All categories

3 years ago

Kolander Company has the following accounts and balances at the end of the year:

Business

1 answer:

Arte-miy333 [17]3 years ago

4 0

Answer:

$149,000

Explanation:

The basic accounting equation is; ASSETS = LIABILITIES + CAPITAL

Retained earnings is the missing figure in order to balance the equation. Salaries Expense will not be considered as it is an Income Statement item and not enough Data is provided to prepare an Income Statement.

ASSETS

Building $57,000

Land $41,000

Equipment $61,500

Accounts Receivable $31,000

Short-term investments $7,000

Cash and Cash Equivalents $82,000

Total Assets $279,500

LIABILITIES

Accounts Payable $38,000

Interest Payable $1,500

Income Taxes Payable $10,000

Long Term Notes Payable $56,000

Total Liabilities $105,500

EQUITY

Common Stock $25,000

Retained Earnings $149,000

Total Equity $279,500

You might be interested in

Someone taking a course in Web design is affecting what factor of production?

Solnce55 [7]

Answer:

Someone taking a course in Web design is affecting human capital.

7 0

2 years ago

Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at

babunello [35]

Answer:

$9,379

Explanation:

using the 2020 tax brackets:

the Comer's gross income = $68,000 + $33,000 + $1,500 = $102,500

taxable income = $102,500 - $24,800 (standard deduction for married couples) = $77,700

taxes owed = $1,975 + [12% x ($77,700 - $19,750)] = $8,929

capital gains = $13,000 - $10,000 = $3,000 x 15% capital gains tax rate = $450

total tax liability = $8,929 + $450 = $9,379

8 0

2 years ago

In 2016, Joshua gave $12,500 worth of XYZ stock to his son. In 2017, the XYZ shares are worth $25,000. What is the total amount

Elina [12.6K]

Answer:

$12,500

Explanation:

Calculation for the total amount removed from Joshua’s estate in 2017

Since we were told that In 2016, Joshua gave the amount of $12,500 to his son in which in the same year which was 2017, the XYZ shares are worth the amount of $25,000 which means that the total amount removed from Joshua’s estate in 2017 will be $12,500 ($25,000-$12,500).

8 0

3 years ago

Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30, 2013. On that date t

OLga [1]

Answer:

Retained Earnings = 109,909

Explanation:

$\left[\begin{array}{cccc}cash&25,135&AP&67,855\\AR&43,758&NP&36,454\\inventory&172,500&Long-term&222,300\\fixed \:assets&332,300&Common\: Stock&150,000\\other \: assets&13,125&RE&110,209\\Total Assets&586,818&Total L+E&586,818\\\end{array}\right]$

First

We add all the assets together. 586,818

Then

we add the lliabilities and common stock. 476,909

Finally

We use the accounting equation to solve for RE

Assets = Liab + Equity

586,818 = sum of liab and equity accounts

we know that all the accounts, except RE add to 476,909

586,818 = 476,909 + RE

586,818 - 476,909 = RE

RE = 109,909

5 0

2 years ago

Grossnickle Corporation issued 20-year, noncallable, 7.5% annual coupon bonds at their par value of $1,000 one year ago. Today,

Aleks04 [339]

Answer:

correct option is e. $1,232.15

Explanation:

given data

Future value = $1,000

Rate of interest = 5.5%

NPER = 19 years

annual coupon bonds = 7.5%

solution

We will use here Present value formula for get current price of the bonds.

so here PMT is

PMT = Future value × annual coupon bonds ................1

put here value

PMT = $1,000 × 7.5%

PMT = $75

The formula we use in excel = -PV(Rate,NPER,PMT,FV,type)

so we will get here

after solving we get current price of the bond is $1,232.15

correct option is e. $1,232.15

6 0

3 years ago

Kolander Company has the following accounts and balances at the end of the​ year:

Kolander Company has the following accounts and balances at the end of the year: