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Answer:
$161 million
Explanation:
Given that,
Opening Retained earnings balance = $547 million
Ending retained earnings balance = $594 million
Dividends paid to preferred stockholders = $37 million
Dividends paid to common stockholders = $77 million
Net Income:
= Change in Retained earnings + Preferred Stock Dividend + Common Stock Dividend
= ($594 million - $547 million) + $37 million + $77 million
= $47 million + $37 million + $77 million
= $161 million
Answer:
All of the above are correct.
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Because price is set above equilibrium price, quantity supplied would exceed quantity demanded and there would be a surplus.
Because price is set above equilibrium price, quantity demanded will decrease
Answer: Total Cost = $37,900
Explanation:
Responsibility accounting refers to a system where managers of different departments in a company are responsible and held accountable for the management of the controllable costs in their department.
Here the controllable costs on the manager, Jose Ruiz are Cost of parts, the Mechanics wages and Shop supplies.
Calculating the total costs that would appear on a responsibility accounting for the service department would be :
Particulars Amount
Cost of parts $22,400
Mechanics’ wages $14,300
Shop supplies $1,200
Total Cost $37,900
