Answer:
Since the average variable cost curve lies below the average total cost curve, this implies that the average variable cost is the lowest price at which the producer can sell.
If there is no possible output where the price would be at least equal to the average variable costs, the firm should cease production, because it is not going to recover its costs, not to talk about making a profit.
Explanation:
A firm's average variable cost is the total variable cost divided by the total output. For example, if the total variable cost for a particular product is $4,500 with a total output of 450 units, then the average variable cost is $10 ($4,500/450).
"On June 12th, a customer buys 100 shares of DEF stock at $49 per share. On June 30th of the same year, the customer sells the stock at $39. On July 10th of the same year, the customer buys DEF stock at $42. The customer's cost basis in DEF stock is:"
Answer:
The customer's cost basis in DEF stock is:
$4,900
Explanation:
The stock price = $49 per share
Number of shares = 100
The value on June 12 = $4,900 ($49 x 199)
The DEF stock cost basis is the amount which is initially paid for the purchase of the 100. When the DEF stock is sold, the tax liability is determined by how much is spent to buy the security (cost basis) and the sales price. Since the security is sold at a price lower than the original purchase price, the difference is not taxable as a capital gain.
Short-term interest rates are more volatile than long-term rates. Despite this, the rates of return of long-term bonds are more volatile than returns on short-term securities. How can these two empirical observations be reconciled?
Answer:
Short term interest rates are more volatile (or change more often) because the FED uses them to control inflation and the money supply. Generally, when the FED engages in either expansionary or contractionary monetary policies, they will use short term interest rates. Even if they change more often, their nominal rates are generally very low, and a small change does the job. So they change more often, but in a very small proportion.
On the other hand, long term securities yield much more volatile returns because they last much longer and any small change in interests rates will result in a larger proportional change of returns in the long run. The longer the bonds, the larger the effect of any change in the market rates.
Martin Buber Co. purchased land as a factory site for $400,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months.
The company paid $42,000 to raze the old buildings and sold salvaged lumber and brick for $6,300. Legal fees of $1,850 were paid for title investigation and drawing the purchase contract. Martin Buber paid $2,200 to an engineering firm for a land survey, and $68,000 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,500, and a liability insurance premium paid during construction was $900. The contractor's charge for construction was $2,740,000. The company paid the contractor in two installments: $1,200,000 at the end of 3 months and $1,540,000 upon completion. Interest costs of $170,000 were incurred to finance the construction.
Instructions
Determine the cost of the land and the cost of the building as they should be recorded on the books of Martin Buber Co. Assume that the land survey was for the building
Answer:
Cost of land is $439,050.
Cost of the building is $2,981,100.
Explanation:
Computation of Cost of the Land
Particular Amount
Land $400,000
Add: Razing $42,000
Add: Legal fees $1,850
Add: Insurance $1,500
Add: Salvage $6,300
Cost of the land $439,050
Hence, the cost of land is $439,050.
Computation of Cost of the Building
Particular Amount
Survey $2,200
Add: Drawing the factory plan $68,000
Add: Liability insurance premium $900
paid during construction
Add: Contractor's charge for constr. $2,740,000
Add: Interest cost $170,000
Cost of the building $2,981,100
Hence the Cost of the building is $2,981,100.
The cost of the land and the cost of the building that should be recorded on the books of Martin Buber Co. is: $439,050; $2,981,000.
a. Cost of the Land
Land $400,000
Cost of Razing $35,700
($42,000-$6,300)
Legal fees $1,850
Insurance $1,500
Total cost of land $439,050
b. Cost of Building
Drawing the factory plan $68,000
Survey $2,200
Liability insurance premium $900
Cost of Contraction $2,740,000
Interest cost $170,000
Total cost of the building $2,981,100
Inconclusion the cost of the land and the cost of the building that should be recorded on the books of Martin Buber Co. is: $439,050; $2,981,000.
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According to the following data,
2000
2019
Average hourly wage
$14
$23
CPI
170
254
a. by what percentage did nominal wages increase between 2000 and 2019?
b. by what percentage did consumer prices increase between 2000 and 2019?
c. Did real wages increase between 2000 and 2019?
