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denpristay [2]
3 years ago
11

Timothy McGreggor, Attorney, P.C., began the year with total assets of $129,000, liabilities of $77,000, and stockholders’ equit

y of $52,000. During the year, the business earned revenue of $113,000 and paid expenses of $34,000. The business also paid cash dividends of $63,000. How much is the business’s equity at year-end?
Business
1 answer:
Ahat [919]3 years ago
7 0

Answer:

Ending stockholders' equity $ 68.000

Explanation:

The net income for the year is Revenue - Expenses

so $ 113,000 - $34,000     =   Net Income $ 79,000

Stockholders Equity at end of year

Opening stockholders' equity                 $  52,000

Add: Net income for the year                  $  79,000

Less: Dividends Paid                                <u>$ (63,000)</u>

Ending stockholders' equity                    $  68,000

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Answer: B

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Emily wants to open a chain of hair styling salons and hopes to attract investors to help finance growth. She considered forming
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3 years ago
Imagine yourself as a business owner just before an economic event such as a recession or depression. What impact would a sudden
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Read 2 more answers
A company had a standard sales price of $1.79 per unit and expected to sell 10,000 units. Due to a downturn in the economy, the
Sloan [31]

Answer:

Sales price variance = $1,900.

Explanation:

We know,

Sales price variance = (Standard sales price - Actual sales price) × Actual sales quantity

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Standard sales price = $1.79 per unit.

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Actual sales quantity = 9,500 units.

Putting the values into the formula, we can get

Sales price variance = (Standard sales price - Actual sales price) × Actual sales quantity

or, Sales price variance = ($1.79 -  $1.59) × 9,500

or, Sales price variance = $0.2 × 9,500

or, Sales price variance = $1,900.

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A___ warranty promises replacement or refund for defective products.
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Answer:

A written warranty promises replacement or refund for defective products.

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