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3 years ago

Midyear on July 31st, the Chester Corporation's balance sheet reported:

Business

1 answer:

erastova [34]3 years ago

6 0

Answer:

$76.856 million

Explanation:

As we know that Balance sheet is divided in two portions.

1. Total Assets (Current Assets + Fixed Assets)

2. Total Liabilities and Share Holders' Equity.

and they both should be equal. So we can write from the above information, as:

Total Assets = Total Liabilities + Total Common Stock + Retained Earnings

N.B. We are excluding Cash from our calculation cause we assume that Cash is already been included in Total Assets.

Hence, by putting the values in above equation we can find our Retained Earnings as:

Retained Earnings + $128.230 million + $6.350 million = $211.436 million

Retained Earnings + $134.58 million = $211.436 million

Retained Earnings = $211.436 million - $134.58 million

Retained Earnings = $76.856 million

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Llana [10]

Answer:

C.) Accounts receivable 7,840 Cash discounts 160 Sales 8,000

Explanation:

Assuming for now that credit customer will avail the cash discount, the following journal entry shall be made on November 10 by Flores mills in respect of credit sales made by it.

Debit Credit

Accounts receivable $7,840

Cash discount $160

(8000*2%)

Sales $8,000

Based on the above discussion, the answer shall C.) Accounts receivable 7,840 Cash discounts 160 Sales 8,000

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3 years ago

LBC Corporation makes and sells a product called Product WZ. Each unit of Product WZ requires 3.5 hours of direct labor at the r

swat32

Answer:

The correct option is D

Labour budget = $1,974,175

Explanation:

The labour budget is the product of the standard labour cost per unit and the budgeted production in units

Labour budget = standard labour cost× production budget in unit

The production budget can bed determined by adjusting the sales budget for closing and opening inventories.

Production budget = Sales budget +closing inventory - opening inventory

Production budget = 39,000 + 100 -200 = 38,900 units

Labour budget = $14.50× 3.5× 38,900 = $1,974,175

Labour budget = $1,974,175

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2 years ago

Pink Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for t

Kruka [31]

Answer:

$21,000

Explanation:

Preparation of income statement

Income statement of Pink Arrangements for the year ended December 31, 2018.

REVENUE:

Service Revenue 84,000

Less EXPENSE:

Insurance Expense (2,500)

Utilities Expense (1,500)

Rent Expense (12,000)

Salaries Expense (47,000)

NET INCOME 21,000

Therefore the Income statement of Pink Arrangements for the year ended December 31, 2018 will be shows the amount of $21,000

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3 years ago

Following are transactions for Valdez Services, a company owned by Brina Valdez. A. Brina Valdez invested $20,000 cash in the co

Sphinxa [80]

Answer:

Transactions that create revenue :

Transaction B

Transaction C

Transaction D

Journal Entries :

Transaction B

Cash $900 (debit)

Sales Revenue $900 (credit)

Transaction C

Cash $10,000 (debit)

Unearned Revenue $10,000 (credit)

Transaction D

Cash $3,500 (debit)

Accounts Receivable $3,500 (credit)

Explanation:

Transactions that create revenue

Hint ; Revenue is the increases in income that results in increases in assets and decreases in liabilities

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3 years ago

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3 years ago

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