Answer:
A.Nominal wages will increase by 64%
B.Consumer prices will increase by 49.41%
C.Real wages will increase by 14.85%
Explanation:
The computations are shown below:
a. Computation for what percentage did nominal wages increase between 2000 and 2019
Using this formula
Nominal wages = (Average hourly wage 2019-Average hourly wage 2000)÷Average hourly wage 2000
Let plug in the formula
Nominal wages($23 - $14) / ($14)
Nominal wages= ($9) / ($14)
Nominal wages= 64%
Therefore Nominal wages will increase by 64%
b. Computation for what percentage did consumer prices increase between 2000 and 2019
Using this formula
Consumer prices=(CPI 2019-CPI 2000)÷CPI 2000
Let plug in the formula
Consumer prices= (254 - 170) / (170
Consumer prices= (84) / (170)
Consumer prices= 49.41%
Therefore Consumer prices will increase by 49.41%
c. Computation for real wages increase between 2000 and 2019
Real wages increase= ($14 × 254) / (170)
Real wages increase= $20.92
Real wages increase= $23 - $20.92
Real wages increase= $2.08
Real wages increase= ($2.08 / $14) × 100
Real wages increase= 14.85%
Therefore the Real wages will increase by 14.85%
Answer:
Poop
Explanation:
A bond pays 7% annual interest in semi-annual payments for 10 years. The current yield on similar bonds is 9%. To determine the market value of this bond, you must
Answer:
A bond pays 7% annual interest in semi-annual payments for 10 years. The current yield on similar bonds is 9%. To determine the market value of this bond, you must determine the market issuance price of the said bond.
Explanation:
Issuance price of a bond is based on the relationship between the interest rate that the bond pays and the market interest rate being paid on the same date.
You purchased a stock at a price of $54.24. The stock paid a dividend of $1.39 per share and the stock price at the end of the year is $48.78. What are your capital gains on this investment?
Answer:
Capital loss = $(5.46)
Explanation:
Return on investment would be the proportion of the amount invested that is earned as profit.
Profit here includes dividends earned plus capital gains less broker's commission.
Capital gains/(loss) represents an appreciation/(depreciation) in the stock value. It is usually measures by the change in the stock value over the investment period under focus
Capital gain/loss on stock = stock price at the end - stock price at the beginning
Stock price at the end= 48.78
Stock price at the beginning = 54.24
Capital loss = (48.78 - 54.24) = $(5.46)
The dividend would not be included simply it is not a capital item
Capital loss = $(5.46)
Expenses incurred but not yet paid or recorded are called:_______. a) prepaid expenses. b) accrued expenses. c) interim expenses. d) unearned expenses.
Answer:
they are called accrued expenses.
Gore Global is considering the two mutually exclusive projects below. The cash flows from the projects are summarized below.
Year ManBearPig Project Cash Flow Flying Car Cash Flow
0 -$100,000 -$200,000
1 25,000 50,000
2 25,000 50,000
3 50,000 80,000
4 50,000 100,000
What is the Flying Car's internal rate of return (IRR) at a 12% cost of capital?
A) 12.7%
B) 14.6%
C) 15.9%
D) 13.0%
E) 10.0%
Answer:
D
Explanation:
Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested
IRR can be calculated with a financial calculator
Flying Car
Cash flow in year 0 = -$200,000
Cash flow in year 1 = 50,000
Cash flow in year 2 = 50,000
Cash flow in year 3 =80,000
Cash flow in year 4 =100,000
IRR = 13%
To find the IRR using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
Which of the following inventory models does not assume that the inventory position is monitored continuously?
a. periodic review with probabilistic demand model
b. quantity discounts for the EOQ model
c. inventory model with planned shortages
d. economic production quantity model
Answer: periodic review with probabilistic demand model
Explanation:
The inventory models does not assume that the inventory position is monitored continuously is the periodic review with probabilistic demand model.
In this situation, it implies that the position of the inventory can be checked periodically rather than continuously like in the other options given.
