Kasaya lost $120 in a gambling contest, he wants to sell his car at a profit so as to replace the lost cash. If he bought his car at $200, at what price should he sell it to make a profit of $120?
Q: I don't need ai answer general accounting question
A: Step 1: Define Return on Assets (ROA)ROA measures a company's profitability relative to its total…
Q: General Account
A: Step 1:Retail Inventory method is as an accounting technique which is used by retailers to calculate…
Q: Hi expert please give me answer general accounting
A: Step 1: Definition of Gain or Loss on Sale of EquipmentThe gain or loss on the sale of equipment is…
Q: Don't use ai please give me answer general accounting question
A: Step 1: Definition of Typical Accounts Receivable PeriodThe typical accounts receivable period is…
Q: Hi Expert please solve asap. sub. General Account
A: To determine the 2016 final net loss on the income statement, we need to account for the tax…
Q: General Accounting question
A: Step 1: Define Asset Turnover RatioThe asset turnover ratio as the name suggests shows the…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Equivalent UnitsEquivalent units are the number of complete units that could…
Q: What is the value of retained earnings on June 30 for these financial accounting question?
A: Step 1: Define Retained EarningsIn a corporation, the accumulated retained earnings reflect s a…
Q: Do fast answer of this question solution general accounting
A: 1. Determine the Depreciable Cost:Depreciable Cost = Cost of the Equipment - Residual…
Q: Please provide this question solution general accounting
A: To calculate the value of Retained Earnings on June 30, we can use the following formula: Retained…
Q: Fitness plus company has budgeted solution general accounting question
A: Step 1: Definition of Direct Labor Hours (DLH)Direct labor hours represent the total number of hours…
Q: Accounting
A: To solve the problem, we calculate the bond's value today (one year to maturity) and compare it to…
Q: Answer? ? This question
A: To solve this problem, we use the formula for compound interest:A=P(1+r/n)^nt Where:A is the final…
Q: Provide answer this general Accounting question
A: Step 1: Define Future ValueThe future value of an investment can be treated as a capital budgeting…
Q: FINANCIAL ACCOUNTING 3.6 QUESTION
A: Step 1: Formula Unutilized capacity percentage = Unutilized capacity/Normal capacity Step 2: Normal…
Q: FGH Floral Company has a delivery truck that is being sold after 5 years of use. The current book…
A: Explanation of Gain or Loss on Sale: When an asset is sold, the difference between the sale price…
Q: Please provide this question solution general accounting
A: Step 1: Calculate total assets• Total Assets = Current Assets + Fixed AssetsStep 2: Calculate total…
Q: Financial Accounting
A: Approach to solving the question:Below I have provided the formula along with step by step…
Q: Poonam has a standard of 1.5 pounds of materials per unit, at S6 per pound. In producing 2,000…
A: Explanation of Standard Quantity: Standard quantity is the predetermined amount of materials that…
Q: Need general account answer
A: FOB Shipping Point: Under this term, ownership of the merchandise transfers to the buyer as soon as…
Q: ABC Inc's January 1 goods in process inventory contained 30,000 units that were one-fourth complete…
A: Step 1: Understand the problem and the dataThe following information is provided:Beginning…
Q: Parker product estimate solve this accounting questions
A: Step 1: Definition of Overhead RateOverhead Rate: The predetermined overhead rate is calculated to…
Q: On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero. All materials…
A: To calculate the cost per equivalent unit of conversion using the weighted-average method, we need…
Q: I need this question answer general Accounting
A: Step 1: Define Standard CostingUnder standard costing, we compare actual and standard performance.…
Q: Need answer the accounting question
A: Step 1: Define Accounting Rate of ReturnThe accounting rate of return or the average rate of return…
Q: Monica company sells goods on credit. On one sale, they sold it for $20,000 and offered a 2/10, net…
A: Explanation of Sales Allowance:A sales allowance is a reduction in the sale price granted to the…
Q: Hello tutor please provide this question solution general accounting
A: Step 1: Definition of Equivalent UnitsEquivalent Units refer to the number of completed units that…
Q: Please need help with this general accounting question
A: Step 1: Define Manufacturing Overhead RateThe manufacturing overhead rate is a predetermined rate…
Q: General Accounting
A: To find the interest rate earned, you can use the formula for simple interest: Interest Rate =…
