ARE GUARANTEED BY LOANS

SCENERIO 5=LOAN

Explanation:

Bond is a type of loan or a financial instrument through which large corporations or Government Institutions borrow money from the public with the aim of paying with a fixed interest rate in a given period.

A Loan is amount requested by an organisation from a financial institution with the aim of paying back with some percentage of interest over a given period of time.

Stocks are also known as shares which forms parts of a particular Company sold to the public with the aim of raising capital, SHARES OR STOCK HOLDERS HAVE CERTAIN RIGHTS TO DIVIDEND AND VOTING TO REPLACE BIARD NENBERS ETC WHEN THE NEED ARISE IN THE ORGANISATION.

4 0
2 years ago
Your father is considering purchasing an annuity that pays $5,000 at the beginning of each year for 5 years. he could earn 4.5%
Volgvan
22,938 is what he should pay for the annuity.
 Given;
Pv = 5000
r = 4.5
n = 5
Formula of Annuity payment is; P = r(PV) / 1 - (1 + r)^-n
= 5000 * 0.045 / 1 - (1+0.045)^-5
= 22,938
Just follow the formula of the annuity payment and you can get the final answer you are looking for. The answer in this question is $22,938
4 0
2 years ago
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