Consider the following data set:
Month Actual Sales Forecast 1 Forecast 2
1 777 771 769
2 789 785 787
3 794 790 792
4 780 784 798
5 768 770 774
6 779 768 770
7 760 761 759
8 785 771 775
9 786 784 788
10 791 788 788
a. Calculate MAD and MSE for each forecast (forecast 1 and forecast 2).
b. Calculate MAPE for each forecast (forecast 1 and forecast 2).
Answer:
Kindly check explanation
Explanation:
To obtain the mean absolute deviation(MAD) :
Subtract the forecasted values from the actual values and find its absolute equivalent.
Error (E) = (Actual - forecast)
e1 - - - |e1| - - - - e2 - - - |e2| - APE1 - - APE2
6 - - - - 6 - - - - - 8 - - - - 8 - - 0.772 - - - 1.030
4 - - - - 4 - - - - - 2 - - - - 2 - - 0.507 - - 0.253
4 - - - - 4 - - - - - 2 - - - - 2 - - 0.504 - - 0.252
(-4) - - - 4 - - - - - (-18) - - 18 - 0.513 - - 2.308
(-2) - - - 2 - - - - (-6) - - - 6 - - 0.260 - - 0.781
11 - - - - 11 - - - - 9 - - - - 9 - - 1.412 - - - 1.155
(-1) - - - 1 - - - - - 1 - - - - 1 - - - 0.132 - - 0.132
14 - - - 14 - - - - 10 - - - 10 - - 1.783 - - 1.274
2 - - - - 2 - - - - (-2) - - 2 - - - 0.254 - - 0.254
3 - - - - 3 - - - - - 3 - - - 3 - - 0.379 - - - 0.379
MAD for forecast 1:
(Sum of |e1|) / number of observation
(6 + 4 + 4 + 4 + 2 + 11 + 1 + 14 + 2 + 3) / 10
= 51 / 10
= 5.1
MAD for forecast 2:
(Sum of |e2|) / number of observation
(8 + 2 + 2 + 18 + 6 + 9 + 1 + 10 + 2 + 3) / 10
61 / 10
= 6.1
MAPE = (Sum of absolute percentage error) / number of observations
Forecast 1:
(0.772 + 0.507 + 0.504 + 0.513 + 0.260 + 1.412 + 0.132 + 1.783 + 0.254 + 0.379)% / 10
= 6.516% / 10 = 0.6516%
MAPE Forecast 2:
(1.030 + 0.253 + 0.252 + 2.308 + 0.781 + 1.155 + 0.132 + 1.274 + 0.254 + 0.379)% / 10
= 7.818% / 10
= 0.7818%
BR Company has a contribution margin of 8%. Sales are $497,000, net operating income is $39,760, and average operating assets are $135,000. What is the company's return on investment (ROI)?
Answer:
The company's return on investment (ROI) is 29.45%.
Explanation:
Return on investment (ROI) is a profitability ratio that gives investors the opportunity to know the level of efficiency of each amount of dollar invested in a project at producing a profit.
Return on investment (ROI) can be computed using the following formula:
ROI = Net operating income / Average operating assets ............ (1)
Since;
Net operating income = $39,760
Average operating assets = $135,000
We therefore substitute the values into equation (1) and have:
ROI = $39,760 / $135,000 = 0.2945, or 29.45%
Therefore, the company's return on investment (ROI) is 29.45%.
On November 1, 2016, a $216,000, 9-month, noninterest-bearing note is issued at a 10% discount rate.
Required:
1. Determine the effective interest rate.
2. Prepare the appropriate journal entry on December 31, 2016, to record interest on the note for the 2016 financial statements.
