Answer: $
Retained earnings beginning balance 142,000
Net loss for the year <u>(14,000)</u>
128,000
Retained earnings ending balance <u> (122,000)</u>
Amount of dividend declared <u> 6,000</u>
Explanation: In order to calculate the amount of dividend declared, there is need to deduct the net loss for the year from retained retained earnings beginning balance. Thereafter, we also need to deduct retained earnings ending balance.
For compounding interest, there is a formula relating the present worth (P) with the annuity (A). This is shown in the picture. The 'i' is the effective interest rate while n is the time. You should make sure that you are consistent with the units. If your time is in terms of years, your interest should be in terms of percent per year compounded yearly. Moreover, your annuity should be per yearly basis. In this case, it is already consistent so we don't need to convert. Substituting the values,
P = 10,000[(1.08^9-1)/(0.08*1.08^9)]
P = $62,468.88
Answer: must be in writing because it benefits McGregor.
Explanation:
From the question, we are told that Country Farm Supply applies for a business loan from Farmers Credit Co-Op. We are also aware that Country Farm Supply owes McGregor money under another business deal, and that McGregor wants to help Country Farm Supply get the loan so that it will be able to stay in business to pay him back, McGregor promises Farmer's Credit Co-Op that he will repay the loan if Country Farm Supply does not.
Therefore to be enforceable, McGregor's promise must be in writing because it benefits him. The the deal is between Farmer's Credit Co-Op and McGregor, hence, the promise must be in writing because this will make it valid and also applicable for future purpose in case McGregor isn't able to repay the loan he took .
Answer:
Explanation:
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Question
Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $325,000; Cash paid for rent, $37,000; Cash paid to employees for services rendered during the year, $117,000; Cash paid for utilities, $47,000. In addition, you determine that customers owed the company $57,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $1,700 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year.
The correct answer is a Car salesman
Explanation:
Event planners are professionals in planning and organizing events, which includes weddings, conferences, birthday parties, festivals, among others. Moreover, planning events involves multiple elements such as music, food, decoration, among others and this makes event planners be in contact with vendors (companies or people that sell specific products or services).
In this context, an event planner is likely to be in contact with musicians because music is an essential element in many events, caterers because food is quite common in events, and florists because flowers are often used as part of the decoration. However, it is not likely event planners are in contact with a car salesman because most events do not require buying cars and this is not a common element in events.
