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Law Incorporation [45]
3 years ago
5

Assume you are the president of Nuclear Company. At the end of the first year of operations (December 31), the following financi

al data for the company are available: Accounts Payable$33,000 Accounts Receivable 59,950 Cash 13,500 Common Stock 63,030 Dividends 230 Equipment 32,000 Notes Payable 1,500 Operating Expenses 61,700 Other Expenses 9,000 Sales Revenue 87,300 Supplies 8,450 Prepare a statement of retained earnings for the year ended December 31.
Business
1 answer:
Mademuasel [1]3 years ago
3 0

Answer:

Ending retained earnings is     $ 16,370.00  

Explanation:

Before preparing the statement of retained earnings for the year ended December 31, the net income for the current year needs to be ascertained.

net income=sales revenue-operating expenses-other expenses

net income=$87,300-$61,700-$9000=$ 16,600.00  

Statement of Retained earnings for the year ended 31 December:

Beginning retained earnings     $0

net income                                  $16,600

dividends                                    ($230)

ending retained earnings         $ 16,370.00  

   

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3 years ago
If stock you own is worth say 30,000 but you don't sell and notice it is going down but you hope it will go back up and keep it,
MatroZZZ [7]

Answer:

YES

Explanation:

If a stock you own is worth say $30,000 and you eventually sell it for $10,000, that is considered a loss on your taxes and you can count it as a loss on your taxes.

The situation given in the scenario is obviously that of capital erosion or capital loss.

Just like it would have been counted as capital gains if you had made a profit on the sale of the shares which would have been taxable, so also is it possible to make tax deductions on your returns when you make capital losses.

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5 0
3 years ago
The new CEO of a struggling cell phone service provider is trying to revitalize the company by revamping its business strategy.
Sever21 [200]

Answer:

The CEO concluded that the youth market segment was not being served and for that reason he decided to fill that niche in the business by creating a business plan that took it into account.

Explanation:

A market niche is a marketing term used to refer to a portion of a market segment in which individuals possess homogeneous characteristics and needs, and the latter are not entirely covered by the general market offer.

The market niche is based on recognizing in the segmentation a new business opportunity arising from unsatisfied needs and then being economically exploited by a company, but it may also be because there are not enough companies to supply that need. As for a niche market we must understand certain basic things to be able to have a fruitful activity, one of those is that this must be broad enough to derive a business from it and another aspect to consider is that we must know if there is something competition, the latter is not necessarily something negative since we will know that there is already a public and therefore a demand.

5 0
3 years ago
Department a had 5,000 units in work in process that were 60% completed as to labor and overhead at the beginning of the period;
mezya [45]
The answer for Equivalent units for the period will be calculated as follows under FIFO
1. Units from beginning work in process:  calculate this as beginning work in process units x (100% – given % complete) to calculate the amount of additional work needed to make the unit 100% complete.2. Units in progress and completed this period:  take the units x 100% complete since they were started and completed they have received all of their materials, labor and overhead and will not receive any more since they are finished.3. Units in Ending work in process:  take the ending work in process units x a given % complete.

Solution by step:

Equivalent units = 1. (5,000 × 40%) +2. (31,000 – 5,000) (Since there is a beginning work in process deduct this from the units completed) +3. (2,000 × 80%)

= 2000 + 26000 + 1600
Answer = 29,600 units
5 0
4 years ago
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