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
aleksandrvk [35]
3 years ago
11

Superior has provided the following information for its recent year of operation: The common stock account balance at the beginn

ing of the year was $10,000 and the year-end balance was $15,000. The additional paid-in capital account balance increased $2,600 during the year. The retained earnings balance at the beginning of the year was $65,000 and the year-end balance was $80,000. Net income was $27,000. How much were Superior's dividend declarations during its recent year of operation?
Business
1 answer:
MrMuchimi3 years ago
4 0

Answer:

The $12,000 dividend declaration is made during its recent year of operation

Explanation:

In this question, we have to apply the formula which is shown below:

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

$80,000 = $65,000 + $27,000 - dividend paid

$80,000 = $92,000 - dividend paid

So, the dividend paid equals to

= $92,000 - $80,000

= $12,000

These items would be displayed in the retained earnings statement

You might be interested in
Suppose the current market price of corn is $3.75 per bushel. Your firm has a technology that can convert 1 bushel of corn to 3
Aleks04 [339]

Answer:

At 1.783 or more, the conversion yield better gain than sales the corn

Explanation:

The ethanol conversion become attractive if the cost for doing the conversion are lower than the sale revenue for the product.

<u>total cost: raw materials + conversion cost</u>

corn price:           $  3.75

conversion cost:  $  1.60

Total cost:            $  5.35

<u>output: gallon of ethanol per bushel</u>

3 gallons of ethanol per bushel

total cost / output = 5.35/3 = 1.783 cost per gallon

5 0
3 years ago
Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the be
Naddika [18.5K]

Answer:

Event 1:

Debit Warranty expense for $8.416.

Credit Warranty liability $8,416.

Event 2:

Debit Warranty liability for $8,416.

Debit Warranty expenses for $11,484.

Credit Cash for $19,900.

Explanation:

Estimated warranty liability = $4,208,000 * 0.2% = $8,416.

Excess of actual and over extimated warranty liability = $19,900 - $8,416 = $11,484

The journal entries will look as follows:

<u>Details                                         Dr ($)                  Cr ($) </u>

Warranty expense                      8.416

Warranty liability                                                   8,416

<em><u>(To record the estimated warranty liability).                      </u></em>

Warranty liability                         8,416

Warranty expenses                   11,484

Cash                                                                   19,900

<em><u>(To record actual warranty cost).                                        </u></em>

8 0
3 years ago
Custom Cars purchased $39,000 of fixed assets two years ago that are classified as 5-year MACRS property. The MACRS rates are 20
maw [93]

Answer:

The after-tax cash flow (after-tax salvage value) from the sale is $18,941.20

Explanation:

The computation of the after-tax cash flow is shown below:

= Purchase of fixed asset - depreciation charged - sale value of machine + profit on sale - tax rate

= $39,000 - ($39,000 × 20% + 32%) - $19,000 + $280 -  21%

= $39,000 - $20,280 - $19,000 + 280 - $58.80

= $18,720 + $280 - $58.80

= $18,941.20

The $18,720 reflect the Written down value of the fixed asset which come from

= $39,000 - $20,280

3 0
3 years ago
Shawna wins the lottery and her income increases by 60 percent. she used to buy 10 pints of cottage cheese per month and now she
Dmitriy789 [7]

Answer: Her income elasticity of demand for cottage cheese is <em><u>0.3333</u></em> making it a <em><u>normal and necessary</u></em> good.

The income elasticity  of demand is given by :

\mathbf{YED = \frac{percentage change in demand}{percentage change in income}}

The percentage change in income is given as 60%. We calculate the percentage change in quantity demanded as follows:

\mathbf{percentage change in quantity demanded = \frac{Q_{1}-Q_{0}}{Q_{0}}}

\mathbf{percentage change in quantity demanded = \frac{12-10}{10}}

\mathbf{percentage change in quantity demanded = 0.2}\\

Substituting the value above in the income elasticity demand formula we get,

\mathbf{YED = \frac{0.20}{0.60}}

<u>YED = 0.33333</u>

Since the income elasticity is positive, and since Shawna buys more cottage cheese after an increase in income, we can classify this good as a normal good.

Since the income elasticity is between 0 and 1 we can also conclude that cottage cheese is also a essential good or a necessity.

7 0
3 years ago
An entrepreneurial team is a group composed of the entrepreneur plus the firm's banker, cpa, and attorney. the firm's managers.
makvit [3.9K]

Answer:

"An entrepreneurial team is a group composed of the entrepreneur plus the firm's banker, CPA, and attorney."

Explanation:

An entrepreneurial team usually consists of 2 or more people with a great interest in the success and future of a company. The work of this team is interdependent as they pursue common goals for success for the venture. They are usually interested in the financial and other areas of a company and include the entrepreneur, the CPA, attorney, and the organization's banker.

8 0
3 years ago
Other questions:
  • Bristo Corporation has sales of 1,000 units at $60 per unit. Variable expenses are 40% of the selling price. If total fixed expe
    6·1 answer
  • What is the difference between excluded services and services that are not reasonable and necessary?
    14·1 answer
  • A buyer took out a $6,000 loan for 10 years at 10.5% interest. The buyer made principal payments of $75 a month on the loan in a
    13·1 answer
  • Ajay is an Indian who owns a multinational company (MNC) that is headquartered in Bangalore. He ensures that his company consist
    7·1 answer
  • A combination of a sole proprietorship and corporation
    8·1 answer
  • The cost of traveling on a bus,plane,or subway
    15·1 answer
  • Freedom Inc. has 40 employees within Denver City and County. All of the employees worked a predominant number of hours within th
    7·1 answer
  • There are 3 servers in the checkout area. The interarrival time of customers is 2 minutes. The processing time is 5 minutes. The
    15·1 answer
  • If you double the thickness of a wall built from a homogeneous material, the rate of heat loss for a given temperature differenc
    9·1 answer
  • How much do child life specialists make a month :)<br> just asking...<br> for a friend
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!