All categories

4 years ago

Wolfpack Construction has the following account balances at the end of the year.

Business

1 answer:

Artist 52 [7]4 years ago

5 0

Answer:

Find the balance sheet below:

beginning retained earnings=$47,800-$39,800=$8,000

Explanation:

Net income for the year =service revenue-salaries expense=$38,000-$32,000=$6,000

retained earnings=net income=$6,000

Wolfpack Construction Balance Sheet as at year end

Non-current assets

equipment $25,000

land $17,000

Total non-current assets $42,000

Current assets:

cash $5,800

total current assets $5,800

Total assets $47,800

Common stock $12,000

retained earnings $6,000

total stockholders' equity $18,000

current liabilities:

accounts payable $2,800

notes payable $19,000

Total liabilities $21,800

Total liabilities and equity $39,800

The difference between the total assets and total equity plus liabilities may be due to beginning retained earnings figure which was not provided

You might be interested in

The AFL was an organization

pychu [463]

B. that promoted social, labor, and economic issues

6 0

4 years ago

Where are shares of the reporting company's common stock issued in exchange for cash reported on a statement of cash flows?

Lera25 [3.4K]

Answer:

Please help me! brainly.com/question/14319457

Explanation:

5 0

3 years ago

If you know the company that you want to work for, you should check theon the company’s website as you perform your job search.

Shkiper50 [21]

Check out the mission statement and job opportunities on the website.

Find out who to address your cover letter to so that it is more personalized.

7 0

4 years ago

Read 2 more answers

The Shirt Company manufactures shirts in two departments: cutting and sewing. The company allocates manufacturing overhead using

Degger [83]

Answer and Explanation:

1. The computation of predetermined OH allocation rate is shown below:-

Predetermined OH allocation Rate = Estimated overhead cost ÷ Estimated Direct labor hours

= 200,000 ÷ 100,000

= 2

2. The computation of the amount of OH allocated in June is shown below:-

Amount of OH allocated in June = Actual Direct labor hours × Overhead allocation Rate

= 15,500 × 2

= 3,100

3. The computation of predetermined OH allocation rates for each department is shown below:-

Overhead allocation Rate Estimated overhead costs ÷ Estimated Direct labor hour

For Cutting Dept = 259,600 ÷ 118,000

= 2.2

For Sewing Dept = 513,000 ÷ 190,000

= 2.7

4. The computation of the total amount of OH allocated in June is shown below:-

Amount of overhead allocated in June

= Machine hours × Predetermined OH allocation rate

For Cutting Dept = 13,000 × 2.2

= 28,600

For Sewing Dept = 7,000 × 2.7

= 18,900

5 0

3 years ago

Stallman Company took a physical inventory on December 31 and determined that goods costing $275,260 were on hand. Not included

Tpy6a [65]

Answer:

Inventory at year-end: 344,000

Explanation:

The inventory should add the purchased goods from Pelzer as the possesion is transfer at shipping point.

The sales units to Alvarez should also be included as teh transfer is not complete yet. The term on this transaction are at destination.

Total inventory in transit: 28,940 + 39,800 = 68,740‬

on hand: $ 275,260

in-transit: $ 68, 740

Total: $ 344,000

5 0

3 years ago