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Anon25 [30]
3 years ago
8

The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the ye

ar, $50,000 of dividends were paid and $35,000 cash received in exchange for common stock. Assets Liabilities Beginning of year $295,000 $190,000 End of year 355,000 220,000 The amount of net income for the year was Group of answer choices $45,000 $40,000 $85,000 $135,000
Business
1 answer:
Serjik [45]3 years ago
6 0

Answer:

Net Income = $45000

Explanation:

The basic accounting equation states that the value of assets is always equal to the sum of the values of liabilities and equity.

Total Assets = Total Liabilities + Total equity

At the beginning of the year:

295000 = 190000 + Total equity

Total Equity = 295000 - 190000

Total Equity = $105000

The net income earned during the year is appropriated in two ways. It is either retained in the business and transferred to retained earning or paid out as dividends or both. Transfer to retained earnings from net income increases equity.

At the end of the year:

355000 = 220000 + Total Equity

Total Equity = 355000 - 220000

Total Equity = $135000

Ending balance of equity = Opening balance of Equity + issuance of equity(Common stock) + Net Income - Dividends

135000 = 105000 + 35000 + Net Income - 50000

135000 = 90000 + Net Income

Net Income = 135000 - 90000

Net Income = $45000

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Answer: Which of the following is not one of the three most common core ERP components focusing on internal operations? C. Business Intelligence

Explanation: The core ERP components are Accounting and Finance, Production and Materials Management, and Human Resources.  The ERP components help a business focus on internal operations and how to be productive in maintaining them.

4 0
3 years ago
This year Ed celebrated his 25th year as an employee of Designer Jeans Company. In recognition of his long and loyal service, th
Crank

Answer:

$2,490

Explanation:

Based on the information given we were told that in order for the company to recognize his long as well as loyal service they awarded Ed a gold watch worth the amount of $105 which as well include the amount of $2,490 as cash bonus which means that the amount that Ed must include in his gross income will be the cash bonus amount of $2,490.

Therefore the amount that Ed must include in his gross income is $2,490

4 0
3 years ago
Deitz Corporation is projecting a cash balance of $32,400 in its December 31, 2019, balance sheet. Deitz's schedule of expected
Anna71 [15]

Answer:

<u>Dietz corporation cash budget for the first quarter </u>

Total Receipts :

Collections from Customers                           $199,800

Receipts from Sale of Equipment                      $3,240

                                                                        $203,040

Total Payments :

Direct materials                                                 $46,440

Direct labor                                                        $75,600

Manufacturing overhead                                  $37,800

Selling and administrative expenses               $48,600

Purchase of securities                                        $15,120

                                                                         $223,560

Net Receipts/(Payments)                                 ($20,520)

Opening Balance                                              $32,400

Closing Balance                                                  $11,880

Required Balance                                              $27,000

Loan (Shortfall)                                                    $15,120

Explanation:

A cash Budget shows the future estimate of future cash incomes and cash expenditures.

3 0
3 years ago
10) Focused cost leadership is observed when a product has the lowest cost ________. A) within an industry segment B) across the
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Answer:

C) within an industry

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Cost leadership is being competitive by having lowest cost op operation in the whole industry. This makes the company to offer cheap product to the customers and have an competitive edge in the market. Many big corporation  adopt cost leadership in their strategic marketing campaigns. So, the correct answer is C) within an industry.

3 0
3 years ago
Ted Catering received $920 cash in advance from a customer for catering services to be provided in three months. Determine the g
pogonyaev

Journal entry

Date             account and explanation           Debit        credit

                       Cash                                           920

             Unearned catering revenue                                 920

A magazine entry is a record of a business transaction for your business books. In double-entry bookkeeping, you're making a minimum of two magazine entries for every transaction. Due to the fact, that a transaction can create a variety of changes in an enterprise, a bookkeeper tracks all of them with magazine entries.

An example of journal access consists of the purchase of machinery through us of an in which the machinery account will be debited, and the cash account can be credited.

An instance of a magazine is a diary in which you write approximately what takes place to you and what you're questioning. An instance of a magazine is the new England magazine of medication, in which new research is posted which might be applicable to doctors and medicinal drugs.

Learn more about the Journal entry here brainly.com/question/14279491

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