3. Prepare the appropriate journal entry(s) on July 31, 2017, to record interest and the payment of the note.
4. Prepare the appropriate journal entry to record the issuance of the note
Answer:
1) effective interest rate (for the 9 months period)= (1 + 10%/12)⁹ - 1 = 1.07754 -1 = 0.07754 = 7.75%
2) accrued interest = ($15,545/9) x 2 = $3,454.44 = $3,454
December 31, 2016, accrued interest on non-interest bearing note
Dr Discount on notes receivable 3,454
Cr Interest revenue 3,454
3) July 31, 2017, collection of non-interest bearing note receivable
Dr Cash 216,000
Dr Discount on notes receivable 12,091
Cr Notes receivable 216,000
Cr Interest revenue 12,091
4) November 1, 2016, non-interest bearing note receivable issued [I will assume that the note receivable was made for a sales operation (if it was made for a loan, you can just change sales revenue for cash)]
Dr Notes receivable 216,000
Cr Sales revenue / cash 200,455
Cr Discount on notes receivable 15,545
Explanation:
we have to first calculate the present value of the note using the 10% discount rate:
PV = $216,000 / (1 + 10%/12)⁹ = $216,000 / (1 + 0.8333%)⁹ = $200,454.88 = $200,455
Hobart Industries is trying to estimate its first-year operating cash flow (at t = 1) for a proposed project. The financial staff has collected the following Information:
Projected sales $3,000,000
Operating costs 1,200,000
Depreciation 450,000
Interest expense 330,000
The company faces a 40% tax rate, what is the project's operating cash flow for the first year (t -1)?
a. $810,000.
b. $1,080,000.
c. $1,500,000.
d. $1,800,000.
e. $1,260,000.
Answer:
e. $1,260,000
Explanation:
The project's operating cash flow is calculated below;
Projected sales $3,000,000
Less: operating cost ($1,200,000)
Less: depreciation ($450,000)
Operating income before taxes
$1,350,000
Less: 40% taxes ($540,000)
Operating income after taxes.
$810,000
Add: back depreciation $450,000
Operating cash flow $1,260,000
Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is hours. The direct labor standard wage rate at the firm is per hour. Last month, direct labor hours were used to prepare tax returns. Total wages were . Read the requirementsLOADING.... Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is $ .
Answer:
the numbers are missing in this question, so I looked for a similar question and found the following:
standard direct labor time spent on each tax return is 4 hours
standard direct labor rate is $16.50 per hour
last month, 3,570 hours of direct labor were used
900 tax returns were prepared
total wages $66,045.
Actual wage rate = total wage expense / actual number of direct labor hours used = $66,045 / 3,570 = $18.50 per hour
Up...
Which marketing function has the most physical contact with customers?
Your answer:
O selling
o product management
O pricing
o promotion
Clear answer
Answer:
Selling.
Explanation:
The marketing function that has the most physical contact with the seller is selling, because most sales happen one on one between customer and seller.
Other aspects like promotion and product management has considerable physical contact with customers, but the most contact is with selling.
If you were reviewing an Airline company such as American Airlines Group Inc, which of the following metrics is most relevant? (2 points)
A) Barrel of Oil Equivalent (BOE)
B) Revenue Passenger Miles (RPM)
C) Average Revenue per User (ARPU)
D) Same Store Sales (SSS)
Answer:
B) Revenue Passenger Miles (RPM)
Explanation:
Revenue passenger miles are the most relevant metrics i.e. used for transportation. It reflects how many numbers of miles it traveled by a particular passenger. It considered the efficiency and the profitability earned by the company based on the number of passengers. The payment could depend on the number of miles chosen by the passenger
So in the given situation, option B is most relevant and hence it is the right answer
Remedies available to a trademark owner whose trademark has been infringed by counterfeit goods include all of the
following except__.
O lost profits
O treble damages
O an Injunction
O no damages, If the act was unintentional
OPTION D) NO DAMAGES, IF THE ACT WAS UNINTENTIONAL.
Explanation:
HOPE IT HELP....❤❤Answer:no damages, If the act was unintentional
Explanation:
On a statement of cash flows, the purchase of machinery in exchange for common stock is:__________.
a. not reported since there is no cash involved.
b. shown in the investing activities section.
c. shown in the financing activities section.
d. shown on a supporting schedule of noncash investing and financing activities.
e. Both b and c.
Answer:
d. shown on a supporting schedule of non-cash investing and financing activities.
Explanation:
This is a non-cash investing and financing activities.
The transaction does not involve any movement of cash, thus not included in the cash flow statement.
However a note must be published to explain the cause in changes in the amounts of assets ( machinery) and common stock.
An asset has had an arithmetic return of 10.3 percent and a geometric return of 8.3 percent over the last 90 years. What return would you estimate for this asset over the next 10 years? 25 years? 30 years?
Answer:
Blume's formula combines the geometric and arithmetic means of an asset to be able to predict its returns in a given period.
