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Ulleksa [173]
3 years ago
8

At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $523,000. During th

e year, liabilities increased by $28,000 to $232,000; paid-in capital increased by $37,000 to $174,000; and assets increased by $259,000. Dividends declared and paid during the year were $46,000.
Required:
Calculate net income or loss for the year.
Stockholders’ Equity
Assets = Liabilities + PIC + RE
Beginning = + + $260,000 SE
Changes 130,000 = 11,000 + 20,000 +
Ending = $116,000 + $90,000 +
Business
1 answer:
dybincka [34]3 years ago
7 0

Answer:

net income = $240,000

Explanation:

beginning stockholders' equity $523,000

beginning liabilities $204,000, ending liabilities $232,000 ($28,000 increase)

beginning paid in capital $137,000, ending $174,000 ($37,000 increase)

assets increased by $259,000

dividends $46,000

assets = liabilities + equity

beginning assets = $204,000 + $523,000 = $727,000

ending assets = $727,000 + $259,000 = $986,000

ending equity = ending assets - ending liabilities = $986,000 - $232,000 =  $754,000

beginning equity = beginning paid in capital + retained earnings

beginning retained earnings = $523,000 - $137,000 = $386,000

ending equity = ending paid in capital + retained earnings

ending retained earnings = $754,000 - $174,000 = $580,000

ending retained earnings = beginning retained earnings + net income - dividends

$580,000 = $386,000 + net income - $46,000

net income = $580,000 + $46,000 - $386,000 = $240,000

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Stolb23 [73]

Answer:

The fixed costs per unit when 20,000 units are produced are $6.05 per unit.

Explanation:

Fixed costs per unit can be determined by using the following formula:

Fixed costs per unit = Total fixed costs/ number of units are produced

In a company, Total fixed costs do not depend on the level of activity (Fixed costs do not change).

In the company, Total fixed cost = $11 x 11,000 = $121,000

When 20,000 units are produced, Fixed costs per unit = $121,000/20,000 = $6.05 per unit.

3 0
3 years ago
How does free enterprise economy's freedom of producers provide benefits for individual consumers?
DanielleElmas [232]
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1. Private Property<span>Any individual has the right to own a private property for business and on business purposes.
2. Voluntary exchange
The government can own the land without the permission of the owner.
</span>3. Public Property<span>
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6 0
3 years ago
How much does the sky weigh?
Alona [7]

Answer: 11 billion billion pounds

Explanation:

4 0
3 years ago
Read 2 more answers
In 2016, Teller Company sold 3,000 units at $600 each. Variable expenses were $420 per unit, and fixed expenses were $270,000. T
Aleksandr-060686 [28]

Answer:

1500

Explanation:

Breakeven point is the number of units produced and sold where net income is art on it is where revenue equals cost.

The formula for calculating break even points = F / (P - V)

F = fixed cost

P = price

V = variable cost per unit

$270,000 / ($600 - $420) = 1500

I hope my answer helps you

6 0
3 years ago
Which type of marketing intermediary are sales representatives of manufacturers and wholesalers?
Len [333]

Answer:

C. Agents

Explanation:

They are sales representatives for manufacturers or wholesalers and usually are hired on a commission basis.

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