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Solnce55 [7]
3 years ago
15

Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for

the fiscal year ended December 31, 2016, are as follows:
Bart Nesbit, Capital

Dec. 31 91,200 Jan. 1 (2016) 1,340,000

Dec. 31 356,000

Bart Nesbit, Drawing

Mar. 31 22,800 Dec. 31 91,200

June 30 22,800

Sept. 30 22,800

Dec. 31 22,800

Income Summary

Dec. 31 1,437,000 Dec. 31 1,793,000

Dec. 31 356,000


Prepare a statement of owner’s equity for the year. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owner’s equity, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries.
Business
1 answer:
AfilCa [17]3 years ago
6 0

Answer:

Explanation:

The preparation of the statement of stockholders' equity at the end of the year is presented below:

                                          Apex Systems Co.

                             Statement of stockholders' equity  

                            For the fiscal year ended December 31, 2016

Particulars                  Common Stock          

Beginning

Balance                      $1,340,000

Add: Net income       $356,000    

Less:

Bart Nesbit, Drawing  -$91,200

Ending balance          $1,604,800                

                       

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Based on the amount that she invests monthly, the interest rate, and the targeted retirement amount, the number of payments would be 42 payments.

<h3>How many payments should the young professional make?</h3>

The number of payments will be the same as the number of months/ periods because that is the frequency of payment.

The number of payments can therefore be found by the NPER formula on a Spreadsheet:

Rate = 11.5%

Pmt = -900

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Number of payments is:

= 41.76

= 42 payments.

Find out more on number of periods of payments at brainly.com/question/6819835.

5 0
2 years ago
A manufacturer of a very labor-intensive product wishes to employ the 'experience curve' to predict the AVC associated with vari
Rasek [7]

Answer:

with the third doubling, the AVC = $9.11 per unit

Explanation:

The average variable cost (AVC) decreases by 10% with each doubling of cumulative output:

<u>Production level in units</u>                         <u>AVC per unit</u>

    1,000                                                   $12.50 per unit

    2,000                                                  $11.25 per unit

    3,000                                                  $10.13 per unit

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5 0
3 years ago
When talking about saving money, Anthony ONeal says, "Start paying yourself and
konstantin123 [22]

Answer:

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Explanation:

6 0
2 years ago
Read 2 more answers
Nutritional Foods reports merchandise inventory at the lower of the cost or market. Prior to releasing its financial statements
ELEN [110]

Answer:

1. Debit Cost of goods sold  $5,000

Credit Inventory account   $5,000

Being entries to write down merchandise inventory to its realizable amount.

2. Revised partial Income statement

                                         Amount

Sales revenue                 $121,000

Cost of goods sold        <u> ($54,000 )</u>

Gross Profit                    <u>  $67,000 </u>

Explanation:

According to IAS 2 inventories, Inventory is initially be recognized at the cost of purchase (which includes the cost of the item and other associated cost such as freight)

Subsequently, inventory would be measured at the lower of cost or net realizable value.

As such, whenever the cost is higher than the net realizable value, the cost of the inventory will be written down by

Since the current replacement cost of ending merchandise inventory is $16000 and the Cost is $21000.

Amount to be written down

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To adjust for this,

Debit Cost of goods sold  $5,000

Credit Inventory account   $5,000

Total amount in cost of goods sold = $49,000 + $5,000

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Revised partial Income statement

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Sales revenue                $121,000

Cost of goods sold          $54,000

Gross Profit                      $67,000

4 0
3 years ago
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kumpel [21]

Answer:

interest must be paid on a periodic basis regardless of earnings

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Bonds are debt instruments that are sold to investors to get funds. Interest is also paid to the bond buyer for the tenure of the bond.

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6 0
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