Suppose you pick people at random and ask them what month of the year they were born

Crawford Fishing had a net income of $35,640 in 2022. They decided to pay $3,000 in dividends and keep the rest to help expand t

OverLord2011 [107]

Answer:

The answer is Retain earning (RE).

Explanation:

The profit that they keep to reinvest in the business is reported as retain earning. The part of profit that is not payout as dividend and held for reivestment or any other purpose is included in retian earning and repoted in balance sheet as part of equity above liability section.

Retain earning = Net income - dividend

Retain earning = 35,640 - 3,000 = $ 32,640

3 0

3 years ago

When money is acting as a store of value, it allows an individual toA. exchange goods for other goods and services in the econom

Ne4ueva [31]

Answer:

The answer is (B) transfer dollars, and therefore purchasing power, into the future.

Explanation:

A store of value is best described as a function contained in an asset that allows it to be saved, retrieved, and traded in the future. Money provides this function, alongside other forms of assets such as bonds, gemstones, and precious metals. Other functions of money, include as a medium of exchange and a unit of account.

5 0

3 years ago

Question 10 Suppose that the beginning balance of Accounts Payable (A/P) for Better Than That, Inc. on January 1, 2017 was $17,9

JulsSmile [24]

Answer:

Purchases on credit in 2017 are $15,007

Explanation:

Credit Purchases can be determined by opening a Total Accounts Payable T - Account as follows :

Total Accounts Payable T - Account

Debit :

Closing Balance $12,603

Cash Payments $20,338

Totals $32,941

Credit :

Opening Balance $17,934

Credit Purchase (Balancing figure) $15,007

Totals $32,941

3 0

4 years ago

g Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first ye

Furkat [3]

Answer:

a. Journals

Cash $30,000 (debit)

Common Stock $30,000 (credit)

Cash in Exchange of Common Stock

Inventory $18,000 (debit)

Cash $18,000 (credit)

Cash Purchase of Inventory

Cash $32,000(debit)

Cost of Sales $15,000 (debit)

Sales Revenue $32,000 (credit)

Inventory $15,000 (credit)

Sale of Inventory on cash basis

b. T - Accounts

Cash Account

Debit :

Common Stock $30,000

Sales Revenue $32,000

Credit :

Inventory $18,000

Balance $44,000

Common Stock

Debit :

Balance $30,000

Credit :

Cash $30,000

Balance

Inventory

Debit :

Cash $18,000

Credit :

Cost of Sales $15,000

Balance $3,000

Sales

Debit :

Balance $32,000

Credit :

Cash $32,000

Cost of Sales

Debit :

Inventory $15,000

Credit :

Balance $15,000

c. Gross Margin = $17,000

d. net cash flow from operating activities for Year 1 = $14,000

Explanation:

Gross Margin = Sales - Cost of Sales

= $32,000 - $15,000

= $17,000

Net Cashflow from Operating Activities

Cash Paid to Suppliers ($18,000)

Calculation :

Cost of Sales $15,000

Add Increase in Inventory $3,000

Cash Paid to Suppliers $18,000

Cash Receipts from Customers $32,000

Net Cash From Operating Activities $14,000

7 0

4 years ago

What is a “balance brought forward?”How much cash did the person who filled out this deposit slip receive?

Elis [28]

Hello!!

A "balance brought forward" is an amount of the money one has from the earlier bill period.

The person who filled out this deposit received $721.50 (from the book).

Good luck :)

5 0

3 years ago