1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
myrzilka [38]
3 years ago
12

Clark had no stock transactions in 2018​, so the change in​ stockholders' equity for 2018 was due to net income and dividends. I

f dividends were $ 55 comma 000​, how much was Clark​'s net income for 2018​? Use the accounting equation and the statement of retained earnings.
Business
1 answer:
liraira [26]3 years ago
6 0

Answer:

The question is not complete.

Here is the complete question:

Stockman Company had the following on the dates​ indicated:

                            12/31/18                   12/31/17

total assets         $540,000              $320,000

total liabilities          33,000             29,000

Stockman had no stock transactions in 2018​, so the change in​ stockholders' equity for 2018 was due to net income and dividends. If dividends were $65,000​, how much was Stockman​'s net income for 2018​? Use the accounting equation and the statement of retained earnings.

Here is the answer:

Explanation:

Accounting equation is given by :

Total Assets   = Total Liabilities  + Equity.

The first step is to determine the retained earnings at the beginning of the year:

                            As at 12/31/2017

Total Assets($)                                 =      Total Liabilities($)       Equity ($)

320,000                                                    29,000                    +   291,000(i)

i. The balancing figure amounts to retained earnings at the beginning of the year: $291,000.

To determine the net income for the current year, find the closing balance value for one complete side of the accounting equation (asset)

Total Assets($)                                 =      Total Liabilities($)       Equity ($)

540,000                                                      33,000                +                         x

The missing figure x is made up of closing retained earnings for the period which consist of opening retained earnings plus net income minus dividend. And the value of closing retained earnings suppose to balance  off the other side of the equation = $540,000 - $33,000

                                                       = $507,000.

The balance of the closing retained earnings suppose to $507,000 in order to balance the other side.

It can be represented as follow:

= Opening retained earnings   + Net income   -  Dividend

$507,000 =  $291,000                               +   x                      -  $65,000

$507,000 = $291,000 -$65,000 + x

$507,000 = $226,000 + x

= $281,000

You might be interested in
Stephanie bought a package of pencils for $1.75 and some erasers that cost $0.25 each. She paid a total of $4.25 for these items
Sonbull [250]

Answer:

the dogs

Explanation:

8 0
3 years ago
Marshmellow Corporation sells a product for $140 per unit. The product's current sales are 12,500 units and its break-even sales
xeze [42]

Answer:

c. 10%

Explanation:

Margin of safety is the sales value at which the business is safe from making loss. It measures the profit after the break-even point. The sales over the break-even point is considered as the margin of safety.

Margin of safety = Actual Sales - Break-even point = 12,500 units - 11,250 units = 1250 units

Percentage of margin of safety to sales = Margin of safety / Actual sales

Percentage of margin of safety to sales = 1,250 / 12,500

Percentage of margin of safety to sales = 0.10

Percentage of margin of safety to sales = 10%

3 0
3 years ago
Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margin are as follows. Sal
Korvikt [17]

Answer:

Results are below.

Explanation:

<u>To calculate the break-even point in units, we need to use the following formula:</u>

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

Weighted average contribution margin= 0.2*33 + 0.5*22 + 0.3*41

Weighted average contribution margin= $29.9

Break-even point (units)= 4,544,800 / 29.9

Break-even point (units)= 152,000 units

<u>Now, for each product:</u>

<u></u>

Lawnmowers= 0.2*152,000=30,400

Weed-trimmers= 0.5*152,000= 76,000

Chainsaws= 0.3*152,000= 45,600

8 0
3 years ago
Can somebody please give me 10 examples of jobs that have to do with finance?HELP ASAP
tamaranim1 [39]

Finance Jobs:

Financial planner, Financial Analyst, Investor Relations Associate, Budget Analyst, Actuary, Accountant, Credit Analyst, Attorney, Commercial Real Estate Agent, Business Teacher.


Marketing Jobs:

Marketing Specialist, Social Media Manager, Email Marketing Manager, Product Manager, Brand Manager, Media Buyer, eCommerce Manager, Web Producer, Public Relations Managers

3 0
3 years ago
In the various fights between management and union members what did each side believe
stepan [7]
<span>The workers had believed that they deserved shorter work days and better pay. The management had believed that the workers did not have a right to strike. Cheap labor was available.

Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.
</span>
5 0
3 years ago
Other questions:
  • A firm has a debt-to-equity ratio of 1.0. If it had no debt, its cost of equity would be 12 percent. Its cost of debt is 9 perce
    11·1 answer
  • Caitlin Grasso is a salesperson in the kitchen and bath department at Morris Supplies, Inc. She is guaranteed a minimum salary o
    8·1 answer
  • Assume that kubin company produced 20,000 units and expects to sell 19,800 of them. if a new customer unexpectedly emerges and e
    8·1 answer
  • Why are differentiation and low cost leadership strategies referred to as generic business strategies? they can be simultaneousl
    14·1 answer
  • Suppose consumption demand of GDP decreases during a recession while the other demands are unaffected. What happens to the equil
    12·1 answer
  • Interest on an investment is considered___.
    15·2 answers
  • Jack earns $90,000 while Priscilla earns $130,000. A regressive social security tax of 5%, paid only up to $90,000, would mean t
    13·1 answer
  • Both Nadia and Samantha are applying to insure their car against theft. Nadia lives in a secure neighborhood, where the probabil
    7·1 answer
  • Consider the P/E ratios of the following companies: Company A: 7.4 Company B: 11.3 Company C: 14.8 Company D: 9.1 Among these fo
    14·1 answer
  • Samsung innovations have proven to be successful supported by statistical data.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!