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horrorfan [7]
3 years ago
8

Patterson Corporation began the year with retained earnings of $325,000. During the year, the company issued $500,000 of common

stock, recorded expenses of $1,500,000, and paid dividends of $90,000. If Patterson’s ending retained earnings was $350,000, what was the company's revenue for the year?A. $1,615,000
B. $1,800,000
C. $1,525,000
D. $700,000
Business
1 answer:
Vanyuwa [196]3 years ago
4 0

Answer:

The company's revenue for the year is <u>$1,615,000</u>.

The correct option is  <u>A. $1,615,000</u>.

Explanation:

Given:

Patterson Corporation began the year with retained earnings of $325,000. During the year, the company issued $500,000 of common stock, recorded expenses of $1,500,000, and paid dividends of $90,000.

If Patterson’s ending retained earnings was $350,000.

Now, to find the company's revenue for the year.

Opening Retained earnings = $325,000.

Common stock = $500,000.

Recorded expenses = $1,500,000.

Paid dividends = $90,000.

Closing Retained earnings = $350,000.

Now, to get the revenue of the company we put formula:

<u><em>Revenue = (Recorded expenses + paid dividends + closing Retained earnings) - opening Retained earnings</em></u>

Revenue=(1500,000+90,000+350,000)-325,000

Revenue=1940000-325000

Revenue=1615,000.

Therefore, the company's revenue for the year is $1,615,000.

The correct option is  A. $1,615,000.

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There is a positive linear relationship between the frequency of advertising and the sales of the advertised product.

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A linear relationship is stablished between 2 quantitative variables that have constant proportionality. In this case, the variables are directly proportional to eachother as they move in the same direction. In addition, they are both increasing. So, we can conclude these variables have a positive linear relationship.

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3 years ago
Suppose the country of Altaria only produces one good, pink tutus. Last year, nominal GDP was $50,000 and this year it is $200,0
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Answer:

E. None of the above

Explanation:

because the price level is not known, we can not tell definitely that the output is increased or unemployment is decreased or standard of living is increased .

Therefore, we cannot conclude on anything.

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3 0
3 years ago
The Marketing Department has proposed increasing the West Division's monthly advertising by $15,000 based on the belief that it
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Answer:

Net Increase in profit is $27,000

Explanation:

* The data was missing in this question, a similar question is attached with the answer, and answer is made accordingly. Please find it.

Sales  ( $350,000 x 120% )  =                     $420,000

- Variable cost ( 40% )  =                             $168,000

- Traceable fixed cost( 175000+15000) =  <u>$190,000</u>

Net Profit =                                                   $62,000

Net Increase in Net Income = $62,000 - ( 350,000 - (350,000 x 40%) - 175,000 ) = 27,000

6 0
3 years ago
Wendy wants to start a business. She knows many unaccredited investors who she knows will help her jumpstart her business. What
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Available Options are:

A. Investors' allowable investment depends on the accredited or non-accredited status.

B. Investors may invest a combined $50 million within a 12-month period.

C. Investors may invest no more than $1 million combined for the first year of the business.

Answer:

Option C. Investors may invest no more than $1 million combined for the first year of the business.

Explanation:

The non-accredited investors do not invest more than $1 million for first year. Furthermore, for Investor it also imposes investment in current business conditions which says that Investor can invest in its business with greater of:

1. $2000

2. Or the lesser of (If the net worth of Wendy is less than $100,000)

  • 5% of its total income for the year
  • Net worth

There is also an option which is available if the net worth of Investor exceeds above $100,000 then he can invest up to lesser of 10% of his income or net worth, otherwise he will have to follow the above conditions.

Here, it also has an upper limit, which means that the investor can not invest more than $100,000 in the subsequent year, whatever the level of net worth or income he had for the year.

This means the non-accredited investor can not invest more than $1 million.

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Which of the following is not a benefit of using a computerized budgeting system? A. Such systems speed up and reduce the cost o
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Answer:

Computaried budgeting systems help companies in the budgeting process, which is used to easily put together finantial statements in order to gauge future operations for the company since they process the budget very fast, reducing the amount of resources employed by the company in such tasks.

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Explanation:

7 0
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