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skad [1K]
3 years ago
5

Determination of Retained Earnings and Net Income The following information appears in the records of Bock Corporation at the en

d of the year: Accounts Receivable $25,300 Retained Earnings ? Accounts Payable 12,100 Supplies $7,700 Cash 8,800 Equipment 154,000 Common Stock 121,000 a. Calculate the amount of retained earnings at the end of the year. b. Using your answer from part a, if the amount of the retained earnings at the beginning of the year was $33,000 and dividends were paid in the amount of $13,200 during 2012, what was the company's net income for the year? a. Retained Earnings Balance at year-end. $Answer 0 b. Net Income for the year. $Answer 0
Business
1 answer:
olya-2409 [2.1K]3 years ago
3 0

Answer:

a. $62,700

b. $42,900

Explanation:

In this question, we have to use the accounting equation which is shown below:

Total assets = Total liabilities + owner equity

where,

Total assets = Cash + accounts receivable + supplies + equipment

                   = $8,800 + $25,300 + $7,700 + $154,000

                   = $195,800

Total liabilities = Accounts payable = $12,100

And, the owner equity = Common stock + retained earning

Now put the values to the above formula,

So, the values equal to

$195,800 = $12,100 + $121,000 + retained earnings

$195,800 = $133,100 + retained earnings

So, the retained earnings = $195,800 - $133,100 = $62,700

(B) The computation of the net income is shown below:

Net income = Ending retained earning balance - beginning retained earning balance + dividend paid

= $62,700 - $33,000 + $13,200

= $42,900

     

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Answer:

To evaluate the effectiveness of controls over all relevant financial statement disclosures in the financial statements.

Explanation:

In Accounting, an internal control is a mechanism, procedure, rule or policy designed by management to secure assets, promote efficiency, ensure accountability and prevent fraudulent behavior in an organization.

The main goal of auditing internal control is to evaluate the effectiveness of controls over all relevant financial statement disclosures in the financial statements.

6 0
3 years ago
Businesses that apply the marketing concept will fail if each company involved in
Dmitry [639]

Answer:

Explanation:

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jobs for women

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6 0
3 years ago
A thief steals an ATM card and must randomly guess the correct three​-digit pin code from a 9​-key keypad. Repetition of digits
ololo11 [35]

Answer:

The thief has a 0.11% probability of hitting the pin code on the first try.

Explanation:

Simply, if the ATM card has a 3-digit code that can be repeated, and the board has 9 numbers (for example, from 1 to 9), we must start from the smallest number that could be formed with these numbers to the highest number that these numbers could also compose, which in the case would be 111 and 999. Then, 889 different numbers could be formed (it is the distance between 111 and 999), with which the possibility of hitting the key to the first attempt would be 1 in 889 times, or 1/889.

To take the probability to a percentage, we must know that 889 / 8.89 gives 100. Therefore, dividing 1 / 8.89 we will know the percentage of probabilities of hitting the key on the first attempt: 1 / 8.89 = 0.11.

This shows us that the thief has a 0.11% probability of hitting the key on the first try.

8 0
3 years ago
What courses or information would be helpful for a hospitality manager?
choli [55]

Answer:

Travel Attendants.

Lodging Managers.

Meeting, Convention, and Event Planners.

Food Service Managers.

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Explanation:

4 0
3 years ago
The project manager has concerns about the software developer's project work in terms of quality and has spoken to the developer
Katen [24]

Available Options Are:

(A) Both focus on management responsibility, fulfillment of requirements, continuous improvement, prevention over inspection, and product excellence

(B) Both focus on management responsibility, continuous improvement, prevention over inspection, and customer satisfaction

(C) Both focus on management responsibility, fulfillment of requirements, continuous improvement, prevention over inspection, and customer satisfaction

(D) Both focus on management responsibility, continuous improvement, prevention over inspection, and product excellence

Answer:

Option B. Both focus on management responsibility, continuous improvement, prevention over inspection, and customer satisfaction

Explanation:

The quality management and the project management both are management study. Secondly, both of these focus on the improving the project quality and making it better in the every next step. Both management techniques prefer mistake prevention techniques over the continuous prevention which cost lower. These three things were common in all of the option above and are written in bold letters.

Option A is incorrect because fulfillment of requirements and product excellence is not part of project management though it is part of quality management.

Option B is correct because both project management and quality management says that customer satisfaction comes from quality output.

Option C is incorrect because fulfillment of requirements is not part of project management though it is part of quality management.

Option D is incorrect because product excellence is not part of project management though it is part of quality management.

8 0
3 years ago
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