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torisob [31]
3 years ago
10

ABC has the following balances on December 31 prior to closing entries: Revenues $25,000 Retained Earnings, Jan. 1 20,000 Cash 3

,000 Expenses 10,000 Accounts Payable 4,000 Dividends 2,000 Supplies 17,000 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries?
Business
1 answer:
bazaltina [42]3 years ago
8 0

Answer:

The net adjustments to be made to retained earnings due to the closing entries would be net income of $15,000 ($25,000 - $10,000) and dividends of $2,000.

Explanation:

Retained earnings is the accumulated amount of net income left after payment of dividends to shareholders. The adjustments usually made to retained earnings relate to net income and dividends (cash or stock). While the former is usually added to retained earnings, the latter is usually deducted.

In the question, the only relevant adjustments are net income of $15,000 ($25,000 - $10,000) and dividends of $2,000; every other account relates to other balance sheet components (either assets or liabilities). Therefore, the adjusted retained earnings balance at the end of the year would be: $20,000 + $15,000 - $2,000 = $33,000 (adjusted retained earnings).

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In California, if the tip is included in the service charge, Anne's employer must pay taxes for them. The employer is required to pay for these taxes in California, not the employee. Even though tips are not part of an employee's wage, they are still taxable. This means that Anne must include the $51 in her AGI.

5 0
3 years ago
Probett's Auto Body Repair Shop had revenues that averaged $90,000 per week in April and $80,000 per week in May. During both mo
Dmitriy789 [7]

Answer:

For April, revenue was $90,000 and labor hours were 4x[(40x6)+(25x4)]. This is 90,000/1,360 = 66.18 dollars per hour of labor. For May, revenue was $80,000 and labor hours were 4x[(40x6)+(10x2)] This is 80,000/1,040 =  77 dollars per hour of labor a difference of $ 10.82per hour. The percentage change in productivity between April and May, then, is 3.95/44.12 = 0.1634935026x 100 = 16.35%

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6 0
3 years ago
Round 784.967 to the nearest whole number
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784.967 rounded to the nearest whole number is 785
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Bitstar global inc. is a soft-drink manufacturing company. kelly, the production manager, works with a human resource consultant
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3 years ago
What is the hedonic theory of wage differentials? Discuss the characteristics of a normal-profit isoprofit curve. Combine isopro
Hatshy [7]

Answer:

hedonic Theory of Wages:  

Accept just two kinds of occupations in the work showcase (safe employments versus unsafe occupations). Under this, sheltered employments have likelihood of zero that specialist gets harmed. Unsafe occupations have likelihood of 1 and laborers know this. Laborers care about whether their occupations are sheltered or hazardous.  

Laborers expand utility by picking wage-chance blends that offer them the best measure of utility. Expect laborers disdain hazard, yet to various degrees, for example they have diverse ideal pay chance blends. Firms are on their isoprofit bends that give the hazard wage mixes that give zero (financial) benefit. They vary between firms. An indulgent pay work mirror the connection among wages and occupation qualities. It matches laborers with various hazard inclinations with firms that can give employments that coordinate these diverse hazard inclinations.  

Apathy bends uncover the exchange offs that a laborer favors among wages and level of hazard (chance thought to be an 'awful'). To give a similar utility, dangerous occupations must compensation higher wages than safe employments. The more prominent the laborer's aversion for hazard, the more prominent the pay off required for changing from a safe to an unsafe activity, and the more noteworthy the booking cost. As the pay firms bring to the table for hazardous occupations increments, less firms will extend to dangerous employment opportunities and bringing about a descending slanting interest bend as it turns out to be increasingly productive for firms to make occupations spare than to pay the higher compensation.  

Suppositions of Differential Wage Theory are:  

  1. The compensation differential is sure. Hazardous employments pay more than spare occupations.  
  2. The balance wage differential is that of the last laborer employed (the peripheral specialist). It's anything but a proportion of the normal abhorrence for chance among laborers in the work showcase.  
  3. Along these lines, everything except the minimal specialist are overcompensated by the market.  

On the off chance that a few specialists like to work in dangerous occupations (they are eager to pay for the option to be harmed) and if the interest for such laborers is little, the market repaying differential is negative. At point P, where supply rises to request, laborers utilized in unsafe occupations acquire not as much as laborers utilized in safe employments. The outline given beneath shows the circumstance:  

Isoprofit Curve:  

As it is exorbitant to create well-being, a firm contribution hazard level P* can make the working environment more secure for example move left on flat pivot, just on the off chance that it diminishes compensation while keeping benefits consistent, so that the iso-benefit bend is upward slanting. Higher isoprofit bend returns lower benefit.

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