If 20x-15=10x, then what is 5x-10?
First, we need to solve for x using the first equation given. Step 1- Subtract 10x from both sides: 20x-15 (-10x)=10x (-10x)--> 10x-15=0 Step 2- Add 15 to both sides: 10x-15 (+15)=0 (+15)--> 10x=15 Step 3- Divide both sides by 10: 10x (/10)= 15 (/10)--> x=15/10 Step 4- Simplify the fraction: x=15/10--> x=3/2--> x=1 1/2 Now, let's look at the second equation. Step 1- replace x variable with solution from previous equation: 5(1 1/2)-10 Step 2- multiply: (15/2)-10 [1 1/2= 3/2 x 5/1= 15/2] Step 3- convert 10 to a fraction: 15/2 - (20/2) [common denominator is 2, so 10 x 2=20--> 20/2] Step 4- subtract the two fractions: -5/2 [15 - 20= -5 all over 2] Step 5- simplify the fraction: -2 1/2 [2 goes into 5 two times evenly with 1/2 left over]
John has is very frugal and always likes to look for coupons before he goes shopping. When we went to go buy a hammock, he found one for 15% off. When he went to the store to purchase his hammock, he found out that the store was having a 10% off sale. If the hammock was originally $500, how much did he end up paying?
The hammock's original price is $500. First, let's take off the 10% discount the store already had. 10% of $500 is $50 (.10 x 500= 50). After taking off the 10% discount, the price of the hammock is now $450 (500-50= 450). Now, let's see how much John will get off using his 15% coupon. 15% of $450 (the new price of the hammock) is $67.50 (.15 x 450= 67.5). John will pay $382.50 for his new hammock (450-67.5= 382.5).
What is an accrued expense and how is it handled?
An accrued expense is when something has been incurred, or obtained, but has not been paid yet. Under the accrual method, an expense must be recorded in the year that it occurred, not when it was paid. In order to record this, an expense would be debited (which would flow-through to the income statement) and a payable would be credited (which would flow-through to the balance sheet). Once the expense was paid, the payable would be debited and cash would be credited. For example, XYZ Corporation takes out a loan and incurs interest on that loan for $100 on December 1 but is not required to pay the amount until January 1 of the next year. Assuming XYZ has a Dec 31 year-end and is an accrual basis corporation, they would be required to record their interest expense when it was incurred, on December 1. On their books, there would be a journal entry on December 1 debiting Interest Expense account for $100 and crediting Interest Payable for $100. On January 1 of the following year, they would debit Interest Payable for $100 and credit Cash for $100.