Q: Solve it
A: To determine the unit product cost under variable costing, only the variable manufacturing costs are…
Q: Need answer the financial accounting question please solve this one
A: Step 1: Define Present Value (PV)The present value (PV) is the current value of a future sum of…
Q: Financial accounting
A: Step 1: Define Total bank depositsTotal bank deposits are the total sum of money which are submitted…
Q: Last year Kijel Company introduced a new product and sold 25,600 units of it at a price of $92 per…
A: To calculate the net operating income (NOI), follow these steps:Calculate total sales revenue:Total…
Q: Financial accounting questions
A: Step 1: Define Gain on SaleIf a firm sells its asset over its carrying amount, it is known as a gain…
Q: I need answer of this question solution general accounting
A: Step 1: Define Manufacturing overheadManufacturing Overhead is expenses other than direct material…
Q: Cost Account
A: To determine the Finished Goods Inventory for January 1, 2018, we can use the relationship between…
Q: Cost Account Subject
A: Step 1:The lower of cost or market value is the method to estimate the value of inventory under…
Q: Hi expert please give me answer general accounting
A: Step 1: Definition of Absorption CostingAbsorption Costing: A costing method where all manufacturing…
Q: How do cost-plus-incentive contracts affect revenge recognition timing?
A: Under cost-plus-incentive contracts, revenue is typically recognized based on estimates, including…
Q: Need help to get answer of this accounting question
A: Explanation of Sustainability Impact Measurement: Sustainability impact measurement is the process…
Q: Hi Expert of general account please help
A: Step 1: Key DataBeginning WIP: 300 units (already included in calculations under the…
Q: Accounting: The warehouse supervisor at Emerald Bay Trading must reconcile damaged goods claims.…
A: Explanation of Damaged Goods Claims:Damaged goods claims refer to customer-reported complaints about…
Q: City Honda has total equity of $560,000; sales of $2,250,000; current assets of $700,000; and total…
A: Explanation of Total Assets: Total assets represent everything of value that a company owns or…
Q: Roberts Corp., which began business at the start of the current year, had the following data:…
A: Approach to solving the question: To solve for the contribution margin we will do this Step 1:…
Q: Question: - How does resource attribution mapping enhance cost allocation? 1. Attribution wastes…
A: Explanation of Resource Attribution Mapping:Resource attribution mapping is the process of…
Q: What distinguishes information hierarchy from data collection? (a) All data holds equal importance…
A: Information hierarchy and data collection are unrelated concepts, as the former deals with…
Q: State farm insurance, has sovel this question Financial accounting
A: Step 1: Define Net IncomeNet income is the most important indicator of a business's performance as…
Q: What is maple grove trading's gross profit of this accounting question?
A: Step 1: Define Gross ProfitGross profit is the excess of net sales over the cost of goods sold…
Q: Stanley manufacturing uses process costing solve this accounting questions
A: To calculate the equivalent units for direct materials using the weighted average method, we need to…
Q: During fy 2018 bay manufacturing had solve this accounting questions
A: Step 1: Information provided:January 1, 2019 inventory of Work-in-Process is carried forward from…
Don't use ai please given answer accounting questions
Step by step
Solved in 2 steps
- Bill is cleaning his basement and finds an old vase. Believing the vase is worthless he sells it for $50.00. Later he discovers that the vase was really worth $25,000. Bill will be able to: A) recover $25,000. B) not recover anything because mistakes in judgement as to value do not permit you to avoid a contract. C) rescind the contract D) all of the aboveKim is in financial difficulty. He owes $5,000 and cannot pay it back now. Should he declare bankruptcy? Why? What do you think he should do?Solve this problem
- Rosa Valencia has a personal automobile policy (PAP) with coverage of $25,000/$50,000 for bodily injury liability, $10,000 for property damage liability that includes coverage for her vehicle, $5,000 for medical payments, and a $500 deductible for collision insurance. How much will her insurance cover in each of the following situations? Will she have any out-of-pocket costs? Rosa loses control when she swerves to miss a dog on the street, running into a parked car and causing $5,300 damage to the unoccupied vehicle and $3,750 damage to her own car. Rosa pulls out in front of another car and causes a serious auto accident, badly injuring three people. The injured parties win lawsuits against her for $35,000 for one individual, and the other two passengers claimed $5,000 each ($10,000 total). Rosa’s 16-year-old daughter borrows her car. She runs off the road when texting while driving and causes $450 damage to the car.Jessica is a professional consultant. She agrees to consulting services for Joe for $2,000. After she finishes, Joe does not have cash to pay Jessica, but he has an antique, collectible baseball card with a fair market value of $2,000 that he gives her to satisfy the payment. The baseball card cost Joe $500. How much should Jessica include in her gross income?Mike purchased a Personal Auto Policy that included Part D (coverage for damage to your auto). He lost control of his car on an icy road, slid off the road and hit a tree. Ignoring any deductible, what will the insurer pay for the damage to Mike's car? O the lesser of actual cash value or the cost to repair or replace the vehicle O the original purchase price of the vehicle O the replacement cost of the vehicle the greater of actual cash value or the cost to repair or replace the vehicle O nothing
- Ricky signed a contract to sell his slightly-used Suzuki Vitara Golf for $15,000 to an old friend Boris, after the latter threatened to tell Ricky's wife that Ricky is a discharged bankrupt. The vehicle still has a market value of $24,000. Boris told Ricky that if he didn’t sell his car to him, he will could always organise some of his former associates, who are all convicted felons, to visit Ricky and force him to do so. Advise Ricky on whether he has any remedies to have the contract declared void and get his car backJohn has an auto which is covered for collision losses subject to a $250 deductible. Kate's auto also has collision coverage but her deductible is $500. John got in an accident while borrowing Katie's car and incurred a $2,500 covered collision loss. John's policy will pay s of the covered loss. Katie's policy will pay $ IMPORTANT: Your answers should be rounded to the nearest integer and should NOT include symbols ('S' or ).2. Donald owns a car repair business. Hoodlums broke into his shop at night and stole his personal vehicle, which was there being repaired. His vehicle’s FMV before being stolen was 25,000 and FMV after was zero. The cost to replace his vehicle was 19,000, which is the amount he received in insurance proceeds. Donald’s AGI is $90,000. What deduction can Donald take on his 1040 due to the break-in? 0 6000 19000 25000
- Zachary Lee has a personal automobile policy (PAP) with coverage of $25,000/$50,000 for bodily injury liability, $25,000 for property damageliability, $5,000 for medical payments, and a $500 deductible for collision insurance. How much will his insurance cover in each of the following situations? Will he have any out-of-pocket costs?a. Zachary loses control and skids on ice, running into a parked car and causing $3,785 damage to the unoccupied vehicle and $2,350 damage to his own car.b. Zachary runs a stop sign and causes a serious auto accident, badly injuring two people. The injured parties win lawsuits against him for $30,000 each.c. Zachary’s 18-year-old son borrows his car. He backs into a telephone pole and causes $450 damage to the car.Trent is broke and needs cash immediately to pay off a debt he incurred. He visits the local pawn shop and leaves his grandfather’s watch in exchange for $100.00 cash. This is an example of what type of loan? Multiple Choice Unsecured loan Chattle loan UCC loan Secured loan The Environmental Defense Fund, an environmental watchdog group, files a lawsuit to prevent future open-pit coal mining in West Virginia. This type of lawsuit is known as a Multiple Choice wrongful-damage suit. negligence suit. citizen suit. nuisance suit. All of the following may be used as collateral for a secured transaction except Multiple Choice Future profits of a business A promissory note A patent Seeds and crops8. Which of the following best illustrates a moral hazard? . Because he has plenty of insurance, Cameron does not take steps to make his property safe when most of his neighbors have been vandalized or burglarized. . The coverage on Carl's residence has increased each year, but the value of his hom has declined due to neighborhood influences and his home's state of disrepair. . Chet purchases actual cash value, rather than replacement, coverage in order to save money on his homeowners insurance premiums. . When Clarke's empty property is vandalized, he moves furniture into the house and damages it in order to submit a larger claim.
