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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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Answer:

The ticket price that maximizes revenue is $18.10

Explanation:

Hi, first we need to construct the revenue equation in terms of the additional dollar charge (that would be X). That is:

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Revenue=(8.5-X)(1,800-65X)

So we expand it:

Revenue=15,300-552.5X+1,800X-65X^{2}

Revenue=-65X^{2} +1247.5X+15,300

This is a parabola, and we need to find its vertex, which in our case that would be the maximum additional dollar charge in order to obtain the highest revenue possible, to find the vertex, we need to consider that:

Y(X)=AX^{2}+ BX+C

And to find the X-coordenate we have to use the following equation.

Vertex(X)=\frac{-B}{2A}

In our case, A= -65; B= 1,247.5, so, all should look like this:

Vertex (X)=\frac{-(1247.50}{2(-65)} =9.6

That means, we need to make 9.6 increments of $1 in order to obtain the max revenue possible, therefore, the price would be

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Best of luck.

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3 years ago
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On January 1, 2020, Harter Company had Accounts Receivable $139,000,
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<u>Solution and Explanation:</u>

<u>Date Particulars Post ref.         Debit ($)    Credit ($) </u>

5- Jan Accounts Receivable  20000  

Sales revenue                                                     20000

(To record the sales revenue)    

5- Jan Notes Receivable         30000  

Accounts receivable                                              30000

(To record the sales revenue)  

18- Feb Notes receivable          8000  

Sales revenue                                                         8000

(To record the notes receivable and sales revenue)  

20- April Cash                        20400  

Notes receivable                                 20000

Interest revenue                                   400

(To record the collection of notes)    

30 april Cash                           25000  

Notes receivable                                 25000

(to record the collection of payment due)    

25 May Notes receivable         6000  

Accounts receivable                            6000

( To record the note settlement of past due balance)    

18- Aug Cash account               8360  

Notes receivable                                      8000

Interest revenue                                         360

(To record the collection of notes payment)    

25- Aug Accounts receivable  6135  

Notes receivable                                      6000

Interest revenue                                         135

1-Sep Notes receivable            12000  

Sales revenue                                        12000

(To record the note for amount due)    

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