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3 years ago

The following information is available for Amos Company for the year ended December 31, 2017.

Business

1 answer:

zhannawk [14.2K]3 years ago

5 0

Answer:

A statement of retained earnings shows us movement in the element of earnings due to shareholders from the Business Operations in a financial year.

The Balance position is then added to the Shareholders equity to arrive at total Shareholders Fund in the Balance Sheet.

Explanation:

Amos Company

Retained Earnings statement

For the Year ended December 31 2017

Opening Balance of Retained earning $869,000

Less Cash dividend Paid in 2017 -$16,000

Less depreciation expense omitted in 2015 -$43,600

Add tax benefit in 2015 from omitted depreciation expense $6,000

Add Net income for 2017 $214,000

Closing Retained Earnings = $1,029,400

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Leary Corporation had net credit sales during the year of $1,200,000 and cost of goods sold of $720,000. The balance in accounts

Bumek [7]

Answer:

Accounts Receivable Turnover = 8.0 Times

Explanation:

given data

net credit sales = $1,200,000

cost of goods sold = $720,000

accounts receivable beginning = $120,000

accounts receivable ending = $180,000

to find out

What was the accounts receivable turnover

solution

we get here accounts Receivable Turnover that is express as

Accounts Receivable Turnover = Net Credit Sales ÷ Average Accounts Receivable .................1

here Average Accounts Receivable is = Opening Accounts Receivable + Closing Accounts Receivable .................2

Average Accounts Receivable = $\frac{$1,20,000+$1,80,000}{2}$

Average Accounts Receivable = $1,50,000

so put value in equation 1

Accounts Receivable Turnover = $\frac{12,00,000}{1,50,000}$

Accounts Receivable Turnover = 8.0 Times

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3 years ago

Martinez Co. borrowed $75,600 on March 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day

guajiro [1.7K]

Answer:

Note payable 75,600 debit

Interest expense 1,134 debit

Cash 76,734 credit

Explanation:

NOTE: it semes you paste possible answer for a differnt questions.However it is possible to determiante a correct answer:

interest will be calculate as follows:

principal x rate x time = interest

we should match rate and time in the same metric, in this case portion of a 360 days years:

75,600 x 0.09 x 60/360 = 1.134‬

As we take the debt, this interst are expense.

To record this, we will write-off the note principal, post the interest expense and credit the total amount of cash disbursements to pay up the debt.

Note payable 75,600 debit

Interest expense 1,134 debit

Cash 76,734 credit

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The four traits of constructive criticism are _______.

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Answer:

The answer to this question is given below in the explanation section.

Explanation:

Constructive criticism is the process to offer valid and well-reasoned reponed or opinion about other works, it includes both positive and negative comments in a friendly way rather than an oppositional one.

There are four traits of constructive critisim.

So, the correct answer to this question is given below:

D: Positivity, Solution-Oriented, Specific, and private.

While other options are not correct because the four traits of constructive criticism are starting from positivity, solution-oriented, specific, and private.

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