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vazorg [7]
3 years ago
8

Exercise 14-08 On January 1, 2020, Sandhill Corporation had retained earnings of $539,000. During the year, Sandhill had the fol

lowing selected transactions. 1. Declared cash dividends $119,000. 2. Corrected overstatement of 2019 net income because of inventory error $39,500. 3. Earned net income $344,500. 4. Declared stock dividends $59,500. Determine the retained earnings balance at the end of the year.
Business
1 answer:
Lina20 [59]3 years ago
6 0

Answer:

$665,500

Explanation:

The computation of ending retained earning balance is shown below:

The ending retained earnings balance = Opening retained earning balance - cash dividend declared - overstatement of inventory error + net income - stock dividend declared

= $539,000 - $119,000 - $39,500 + $344,500 - $59,500

= $665,500

We simply added the net income and the rest of the items are deducted to find out the ending retained earning balance

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<span>increase the prime lending rate and decrease government spending</span>
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3 years ago
Opera Corp uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost
Kryger [21]

Answer:

$159,057

Explanation:

The computation of cost of goods sold is shown below:-

Total cost of goods available for sale = (7,200 × $10) + (4,000 × $13) + (12,000 × $13.50)

= $72,000 + $52,000 + $162,000

= $286,000

Total units = 7,200 + 4,000 + 12,000

= 23,200

Average cost per unit = Total cost of goods available for sale ÷ Total units

= $286,000 ÷ 23,200

= $12.33

So,

Cost of Goods sold = Sold units during the month × Average cost per unit

= 12,900 × $12.33

= $159,057

Therefore for computing the cost of goods sold for the month we simply applied the above formula.

3 0
3 years ago
Which of the statements below is​ FALSE?
Alecsey [184]

Answer:

C. The standard of one vote for each share cannot be altered.

Explanation:

Shares are sold to individuals that now obtain ownership rights of a company.

Common share holders are entitled to voting in of new board members and also have the ability to vote for changes in bylaws of the company.

Also common shareholders are shares have different classes with different voting rights.

However it is not true that the standard of one vote for each share cannot be altered.

When more shares are issued by a company it can result in dilution of shares. That means for example if a person has 10,000 shares in a company with 1 million shares, and the company now issues an extra 1 million shares making 2 million in total now.

The shareholder's standard of vote for each share is now halved

5 0
2 years ago
The international agency that administers trade agreements, facilitates trade negotiations, and helps to resolve trade disputes,
Zepler [3.9K]
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3 0
3 years ago
A fully discrete whole life insurance policy paying $50,000 at the end of the year of death is issued to an individual age 36. T
DerKrebs [107]

Answer:

Our P = 17540 $

Explanation:

Amount of Insurance Policy = 50000$

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Net Premium for the policy = 900$

Annual Interest Rate = 6%

Net Premium at the age of 46 = ????

900 * 10 years = 9000$

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Net Premium + Premium reserve of 10 Years = 9540 +8000 = 17540$

P = 17540 $

Note: As similar policy have interest rate @ 6%,which is paid every year,

At the age of 46, Net premium reserved amount also will be recovered.

6 0
3 years ago
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