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sergey [27]
3 years ago
8

Compute net income for 2019 by comparing total equity amounts for these two years and using the following information: During 20

19, the owner invested $33,000 additional cash in the business (in exchange for common stock) and the company paid a $36,000 cash dividend.
Equity, December 31, 2018
Equity, December 31, 2019
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019.
December 31 2018 2019
Cash $55,530 $10,900
Accounts receivable 30,142 23,632
Office Supplies 4,755 3,483
Office equipment 145,958 155,473
Trucks 57, 115 66, 115
Building 0 190, 398
Land 0 47,511
Accounts payable 79,245 39,303
Note payable 0 137,909
Business
1 answer:
marishachu [46]3 years ago
3 0

Answer:

net income during 2019 = $109,045

Explanation:

total stockholder equity 2018 = assets - liabilities = $293,500 - $79,245 = $214,255

total stockholder equity 2019 = assets - liabilities = $497,512 - $177,212 = $320,300

change in equity from 2018 to 2019 = $106,045

$33,000 can be explained by additional capital invested, and the remaining  $73,045 corresponds to change in retained earnings

change in retained earnings = net income - dividends distributed

$73,045 = net income - $36,000

net income = $109,045

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When megan purchased several bottles of pepsi beverages and snacks to bring to her family's holiday celebration, it represented
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When Megan purchased the Pepsi beverages and snacks to bring to her family's holiday celebration this represented the purchase of consumer goods. Consumer goods are anything from Pepsi products, to automobiles and refrigerators.
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3 years ago
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in Au
blsea [12.9K]

Answer:

$ 2,100.00 F

Explanation:

Preparation of the report showing the company's revenue and spending variances for August.

QUILCENE OYSTERIA

REVENUE AND SPENDING VARIANCES

For the Month Ended August 31

Actual Results Flexible Budget

Revenue and Spending Variances

Pounds 8,000 8,000

Revenue ($4.00q) $

35,200- $32,000 =$3,200 F

Expenses:

Packing supplies ($0.50q)

4,200-4,000=200 U

Oyster bed maintenance ($3,200)

3,100-3,200=100 F

Wages and salaries ($2,900 + $0.30q) 5,640-5,300=340 U

Shipping ($0.80q)

6,950-6,400=550 U

Utilities ($830) 810-830=20 F

Other

($450 + $0.05q) 980 -850=130 U

TOTAL EXPENSE

21,680 20,580 1,100 U

NET OPERATING INCOME

$ 13,520 $ 11,420 $ 2,100 F

(35,200-21,680=$ 13,520)

($32,000-20,580=$11,420)

($3,200-1,100=$2,100)

Summary:

Quilcene Oysteria

Revenues and Spending Variance

For the Month ended August 31

Revenue $ 3,200.00 F

Expenses:

Packing supplies $ 200.00 U

Oyster Bed Maintenance $ 100.00 F

Wages and Salaries $ 340.00 U

Shipping $ 550.00 U

Utilities $ 20.00 F

Other $ 130.00 U

Total Expenses $ 1,100.00 U

Net Operating Income $ 2,100.00 F

Therefore the company's revenue and spending variances for August will be :$ 2,100.00 F

7 0
3 years ago
Mary O. Andrettey wants to purchase an expensive sports car. She needs to borrow money to purchase the car, and has loan proposa
irina [24]

Answer: Proposal C

Explanation:

The way to solve this is to calculate the Present Values of all these payments. The smallest present value is the best.

Proposal A.

Periodic payment of $2,000 makes this an annuity.

Present value of Annuity = Annuity * ( 1 - ( 1 + r ) ^ -n)/r

= 2,000 * (1 - (1 + 0.5%)⁻⁶⁰) / 0.5%

= $103,451.12

Proposal B

Present value = Down payment + present value of annuity

= 10,000 + [2,200 * ( 1 - ( 1 + 0.5%)⁻⁴⁸) / 0.5%]

= 10,000 + 93,676.70

= $103,676.70

Proposal C

Present value = Present value of annuity + Present value of future payment

= [500 * (1 - (1 + 0.5%)⁻³⁶) / 0.5%] + [116,000 / (1 + 0.5%)⁶⁰]

= 16,435.51 + 85,999.17

= $‭102,434.68‬

<em>Proposal C has the lowest present value and so is best. </em>

6 0
3 years ago
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