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timurjin [86]
3 years ago
14

Blossom Company began the year with retained earnings of $390000. During the year, the company recorded revenues of $489000, exp

enses of $379000, and paid dividends of $44500. What was Blossom's retained earnings balance at the end of the year
Business
1 answer:
Ronch [10]3 years ago
8 0

Answer:

$455,500

Explanation:

Retained Earnings are profits that have not been distributed as dividends to shareholders.  Dividends shared plus retained earning add up the total earnings by a company.

Retained earnings =  profits - dividends shared

In the year revenues were $489, 000

expenses were $379,000

profits were $489,000 - $379,000 =$110,000

The dividends paid in the year were $44,500. It means the retained earnings in the year are $65,000( $110,000 - $44500)

Retained earning in the year will be beginning retained earning plus year's retained earnings.

=$390,000 + $44,500

=$455,500

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Simon lost $4,300 gambling this year on a trip to Las Vegas. In addition, he paid $2,650 to his broker for managing his $265,000
Ostrovityanka [42]

Answer:

Assuming Simon’s AGI is $40,000.

Gambling losses are only deductible to the extent of gambling winnings. Thus,Simon cannot deduct any of the $4,300 gambling losses. The $3,160 transportation expenses are also nondeductible as they are deemed to be personal expenses. The $2,650 broker management fees are deductible as investment fees (miscellaneous itemized deductions subject to the 2% AGI floor), and the $1,030 tax return fees are also deductible as miscellaneous itemized deductions subject to the 2% AGI floor.

Thus, $2,650 + $1,030 – (2% x $40,000 AGI) = $2,880 deduction

6 0
3 years ago
Read 2 more answers
what is budget head no.of other goods , furnishing goods , repair and maintenance , printing charges , office supplies ?​
siniylev [52]

Answer:

Budget expenditure part

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22311 Office expenses 58,000

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5 0
3 years ago
You invest in a project that has a depreciable asset. The asset is depreciable under the 5year MACRS category. The depreciation
Juli2301 [7.4K]

Answer:

$28,800

Explanation:

Data provided in the question:

The asset is depreciable under the 5 year MACRS category

Depreciation percentages for all six years are:

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Now,

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here, from the given percentages of the depreciation

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Answer:

an unpredictable and long work schedule

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7 0
3 years ago
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