With regards to economics, what is a trust?

Love Company’s accounting records show an after-closing balance of $42,100 in its Retained Earnings account on December 31, 2018

konstantin123 [22]

Answer and Explanation:

Closing Balance (Retained earning ) of 31 Dec 2018 is called Opening Balance of 1 Jan 2019 , i.e. $42,100

There is no particular information provide for 1 Jan 2018 .So, assume there is Zero balance of retained Earning

Calculation of retained earning of 31 Dec 2017

Retained earning $42,100

Less: revenue during the year $19,400

Add: Expenses During the year $9,800

Add : Dividend $500

Retained earning on 31 Dec 2017 $33,000

Retained earning is a temporary account So, $33,000 is balance of Retained earning At 30 June 2018.

4 0

3 years ago

8. The TS Company has budgeted sales for the year as follows: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Sales in units 10,000 12,0

Finger [1]

Answer:

Results are below.

Explanation:

First, we need to determine the production budget using the following formula:

Production= sales + desired ending inventory - beginning inventory

Quarter 1:

Production= 10,000 + (0.25*12,000) - 2,500

Production= 10,500

Quarter 2:

Production= 12,000 + (0.25*14,000) - 3,000

Production= 12,500

Quarter 3:

Production= 14,000 + (0.25*16,000) - 3,500

Production= 14,500

Quarter 4:

Production= 16,000 - 4,000

Production= 12,000

Now, the direct material purchase budget:

Purchases= production + desired ending inventory - beginning inventory

Quarter 1:

Purchase= 10,500*4 + (12,500*0.1) - 4,200

Purchase= 39,050 pounds

Quarter 2:

Purchase= 12,500*4 + (14,500*0.1) - 1,250

Purchase= 50,200 pounds

Quarter 3:

Purchase= 14,500*4 + (12,000*0.1) - 1,450

Purchase= 57,750 pounds

Quarter 4:

Purchase= 12,000*4 - 1,200

Purchase= 46,800 pounds

3 0

3 years ago

A local regulator has calculated the average cost of production for the public water utility. Theregulator has allowed an adjust

Varvara68 [4.7K]

Answer:

A. cost-plus regulation

Explanation:

When a local regulator calculates the average cost of production for the public water utility or any other service and allow an adjustment for the normal rate of profit the firm should expect to earn, and then set the price that consumers can be charged accordingly, this is known as cost-plus regulation.

It is usually carried out by the government.

8 0

3 years ago

The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands).

creativ13 [48]

Answer:

A. $1,517,648 thousand

Explanation:

The computation of the cost of goods sold using the FIFO method is shown below:

= Cost of goods sold under LIFO - (Ending LIFO reserves - Beginning LIFO reserves)

= $1,517,397 - ($4,345 - $4,094)

= $1,517,648

We simply applied the above formula so that the cost of goods sold using the FIFO method could come

All other information i.e given is not relevant. Hence, ignored it

4 0

3 years ago

Income elasticity measures the:____.

larisa [96]

Answer:

C. Responsiveness of quantity demanded to a percentage change in income.

Explanation:

Income elasticity is defined as the responsiveness of the quantity of a good demanded by an individual as his income changes, all other factors being constant.

Mathematically it is calculated as percentage change in quantity demanded divided by percentage change in income.

Income elasticity is used to find out if a good is a necessity or a luxury good.

The demand for goods that are a necessity does not change with a change in income.

However demand for a luxury good increases as income increases and vice versa

8 0

3 years ago