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2 years ago

At the end of the prior annual reporting period, Mesa Industries's balance sheet showed the following:

Business

1 answer:

Angelina_Jolie [31]2 years ago

6 0

Statement of Stockholder's equity

Common stock Paid in capital Retained earnings Total stockholder's equity

Shares Amount

Balance as of December 31, prior year 6,300 $ 63,000.00 $ 20,000.00 $ 47,000.00 $ 1,30,000.00

Add: Net income $ 51,000.00 $ 51,000.00

Less: Dividends declared $ (18,900.00) $ (18,900.00)

Stock issue 2,000 $ 20,000.00 $ 30,000.00 $ 50,000.00

Balance as of December 31, Current year $ 2,12,100.00

Dividend = $326x 46000shares = $1196,000

Stockholders' equity refers back to the belongings final in a business once all liabilities had been settled. This figure is calculated by using subtracting overall liabilities from the total property; alternatively, it could be calculated by using taking the sum of percentage capital and retained profits, less treasury stock

.Stockholders equity (additionally called Shareholders equity) is an account on an agency's stability sheet that consists of percentage capital plus retained income. It additionally represents the residual fee of property minus liabilities.

Learn more about stockholders here;

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You are an insurance salesman. If you make 12% on all insurance sales and sold an average $35,000 / month, how much money did yo

Zigmanuir [339]

Answer:

$50,400

Explanation:

To do this first start by multiplying .12 x 35,000. The answer should be $4,200. After this multiply 4,200 by 12 in order to get the amount of money earned over a 12 month period. This will give you $50,400.

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3 years ago

Whispering Winds Corp. uses the periodic inventory system and reports the following for the month of June.

vesna_86 [32]

Answer:

a 1) FIFO

Closing Inventory = $1,760

Cost of Goods sold = $11,264

2) LIFO

Closing Inventory = $1,056

Cost of Goods sold = $11,968

b) FIFO gives the higher ending inventory than LIFO because the oldest items and lowest costs are allocated to the cost of goods sold.

c) LIFO results in higher cost of Goods sold because latest cost are allocated to the cost of goods sold and latest cost may include price increases.

Explanation:

FIFO

Closing inventory = 176 units * $10= $1760

Cost goods sold = 352 units + 704+528 -176 =1,408 units sold

from opening $2,112

12 June = $5632

23 June = ( 528-176) =352 units * 10 =3,520

total sold = $11,264

LIFO

Closing inventory = 176 units * 6 = $1,056

Cost goods sold = 352 units + 704+528 -176 =1,408 units sold

23 June = $5,280

12 June = $5,632

1 June = (352-176) = 176 *6 = $1,056

Total = $11,968

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3 years ago

Dr. Rick Torres runs a chiropractic clinic. He typically bills his customers for services he performs and gives them about 30 da

Strike441 [17]

Answer:

e) accounts receivable

Explanation:

a) allowance for doubtful accounts: this is used to determinate a provision of uncollectible account. Customers that will not honor their debts.

b)prepaid expenses: This is use for the payment in advance for utilities and other expenses like rent. The description does not involve any payment from Dr Torres.

c)unearned revenues: used when the customer pays the service or goods but the business didn't perform or deliver. The Dr has perform his services so they revenues are earned.

d) intangible assets: refers to trademarks, patents and other assets which related to the business. the customers account are tangible, they are a know value

e) accounts receivable: correct.

This represent the collectible amount from customers, which is exactly what it is happening. The Dr gives a certain amount of time to receive the payment for his services. While the services aren't paid, the Dr has "Accounts to receive"

3 0

3 years ago

What does CPI stand for and what is it used to measure?

aleksklad [387]

Answer:

please give me brainlist and follow

Explanation:

Consumer Price Index

The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services.

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3 years ago

World Company expects to operate at 80% of its productive capacity of 66,250 units per month. At this planned level, the company

Gnom [1K]

Answer:

Overhead volume variance = $3,000 Unfavorable

Overhead controllable variance = $26,500 unfavorable

Explanation:

As per the data given in the question,

Number of units produced = 80% × 66,250

= 53,000 units

Standard = 26,500 hours ÷ 53,000 units

= 0.5 direct labor hour per unit

Particulars a b Direct labor hour(a ÷ b)

Variable overhead rate $331,250 26,500 $12.5 per hour

Fixed overhead rate $53,000 26,500 $2 per hour

Total overhead rate $384,250 $15 per hour

The standard hours to produce 50,000 units = 25,000 (50,000 units × 0.50 hours per unit.)

Applied fixed overhead = $2 × 25,000

= $50,000

Overhead fixed volume variance is

= $53,000 - $50,000

= 3,000 unfavorable

Now

b) Standard hour = 50,000 units × 0.5 direct labor hour per unit

= 25,000

Overhead rate(a) Standard hours(b) Applied overhead(a × b) Actual variance

Variable overhead $12.5 25,000 $312,500

Fixed overhead $2 25,000 $50,000

Total overhead $14.5 25,000 $362,500 $389,000

= $362,500 - $389,000

$26,500 unfavorable

If the actual cost is more than the standard one than the variance should be unfavorable and If the actual cost is less than the standard one than the variance should be favorable

6 0

3 years ago