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Evgen [1.6K]
2 years ago
13

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal y

ear: cash, $35,000; accounts receivable, $30,000; inventory, $44,000; equipment (net), $99,000; accounts payable, $33,000; salaries payable, $14,500; interest payable, $10,500; notes payable (due in 18 months), $49,000; common stock, $88,000. Determine the year-end balance in retained earnings for K and J Nursery, Inc.
Business
1 answer:
ruslelena [56]2 years ago
8 0

Answer:

$13,000 is the year-end balance in retained earnings for K and J Nursery, Inc.

Explanation:

Total Assets = Cash + Account Receivable + Inventory + Equipment

Total Assets = 35,000 + 30,000 + 44,000 + 99,000

Total Assets = 208,000

Total Liabilities = Account Payable + Salaries Payable + Interest Payable + Note Payable

Total Liabilities = 33,000 + 14,500 + 10,500 + 49,000

Total Liabilities = 107,000

Total Assets = Total Equity + Total Liabilities

Total Equity = Total Assets - Total Liabilities

Total Equity = 208,000 - 107,000

Total Equity = 101,000

Retained Earning = Total Equity - Common Stock

Retained Earning = 101,000 - 88,000

Retained Earning = 13,000

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Stitch Fix is an online personal styling service that was founded in 2011. This company combines computer algorithms with human
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A

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3 years ago
The ease with which the customer can place and receive their order as well as other aspects of value that the sales staff provid
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Answer:

customer experience.

Explanation:

The ease with which the customer can place and receive their order as well as other aspects of value that the sales staff provides is customer experience.

Customer experience is the total of all experiences a customer has with the business, based on all interactions and thoughts about the business.

Customer experience can also be said to be the result of every interaction a customer has with an organization's business, from navigating the website to talking to customer service and receiving the product/service they bought from the organization.

8 0
3 years ago
Presented below are selected account balances for Homer Winslow Co as of December 31, 2014.
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Answer:

Sales Revenue 410,000 debit

        Income Summary    410,000 credit

--to close revenues accounts--

Income Summary               95,000 debit

      Administrative Expenses          38,000  credit

      Income Tax Expense                30,000  credit

      Sales Returns and Allowances 12,000  credit

      Sales Discounts                         15,000 credit

--to close expenses and other--

Income Summary     18,000 debit

Dividends                                   18,000 credit

--to close dividends--

Income summary    297,000 debit

   Retained Earnings      297,000 credit

--to close the income summary against RE--

Explanation:

We have to close against income summary he temporary accounts:

To close this accounts we need to post them in their opposite side of the normal balance. Revenues will be debited while expenses credited.

At last, we solve for the income summary balance and close it against retained earnings

410,000 - 95,000 - 18,000 = 297,000

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3 years ago
Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be
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Answer:

S1

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Law of Supply, is the law which states or claims that all else being constant or equal, then the quantity supplied of the good increases when the price of the goods also increases.

Ans this states the positive relationship among the price and the quantity, thus an upward sloping curve. Therefore, it is the curve (supply curve), which is more likely for the CDs.

This curve shows the relationship among the amount that the sellers willing to and able to supply and the price of the CDs, which is called as the quantity of CDs supplied.

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