Response: $11,200
Justification:
Utilizing the accounting equation:
(Total Assets) = (Total Liabilities) + (Total Capital)
Thus,
(Total Liabilities) = (Total Assets) - (Total Capital) (1)
To determine total liabilities, we first need to ascertain total assets and total capital.
At the end of the first year, the assets of Shapiro's consulting services are as follows:
Cash: $16,000
Office Supplies: $3,200
Equipment: $24,000
Accounts Receivable: $8,000
TOTAL ASSETS $51,200
Note that total assets are calculated by summing the values of each asset above.
Net income represents an increase (or decrease if it's a loss) in capital, thus we classify it as part of capital. Specifically, net income at the end of the first year adds to the initial capital.
The owner's withdrawal also decreases the capital.
Consequently, total capital at the end of the first year is computed as:
Capital (beginning of the year): $15,000
Net Income (end of year): $27,000
Withdrawal Amount: ($2,000)
TOTAL CAPITAL: $40,000
Note: The notation ($2,000) indicates a deduction of $2,000 in accounting terms.
Using (1), total liabilities at the end of the first year can be calculated as
(Total Liabilities) = (Total Assets) - (Total Capital)
= $51,200 - $40,000
Total Liabilities = $11,200
Answer:
d. pertains to a firm's distinctive methods for creating additional value.
Explanation:
Competitive advantage refers to the edge a company has over its rivals. This can be achieved through various means such as providing value products, optimal quality, and excellent services that may entice customers away from competitors to their advantage.
The goal is to generate added value for the company's offerings, utilizing innovative concepts to attract customers and enhance satisfaction, ultimately leading to the fulfillment of corporate objectives.
Answer:Jalen journal $
Date
Jan 1,2021
Land Dr. 860,887
Note payable Cr. 860,887
Narration. Issuance of note for the above amount, payable in four installments for land purchase.
June 30,2021
Note payable Dr 215,221.64
Cash Cr. 215,221.64
Narration. Payment of the first installment for the land acquisition.
December 31,2021
Note payableDr 215,221.64
Cash.Cr. 215,221.64
Narration. Payment of the second installment for the land acquisition.
2. Remaining balance on note payable as of December 31, 2021 is $400,000
Interest expense balance is $30,443.28.
Explanation:
The land account is debited to reflect its purchase, while the notes payable account is credited to recognize the liability.
Payments made in the first and second periods debit the respective installment amounts.
The note payable balance indicates the outstanding principal payments of $800,000, whereas the interest expense denotes the additional amount beyond the principal.
Answer:
6.4 minutes
Explanation:
Daily average for small tools = 445
Working hours = 8, which translates to 8*60 = (480 minutes)
Waiting time =
![\frac{[445*(\sqrt{1} )]}{[2*[480-(445*1)]]}](https://tex.z-dn.net/?f=%5Cfrac%7B%5B445%2A%28%5Csqrt%7B1%7D%20%29%5D%7D%7B%5B2%2A%5B480-%28445%2A1%29%5D%5D%7D)
(image of the operation in the attached file)
= [445]/[(2*35)]
= 445/70
= 6.357 minutes
Using cash is counterproductive and disadvantageous because relying solely on it leads to a lack of credit history, making it difficult for banks to assess your reliability for loan repayment.
