answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
NeX [460]
2 years ago
5

Jasmine Smith owns a condo worth $240,000, a car valued at $25,000, and miscellaneous assets worth $7,500. She owes $185,000 on

the condo and $15,000 on the car and has no other debts. Her retirement account, in which she is fully vested, contains $27,500 in mutual funds. She is insured with a $500,000 term life insurance policy. What is her net worth?
Business
1 answer:
Amanda [17]2 years ago
7 0

Answer:

The net worth is $100,000

Explanation:

The computation of net worth is shown below:

Net worth = Total assets - total liabilities

where,

Total assets = Condo + car + miscellaneous assets + mutual funds

                    = $240,000 + $25,000 + $7,500 + $27,500

                    = $300,000

And, the total liabilities equal to

= Owning a condo + car owned

= $185,000 + $15,000

= $200,000

Now put these values to the above formula

So, the answer would be equal to

= $300,000 - $200,000

= $100,000

The term life insurance policy is neither an asset nor a liability, so it would be not be considered in the computation part.

You might be interested in
At the beginning of the month, Bobcat Boards and Skis received $800 in advance for future services to be performed. At the end o
finlep [7]

Answer:

The adjusting entry that should be recorded at the end of the accounting period:

Debit Unearned revenue $500

Credit Revenue $500

Explanation:

Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.

Bobcat Boards and Skis received $800 in advance for future services to be performed. At the end of the month, $300 worth of services were still owed to the customer.

The value of services were performed = $800 - $300 = $500.

The adjusting entry:

Debit Unearned revenue $500

Credit Revenue $500

6 0
2 years ago
Where can I find a copy of my residence weekend attendance records? MyUC / UC One My advisor My UC Email All of the above
Margarita [4]

Answer: Your Advisor

Explanation:

MyUC / UC One is a portal for UC students.

6 0
2 years ago
Gabe's Granola Bars had coffee mugs created with their company logo and passed them out on a busy Saturday at a popular grocery
kozerog [31]

Answer:

It would be an example of advertising.

Explanation:

This is because Gabe's Granola Bars are giving coffee mugs with their logo at a grocery store, not their own location.

I hope this helped!

5 0
2 years ago
Read 2 more answers
Kohl Co, provides warranties for many of its products. The January 1, 2019, balance of the Estimated Warranty Liability account
Brums [2.3K]

Answer and Explanation:

The computation is shown below;

a. For Warranty Expense

= Sales × Estimated Warranty Percentage%  

= $4,144,400 × 0.87%%

= $36,056.28

b)

The amount that should be reported is

Opening Balance of Estimated Warranty Liability Jan. 1, 2019 $42,635

Less: Actual warranty costs in 2019 ($26,750)

Add: Warranty expense accrued in 2019 $35,056

Closing  Balance of Estimated Warranty Liability Dec. 31, 2019 $50,941

8 0
2 years ago
For each of the following independent situations, indicate the reason for and the type of financial statement audit report that
Nimfa-mama [501]

Answer:

a. Standard inadequate review report

Standard inadequate review report ought to be given right now according to U S GAAP an organization can picked either LIFO or FIFO stock technique for inventories held in U S Also, there doesn't appear to be any issue in utilizing a non-GAAP strategy for inventories held in remote activities  

b. Standard unfit review report  

As the lawful insight has guaranteed that the body of evidence against S Software has no merit, it would have no impact on the fiscal summaries of the organization. In this manner, no disclosure is required comparable to the case  

c. Unfit report remembering an illustrative section for change for bookkeeping head  

The change in bookkeeping treatment a the auxiliary is because of limitations on repatriation of income put on all outside claimed organizations in Panama Therefore, it is adequate and no compelling reason to qualify the report However, a logical section ought to be added to the report clarifying the adjustment in bookkeeping head  

d. Inadequate report including

lanatory paragaph for change in bookkeeping head  

e. Standard inadequate review report  

As the adjustment in the administration lives for deterioration purposes on automobiles is legitimized, a standard inadequate review report ought to be given  

f. Standard unfit review report  

Right now, blunder was accidental and the administration fittingly remedied the mistake before the finish of field work Therefore, a standard inadequate review report ought to be given  

g. Qualified review report including a disclaimer of feeling.  

Right now, examiner possesses 10 percent of the organization's stock Therefore, the reviewer will be not viewed as free as there is an irreconcilable circumstance Thus, a certified review report including a disclaimer of conclusion ought to be given  

h. Adverse review report  

It is obvious from the survey of credit portfolio that there would be a significant increase in the advance misfortune save Al, writedown of the advances will place the customer into infringement of the state's capital requirements Therefore, plainly a going-concern issue to However, the customer is refining to make changes in accordance with disclose the conceivable going concern issue in the notes to the fiscal reports In such case, the evaluator should give an unfriendly review.

4 0
2 years ago
Other questions:
  • Of each dollar a consumer spends on food how much does the farmer receive?
    7·1 answer
  • American airlines found that for some jobs it was unwise to train workers on equipment used at the work site. therefore, a speci
    5·1 answer
  • Ian loaned his friend $30,000 to start a new business. He considers this loan to be an investment, and therefore requires his fr
    15·1 answer
  • You are a U.S.-based treasurer with $1,000,000 to invest. The dollar-euro exchange rate is quoted as $1.60 = €1.00 and the dolla
    9·1 answer
  • A homesteaded property is located in Pensacola, Florida, in Escambia County. The city tax rate is 8.8 mills, the county tax rate
    13·1 answer
  • The supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered to be normal goods
    11·1 answer
  • Total surplus in a market is equal to a. value to buyers - amount paid by buyers. b. amount received by sellers - costs of selle
    7·1 answer
  • Karvel Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. For the mo
    12·1 answer
  • Discussion Questions What project management tasks should Kelvin perform before his next meeting? What change management tasks s
    5·1 answer
  • a sole proprietor with a tentative loss may deduct which of the following for qualified business use of home expenses?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!