The formula is;
= Geometric Mean*(T-1)/(N-1) + Arithmatic Mean *(N-T)/(N-1)
Where;
T = Period in question
N = Total period
10 years
= 8.3%*(10-1)/(90-1) + 10.3%*(90-10)/(90-1)
= 10.1 %
25 years
= 8.3%*(25-1)/(90-1) + 10.3%*(90-25)/(90-1)
= 9.76%
30 years
= 8.3%*(30-1)/(90-1) + 10.3%*(90-30)/(90-1)
= 9.65%
promissory note received from a customer in exchange for an account receivable is recorded by the payee as
Answer: Note Receivable
Explanation:
A Note Receivable is a written document from a party promising to repay another party with interest on amounts borrowed in form of cash or otherwise thereby creating a debtor - creditor relationship between them.
When a promissory note is received from a customer in exchange for an accounts receivable it is a Note Receivable and the Payee being the creditor will record it as such.
Systems builders and Customers have a high level of responsibility and should take great care to ensure that any investment in new Solutions will deliver what benefit?
Answer:
Systems builders and Customers have a high level of responsibility and should take great care to ensure that any investment in new Solutions will deliver shared economic benefits.
Explanation:
The purpose of the interaction between the organization, represented here by systems builders, and the customers is to increase shared value. This is why in building any customer solution, the organization must exercise responsibility to limit the use of resources so that when new solutions are offered to solve customers' problems, the outcome of the effort yields benefits that the customers will be willing to pay for. It is when this is achieved that system builders can beat their chests that they have created value that satisfies customers.
Systems builders and customers are highly responsible and must carefully ensure that all investments in new solutions bring common economic benefits:
The purpose of the interaction between the organization and the customer, represented here by the system builder is to increase shared value. Therefore, when developing a customer solution, the organization must be responsible for limiting the use of resources. By doing so, the effort results in a profit that the customer is willing to pay when a new solution is offered to solve the customer's problem.Learn more :
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interest is eligible to be capitalized as part of an assets cost rather than being expensed immediately when:
Answer:
d. All of these answer choices are correct.
Explanation:
Capitalization of interest rates is not always appropriate. The ideal situation to do so is whenever an asset needs major investment and long construction time, thus generating a considerable amount of interest costs.
Moreover, if there are huge extra accounting and administrative costs associated with capitalizing interest costs, and the advantage of the extra information is relatively low, you do not need to capitalize it.
So the all given options are fulfilled
Hence, the correct option is d.
Which of the following five types of products is least likely to be produced in a process manufacturing system?
A. Compact disks.
B. Slacks for casual wear.
C. Baseball hats.
D. Calculators.
E. Oil paintings.
Answer:
E. Oil paintings.
Explanation:
Out of the answers provided the product that is least likely produced in a process manufacturing system would be oil paintings. That is because this system is a production method that creates goods by combining supplies, ingredients or raw materials using a formula or recipe. Oil paintings on the other hand are mainly created by a single individual through a unique creative process that tends to change depending on the painting itself and does not have a set recipe.
Mcfarlain Corporation is presently making part U98 that is used in one of its products. A total of 7,000 units of this part are produced and used every year. The company's Accounting Department reports the following costs of producing the part at this level of activity: Per Unit Direct materials $ 3.70 Direct labor $ 3.60 Variable overhead $ 1.40 Supervisor's salary $ 4.00 Depreciation of special equipment $ 3.90 Allocated general overhead $ 4.10 An outside supplier has offered to produce and sell the part to the company for $17.10 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company, none of which would be avoided if the part were purchased instead of produced internally. If management decides to buy part U98 from the outside supplier rather than to continue making the part, what would be the annual financial advantage (disadvantage)?
Answer: Financial disadvantage of -$30,800
Explanation:
If purchased externally then the equipment used in production will no longer be used therefore its depreciation would be irrelevant to the unit.
The fixed costs would be incurred regardless so will not factor in the decision either.
