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777dan777 [17]
3 years ago
12

Turquoise and Topaz Sisters had retained earnings of $10,000 on the balance sheet but disclosed in the footnotes that $2,000 of

Retained Earnings was restricted for plant expansion and $1,000 was restricted for bond repayments. Cash of $2,000 had been set aside for the plant expansion. How much of retained earnings is available for dividends?
A.$10,800
B.$14,300
C.$12,600
D.$9,100
Business
1 answer:
Over [174]3 years ago
6 0

Answer:

No option is correct, the correct answer is $7,000.

Explanation:

If Turquoise and Topaz Sisters had retained earnings of $10,000, you must subtract the amounts restricted for plant expansions and bond repayments.

$10,000 (retained earnings) - $2,000 (plant expansions) - $1,000 (bond repayments) = $7,000 available for dividends

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2 years ago
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Answer:

Issued a check for $1,010 to pay the monthly rent

Account                         Debit          Credit

Rent Expense               $1,010

Bank                                                  $1,1010

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Account                         Debit          Credit

Creditor                        $1,300

Bank                                                  $1,300

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Account                         Debit          Credit

Equipment                    $390

Bank                                                  $110

Accounts Payable                            $280

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Account                         Debit          Credit

Service Revenue                              $860

Accounts Receivable    $860

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Account                         Debit          Credit

Service Revenue                              $1,320

Cash                              $1,320

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Account                         Debit          Credit

Cash                              $5,600

Equipment                    $1,050

Capital                                              $6,650    

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Account                         Debit          Credit

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Accounts Payable                            $190

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Account                         Debit          Credit

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Bank                                                  $105

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Cash                              $650

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