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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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Sadie and Sam share income equally. For the current year, the partnership net income is $40,000. Sadie made withdrawals of $14,0
4vir4ik [10]

Answer:

Explanation:

Beginning capital balance(Sam)  $58000

+ Currnt year income ( $40000 / 2 = $20000) $20000

[Devide by 2 because they share income]

- Sam's withdrawal  ($15000)

Sam's capital balance = 58000+20000-15000 = $63000

8 0
3 years ago
The key decisions and plans in corporate strategy address: What business are we in and how will we allocate resources among thes
serious [3.7K]
This is A. true i think
4 0
2 years ago
Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken. Also assume that in 1984 each buck
goldenfox [79]

Answer:

A= 62.5; B=60%; C = $160,000 and $352,000

Explanation:

A.

in 1984 each bucket of chicken was priced at $10 (nominal GDP)

in 2005 the price per bucket of chicken was $16 (real GDP)

GDP price index = nominal GDP divided by the real GDP × 100

=($10/$16)× 100

= 62.5

B.

In 1984, Price of each bucket = $10

In 2005, Price of each bucket = $16

Percentage difference = price In 2005 - price in 1984/price in 1984 × 100

= (16 - 10)/10 × 100

=6/10×100

=60%

The price level rise by 60% from 1984 to 2005

C.

In 1984, total buckets of chicken produced= 10,000

In 2005, total buckets of chicken produced = 22000

real GDP in 1984 = total buckets of chicken produced × current price per bucket in 2005

= 10,000 × $16

= $160,000

real GDP in 2005 = total buckets of chicken produced in 2005 × current price per bucket in 2005

  = 22000 × $16

= $352,000

7 0
3 years ago
Crossroad chooses to report a financial asset at its fair value. The asset trades in two different markets; however, neither mar
Alex

Answer:$81

Explanation:

The options given are:

a. $76

b. $80

c. $81

d. $82

If the principal market that is, the market that the greatest volume of activity can't be identified, then the most advantageous market would be used to determine the fair value of a financial asset.

The most advantageous market is the market that has the highest net price, after transaction cost has been considered even though the transaction costs is not included into the fair value. Therefore, the second market gives the highest net price of $80 after the consideration of the transaction costs, hence, it should be utilized for fair value purposes.

The fair value amount include the transaction costs, which give $80 + $1 = $81

The fair value amount is $81.

5 0
2 years ago
PA15.
ser-zykov [4K]

Answer:

                                         Happy Trails

                        Income statement using variable costing

                                                                $                      $  

Sales                                                                         1,900,500                                                                                

Less: Variable costs:

Direct material (27,000 units x $15)        405,000  

Direct labour (27,000 units x $15)           405,000

Variable overhead (27,000 units x $3)   <u>81,000 </u>

                                                                  891,000

Less: Closing stock (8,000 units x $33)  <u>264,000</u>  

                                                                  627,000

Add: Variable selling and administrative <u>133,000</u>       <u>760,000 </u>

Contribution                                                                    1,140,500

Less: Fixed cost:

Fixed production cost (27,000 x $25)         675,000

Fixed selling and administrative expenses 300,000    <u>975,000 </u>

Net profit                                                                           <u>165,500</u>

                           Profit reconciliation statement

                                  Closing stock         Net profit

                                             $                         $

Absorption costing         464,000                365,500

Less: Marginal costing    <u>264,000</u>                <u>165,500 </u>

Difference                        <u>200,000</u>               <u> 200,000</u>

The difference of $200,000 in net profit is as a result of $200,000 difference in closing inventory.

Explanation:

In variable costing, variable costs are deducted from sales so as to obtain contribution margin. Net profit is the difference between contribution and fixed costs. Closing stock is the difference between production units and sales units. Closing stock is valued at marginal cost per unit in variable costing. Marginal cost per unit is the aggregate of all variable cost per unit.

3 0
3 years ago
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