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Anni [7]
3 years ago
6

At the beginning of Year 1, a company reported a balance in common stock of $169,000 and a balance in retained earnings of $69,0

00. During the year, the company issued additional shares of stock for $59,000, earned net income of $49,000, and paid dividends of $11,900. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $ 54,500 Accounts payable $ 16,100 Supplies 12,800 Utilities payable 6,200 Prepaid rent 33,500 Salaries payable 5,400 Land 295,000 Notes payable 34,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.

Business
1 answer:
elixir [45]3 years ago
7 0

Answer:

Explanation:

The statement of stockholder's equity comprises common stock and retained earnings. The ending balance after adjustment shown in the attached spreadsheet.  

And, the balance sheet comprises of the assets and liabilities. With the help of the accounting equation, the total assets are equal to the total liabilities including stockholder's equity.

The preparation of the statement of stockholders’ equity and the balance sheet is presented in the spreadsheet. Kindly find the attachment below:

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The CPI for this year is calculated by dividing thevalue of all goods and services produced in the economy this year using this
mars1129 [50]

Answer:

False

Explanation:

The consumer price index (CPI) is calculated by using a basket of goods, not all the goods and services produced in the year.

The CPI formula = (current price of CPI basket / base period's price of CPI basket) × 100

When we compare current CPI with last year's CPI we can calculate the inflation rate for the year.

The GDP deflator is also used to calculate the inflation rate. The main difference with the CPI is that the CPI might include foreign goods while the GDP deflator doesn't include foreign goods. Usually the deflator and the CPI are the same, but theoretically they could be different, but in general practice they are not.

6 0
3 years ago
When a good is nonexcludable: a. a free-rider problem will exist. b. consumers will pay the producers the market price for the g
Rashid [163]

Answer:

a free-rider problem will exist.

Explanation:

Non-Excluded goods are public goods that cannot exclude the use of a particular individual or group of persons. As a result, it is almost impossible to limit the consumption these types of goods. The Non-excludable goods contains:  

1)Common pool resources: fish stocks, timber, coal

2)Public Goods: air, national defense, television

The free rider problem is an economic phenomenon that manifests itself in the fact that the consumer of the public good tries to avoid paying it.The free rider problem arises when an individual is consciously unwilling to pay for the public good, expecting to receive benefits without any payment. One of the striking examples of the manifestation of the free rider problem that is connected to the provision of public goods is the phenomenon of evading of the citizens from paying taxes.

7 0
3 years ago
The balance column in a ledger account is:
mart [117]

Explanation:

Balance Column Ledger Account. An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry is posted. the data from the balance sheet is used to set up the accounts.

7 0
3 years ago
Product costs are always expensed in the period when they are incurred. (2pts) true false
grigory [225]
This is going to be false
6 0
3 years ago
Mary Stahley invested $1500 in a 48-month certificate of deposit (CD) that earned 6.5% annual simple interest. When the CD matur
ASHA 777 [7]

Answer:

$12714.98

Explanation:

Data provided in the question:

Initial amount invested = $1,500

Simple interest rate = 6.5%

Duration for simple interest = 48 months = 4 years

Now,

Simple interest = Amount × Interest rate × Time

= $1,500 × 0.065 × 4

= $390

Therefore,

Total amount = $1500 + $390

= $1890

Now

The amount = $1890 is invested in mutual fund which is compounded annually at 21% for 10 years

thus,

Final amount = Principle × (1 + r)ⁿ

here, r = 21% = 0.21

n = 10 years

Therefore,

Final amount = $1890 × (1 + 0.21)¹⁰

= $12714.98

5 0
3 years ago
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