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3 years ago

Superior has provided the following information for its recent year of operation:

Business

1 answer:

Anika [276]3 years ago

3 0

Answer:

Option (a) is correct.

Explanation:

Given that,

Beginning balance of Retained Earnings = $75,000

Net income = $26,000

Ending retained earnings = $91,000

Total Balance during the year:

= Beginning balance of Retained Earnings + Net income

= $75,000 + $26,000

= $101,000

Dividend declared:

= Total Balance during the year - Ending retained earnings

= $101,000 - $91,000

= $10,000

Therefore, the amount of dividend declared by the Superior during its recent year of operation is $10,000.

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Which of the following statements will an auditor most likely add to the negative from of confirmations of accounts receivable t

MrRissso [65]

Answer:

The correct answer is letter "C": "If you do not report any differences with 15 days, it will be assumed that this statement is correct".

Explanation:

Accounts Receivable, or AR, is an accounting term used to refer to the money that is owed to a company by its customers. The customers, who may be individuals or corporations, are the debtors since they owe money for the goods or services provided by the company. When the product is sold in credit the company sets a number of days so that the customer can pay the bill amount. The term usually is 30, 60 or 90 days.

In that sense, and auditor may find 15 days suitable for a debtor for report changes in a statement, otherwise, it is considered as correct.

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3 years ago

Introduction of checks into the payments system reduced the costs of exchanging goods and services. Another advantage of checks

sweet-ann [11.9K]

Answer:

they provide convenient receipts for purchases

Explanation:

Checks payment is a form of paying bills. They were created to allow people to make payments without carrying large amounts of cash hence convenient for purchases.They are also are safer than other forms of payment as they are traceable; when a transaction occurs and payment is made by checks, banks usually make copies of each check and the owner remains with an underlying copy from the check book.

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3 years ago

There are more than 20 stores on a street in Sao Paulo that specialize in selling the same quality and brand of wheat products.

Pani-rosa [81]

Answer:

Pure competition

Explanation:

Pure competition is a market structure characterized by many competitors selling similar products. Due to the high competition, market forces dertermine prices. Pure competition is also referred to as perfect competition. The other features of pure competition include.

There many buyers and many sellers who have access to market information
There are barriers no entry and exit in the market
Firms sell homogeneous products
Firms cannot influence the market price. Firms are price takers.
The units of production such are homogeneous and are freely moving.

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3 years ago

Howard Enterprises, which has three departments, recently reported the following results: A B C Sales revenue $ 12,000 $ 48,000

almond37 [142]

Answer:

Department C should be closed

Explanation:

To determine whether or not it will be profitable to drop a loss making department, we compare the savings in fixed cost to the lost contribution from the division.

For Howard Enterprises, the department with a negative contribution should be closed otherwise its operation would reduce the overall profit by the amount of the negative contribution.

So lets work out the contribution for each department by adding back the apportioned fixed cost. See table below

A B C

$ $ $ Total

Sales Revenue 12,000 48,000 40,000 100,000

Operating cost 11,400 59,800 50,500

Operating income 600 (11,800) (10,500)

*Add back apportioned fixed cost 3,000 12,000 10,000

Contribution 3,600 200 (500)

*Apportioned fixed cost

A- 12,000/100,000× 25,000 = 3,000

B- 48,000/100000 × 25,000 = 12,000

C- 40,000/100,00×25,000 = 10,000

From the above analysis, Department C generates a negative contribution. It implies that it can barely cover its direct cost and so will deplete the total profit by its negative contribution. Hence, it should be closed

Department C should be closed

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3 years ago

The strength of patent protection is that it___________.

Tatiana [17]

The strength of patent protection is that it D) grants a monopoly on underlying concepts and ideas.

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3 years ago