Answer:
Mijka Company
a. Journal Entries
Debit Cash $30,400
Credit Service Revenue $30,400
To record the proceeds for services provided.
Debit Expenses $13,800
Credit Cash $13,800
To record the payment of cash for services.
Debit Dividend $2,100
Credit Cash $2,100
To record the payment of cash dividend.
b. Income Statement for the year ended December 31, 2018:
Service Revenue $30,400
Expenses 13,800
Net Income $16,600
Dividends (2,100)
Retained earnings $14,500
Statement of Changes in Stockholders' Equity as of December 31, 2018:
Retained Earnings $14,500
Balance Sheet as of December 31, 2018:
Assets:
Cash $14,500
Equity:
Retained Earnings $14,500
Explanation:
a) Data and Calculations:
Cash revenue $30,400
Cash expense (13,800)
Cash dividend (2,100)
Cash balance $14,500
Answer:
Savings at the end of seven years would be $11,374.32
Explanation:
Given:
Money deposited in savings account at the end of the year (pmt) = $1060
Annual interest earned (rate) = 14%
Time period (nper) = 7 years
It is an annuity as money is deposited every year. In order to compute the amount available at the end of 7th year, future value annuity needs to be computed.
Spreadsheet function FV can be used to compute the same.
=FV(rate,nper,PMT,PV)
Savings at the end of 7th year is $11,374.32.
Note: PV is 0.
This question cannot be answered right now because the human race doesn't know exactly if there more life in other planets, so it's unknow by now.