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Luda [366]
3 years ago
9

The changes in account balances of the Vel Corporation during Year 6 are presented below: Increase Assets $356,000 Liabilities 1

08,000 Capital stock 240,000 Additional paid-in capital 24,000 Vel has no items of other comprehensive income (OCI), and the only charge to retained earnings was for a dividend payment of $52,000. Thus, the net income for Year 6 is
a. $16,000
b. $36,000
c. $52,000
d. $68,000
Business
1 answer:
zzz [600]3 years ago
6 0

Answer:

b. $ 36,000

Explanation:

The fundamental accounting equation is

Assets = Liabilities + Stockholders Equity

Per the data provided in the question regarding changes in account balances

$ 356,000 = $108,000 + (240,000+24,000)

$ 356,000 = $ 372,000

= - ($ 14,000)

Since the data provides that a dividend payment of $ 52,000 has been made, we have to add it to our differential balance to get the income for the year.

$ - 14,000 + $ 52,000  = $ 36,000

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earned net sales revenue of $62,000,000 in 2016. Cost of goods sold was $41,540,000​, and net income reached $9,000,000​, the​ c
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Answer:

33%

Explanation:

The gross profit percentage is also known as the gross margin which is the ratio of the gross profit to sales. it shows the amount of gross profit earned per $1 of revenue made.

The gross profit is the difference between the sales and the cost of goods sold.

Gross profit for 2016

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Gross profit percentage

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3 years ago
Restaurant A uses 60 bags of tomatoes each month. The tomatoes are purchased from a supplier for a price of $80 per bag and an o
ch4aika [34]

Answer:

Explanation:

D = 60 bags

cost = 80 / bag

s = 20 / order

h = 40% of cost

     0.4 * 80 / 100

h= 32 unit/year

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D = 60 * 12

D = 720 bags / year

EOQ = \sqrt{2DS/H}

EOQ = \sqrt{2 *720*20/32}

EOQ = 30 bags

Total cost =  Total holding cost + total ordering cost

Total holding cost  = (Q/2 * H) = (30/2 * 32) = 480

Total ordering cost =  (D/Q * 20) = (720/30 *20) = 480

Total cost = 480 + 480 = 960

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960 / 57.600 * 100

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a matrix or grid of information with columns and rows. a table including a number of mathematical calculations.

After the title page, begin a new page.

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What are the three primary sources of assets?The three primary sources of assets are(1) investments by owners (issue of stock),(
ANEK [815]

Answer:

True

Explanation:

The three main sources of assets for a business are:

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