Therefore the total relevant cost of producing internally is;
= (Direct materials + Direct labor + Variable overhead + Supervisor's salary) * Units produced
= (3.7 + 3.6 + 1.4 + 4) * 7,000
= 12.7 * 7,000
= $88,900
If Part U98 is purchased from outside at $17.10 a unit;
= 7,000 * 17.10
= $119,700
Total Financial advantage (disadvantage)
= Variable cost and supervisor salary - Cost of purchasing outside
= 88,900 - 119,700
= -$30,800
= (30,800)
Electronic filing (e-filing): a. Reduces the chances that the IRS will make mistakes when inputting tax return information. b. Requires the services of a professional. c. Generally results in a slower refund. d. Can be done only by telephone.
Answer:
a. Reduces the chances that the IRS will make mistakes when inputting tax return information.
Explanation:
Electronic filing simply has to do with the storage of business data on a computer system. It is way safer than filing on paper because these files can be stored and they have backup systems for them too. These systems gives a way of managing such files by organizing, updating, storing and retrieving the files whenever it is necessary.
Option a is the best answer for This question as it points out one of the many advantages of such a system.
If the economy is normal, Matthews, Inc. stock is expected to return 14.3 percent. If the economy falls into a recession, the stock's return is projected at a negative 8.7 percent. The probability of a normal economy is 80 percent. What is the variance of the returns on this stock
Answer:
Variance =0.008464
Explanation:
The probability that there will be recession = 100 – 80 = 20%
Therefore expected return = Return × probability
=(0.8 × 14.3) + (0.2 × -8.7)
= 9.7%
Total probability is calculated in the table (use the attached table)
Standard deviation (SD) = [Total probability (84.64%) × (Return (8.7%) - Expected Return (14.3%))^2 / Total probability (84.64%) ]^(1/2)
=9.2%
Thus, variance = (SD)^2
variance =0.008464
Which statement describes the most common characteristics of oral narratives
Answer:
I have 3 statements
Explanation:
The characteristics of oral narrations are as follows.
1) They can be real or imaginary.
2) They are structured in dialogue, monolog and paragraph.
3) It is written in past tense
Hope it helped u if yes mark me BRAINLIEST!
Tysm!
Answer:
They are easy to memorize.
Explanation:
a p e x
you've observed the following returns on crash-n-Burn computers stock over the past five years: 17 percent, -4 percent, 20 percent, 12 percent, and 10 percent. a) what was the arithmetic average return on the company's stock over this five year periods?
Answer: 11%
Explanation:
Arithemetic mean is the average of a set of numeric variables that is calculated by adding them up and dividing by the number of variables there are.
= (0.17 + (-0.04) + 0.2 + 0.12 + 0.10)/5
= 0.55/5
= 0.11
= 11%
Ned's Natural Foods sells unshelled peanuts by the pound. Historically, Ned has observed that daily demand is normally distributed with a mean of 80 pounds and a standard deviation of 10 pounds. Lead time also appears normally distributed with a mean of eight days and a standard deviation of one day. What ROP would provide a stockout risk of 10 percent during lead time?
Answer: 749 units
Explanation:
The formula for the Re-Order Point is;
ROP = d(LT) + z√( LTσd²+ d² σLT²)
Where,
d is demand
LT is lead time
σd is standard deviation of daily demand
σLT is standard deviation of lead time
As the stockout risk is to be 10%, z will be a service level of 90% which is ±1.28
ROP = 80(10) + 1.28√( 8(10)²+ 80² * 1²)
= 800 + 1.28√( 800 + 6400)
= 748.61
= 749 units
Freet Inc. is preparing its cash budget for November. The budgeted beginning cash balance is $23,000. Budgeted cash receipts total $114,000 and budgeted cash disbursements total $89,000. The desired ending cash balance is $65,000. The company can borrow up to $110,000 at any time from a local bank, with interest not due until the following month. Required: Prepare the company's cash budget for November in good form. Make sure to indicate what borrowing, if any, would be needed to attain the desired ending cash balance.
Answer:
Particulars Amount
Beginning cash balance $23,000
Add: Cash balance $114,000
Total cash available $137,000
Less: Cash Disbursement $ 89,000
Excess (Deficiency) of cash $48,000
available over disbursements
Borrowings $17,000
($65,000 - $48,000)
Ending cash balance $65,000