Answer:
Explanation:
1. The computation of the balance in retained earnings is shown below:
= Beginning retained earning balance + adjusted net income
where,
Beginning retained earning balance is $780,000
And, the adjusted net income is = Inventory × ( 1 - tax rate)
= $60,000 × (1 - 40%)
= $36,000
Now put these values to the above formula
So, the value would equal to
= $780,000 + $36,000
= $816,000
2. The journal entry is shown below:
Inventory A/c Dr $60,000
To Retained earning A/c $36,000
To Tax payable A/c $24,000
(Being inventory is adjusted and the remaining balance is credited to tax payable account)
Answer: When economists say that a good is no -rival in consumption, More than one person can enjoy the good at the same time
A good is excludable if someone can be prevented from using it. A good is rival in consumption if one person's use reduces others' ability to use the same unit of the good. Markets work best for private goods, which are excludable and rival in consumption. Markets do not work well for other types of goods.
Answer:
8 hours is required for both companies to cost the same
Explanation:
given data
company A materials and equipment = $220
company A labor = $45 per hour
company B materials and equipment = $300
company B labor = $35 per hour
to find out
how many hours of labor required
solution
total cost of company A = 220 + 45 h
total cost of company B = 300 + 35 h
so we can say
total cost of company A = total cost of company B
220 + 45 h = 300 + 35 h
h = 8
so 8 hours is required for both companies to cost the same
Answer:
Following are the solution to the given questions:
Explanation:
Please find the complete question in the attached file.
In this question, the Stinsons would prefer the most profitable alternative
Formula:
In point A:
In point B:
In point C:
Answer:
The Journal entry is as follows:
D. Hopkins, Capital A/c Dr. $210,000
To cash A/c $200,000
To M. Hammer's Capital A/c $5,000
To P. Houghton's capital A/c $5,000
(To record the amount of Hopkins Capital balance)
Workings:
Income = D. Hopkins, Capital - Cash payment after his death
= $210,000 - $200,000
= $10,000
$10,000 is divided equally among M. Hammer and P. Houghton.
