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IRISSAK [1]
3 years ago
5

Based on the following adjusted trial balance: Peak Corporation Adjusted Trial Balance As of December 31, 2018 Debit Credit Cash

$ 800 Accounts Receivable 200 Inventory 2,500 Building 30,000 Accumulated Depreciation $ 3,000 Notes Payable 500 Common Stock 21,000 Retained Earnings 5,000 Dividends 1,000 Revenues 7,000 Selling and Administrative Expense 1,000 Insurance Expense 1,000 $ 36,500 $ 36,500 Determine the amount that will be reported as retained earnings on the post-closing trial balance. Group of answer choices
Business
1 answer:
ivanzaharov [21]3 years ago
8 0

Answer:

Determine the amount that will be reported as retained earnings on the post-closing trial balance.

Retainend earnings final___________30000

Explanation:

Cash__________________800  

Account Receivable______ 200  

Inventory_______________2500  

Building________________30000  

Accunulated depreciation_______________ 3000

Notes payable_________________________ 500

Common stock_________________________21000

Retainend Earnings_____________________ 5000

Dividens________________1000  

Revenue_____________________________ 7000

Selling and administration_ 1000  

Insurance expense_______ 1000  

                                       36500            36500

 

 

Retainend earnings______ 1000 26000

Retainend earnings initial_________ 25000

 

Net income_____________2000____7000

                                                 5000

 

Retainend earnings final___________30000

You might be interested in
Assume MIX Inc. has sales volume of $1,342,000 for two products with May sales and contribution margin ratios as follows:
ololo11 [35]

Answer:

Instructions are below,

Explanation:

Giving the following information:

Product A: Sales $514,000; Contribution Margin Ratio 30%

Product B: Sales $828,000; Contribution Margin Ratio 60%

fixed expenses are $338,000

First, we need to calculate the total contribution margin:

Total CM= CM Product A + CM Product B

Total CM= 514,000*0.3 + 828,000*0.6= $651,000

The operating income is calculated deducting from the total contribution margin the fixed costs:

Operating income= 651,000 - 338,000= 313,000

The average weighted contribution margin is calculated using the contribution margin ratio per product and the sales mix.

Sales mix:

Product A= 514,000/1,342,000= 0.38

Product B= 828,000/1,342,000= 0.62

Weighted average contribution= contribution margin ratio*sales mix

Product A= 0.3*0.38= 0.114

Product B= 0.6*0.62= 0.372

Total= 0.486

Weighted average contribution margin ratio= 0.486= 48.6%

Finally, we can calculate the break-even point in units:

Break-even point (units)= Total fixed costs / Weighted average contribution margin ratio

Break-even point (units)= 338,000/ 0.486= $695,473.25

4 0
3 years ago
Prepare a bank reconciliation for Cole Co. assuming the following as of May 31. Use the worksheet provided in the Ch 7 Module: 1
goblinko [34]

Answer:

Cole Co.

Bank Reconciliation Statement

Balance as per cash account adjusted $112,933

add uncredited deposits                             11,317

less Outstanding checks                         -41,750

Balance as per bank statement            $82,500

Explanation:

a) Data and Calculations:

Cash account debit balance = $95,250

Bank statement balance = $82,500

Outstanding checks = $11,317

Credit memorandum $18,000

Collection fee $45

Check 1115 for Rent Expense of $1,350 transposed as $1,050 = $300 ($1,350 - $1050)

Uncredited deposits = $41,750

Interest earned = $28

Cash Account Adjustment:

Cash account debit balance        $95,250

Debit:

Credit memorandum                      18,000

Interest earned                                      28

Credit:

Collection fee                                       -45

Rent Expense (understated)             -300

Adjusted cash account balance $112,933

b) The bank reconciliation statement above was prepared after adjusting the cash account with items that were recorded by the bank but not recorded by Cole Co. and other misstatements.  With the adjusted cash account balance, the bank reconciliation was then carried out with the items that were not recorded by the bank.  The resulting figure should agree with the bank statement balance.

4 0
3 years ago
А
kotegsom [21]

Answer:

2,000

Explanation:

On average, a person who have a full time job works will work approximately 2,000 hours each year reason been that we have 5 working days in a week and standard working hours in a weeks is 40 hours (5days×8hours daily) which means 8 hours daily , secondly we have 52 weeks in a year, now assuming that person takes 2 weeks off each year for his or her vacation we would have 50 weeks left (52 weeks-2 weeks vacation) which means that the person would be working 50 weeks of the year multiply by 40 hours a week which will give us a total of 2,000 hours each year.

40 work hours weekly× 50 weeks yearly

=2,000 hours of work each year

Therefore on average, a person with a full time job works approximately 2,000 hours each year.

7 0
3 years ago
Outdoor Expo provides guided fishing tours. The company charges $300 per person but offers a 20% discount to parties of four or
Simora [160]

Answer:

May 2  No entry is required as the transaction is yet to happen

May 7  DR Accounts Receivable                                       $1,200

                 CR Tour Revenue                                                           $1,200

May 9  DR No entry required

May 15  DR Sales Allowance (1,200 * 30%)                        $360

                    CR Accounts Receivable                                             $360

May 20  DR Cash                                                             $789.60

              DR Sales Discount                                              $50.40

                    CR Accounts Receivable                                            $840

Working

Accounts Receivable = 1,200 - 360 sales allowance = $840

Sales Discount = 840 * 6% discount = $50.40

Cash = 840 - 50.40 = $789.60

b. Net Revenues

=  Revenue - Sales allowance - Sales discount

= 1,200 - 360 - 50.40

= $789,60

c. Partial Income Statement

Tour Revenues                                                         $1,200

Less:

Sales Allowance                                   $360

Sales Discount                                   <u> $50.60 </u>    

                                                                             <u>  ($410.60)</u>

Net Tour Revenue                                                 $789.40

8 0
3 years ago
Andrew initially worked with a travel website for few months and then became self-employed by starting a martial arts school, wh
Romashka [77]

Answer:

A. Volatility

Explanation:

Volatility refers to high level of fluctuations with little or no consistency. It also refers to the variation in an activity with no constancy.

In the given case, Andrew keeps on swapping jobs within a short duration of time, and in varied fields of little similarity. This conveys a high degree of volatility in Andrew's work habits since he is unable to stick to one job or a field of job.

The changes in his employment structure reveal a pattern of high level of deviations, fluctuations referred to as Volatility.

5 0
3 years ago
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