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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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because conumers today are presented with so many choices it is generally best if your advertising is
Elanso [62]

Answer:

Explanation:

Serving them with a unique (service/product usage) experience they will not receive form the competition. Create and make a difference for them and tell them about that.

E.g. - the idea of exclusivity air a personalized approach.

4 0
3 years ago
DW has an ending Retained Earnings balance of $51,600. If during the year DW paid dividends of $4,100 and had net income of $21,
VikaD [51]

Answer:

$34,600

Explanation:

The computation of beginning retained earnings balance is seen below:

But we know that;

Ending balance of retained earnings = Beginning balance of retained earnings + Net income - Dividend paid

$51,600 = Beginning retained earnings + $21,100 - $4,100

Beginning retained earnings = $51,600 - $21,100 + $4,100

Beginning retained earnings = $34,600

4 0
3 years ago
Capital structures vary among firms in the United States and around the world. Relationships, attitudes, tax codes, and accounti
Rufina [12.5K]

Answer:

a. True

b. False

c. True

d. True

Explanation:

a. True, The least-leveraged industries have the highest TIE ratios.

b. False, U.S. firms have more debt and less equity than Germany or Japan.

c. True, Italy and Japan use more debt than the United States and Canada.

d. True, Management attitude influences the amount of debt that a firm takes on.

7 0
3 years ago
Suppose a piece of equipment cost $35,000 and has accumulated depreciation of $10,000. It is sold for $15,000 cash. What is the
Elodia [21]

The amount of the journal entry are as follows:-

Cash                                           $15000

Accumulated Depreciation         $10000

Equipment cost                         $35000

Loss on sale                               $10000

<h3>What is Depreciation?</h3>

An asset loses value over time as a result of use, damage, or obsolescence. Depreciation is the measurement for this decline.

The complete solution is attached below.

Depreciation, or a decline in asset value, can be brought on by a variety of other variables, such as bad market conditions, etc.

Thus the journal entry credit amount is Equipment cost $35000 and Debit amount of the journal entry are Cash $15000 Accumulated Depreciation $10000 and Loss on sale $10000.

Learn more about Depreciation here:

brainly.com/question/15085933

#SPJ1

3 0
1 year ago
Harry and Wei are married and file a joint income tax return. On their tax return, they report $44,000 of adjusted gross income
sergeinik [125]

Answer:

$1,200

Explanation:

Based on the U.S. Internal Revenue Service, Harry and Wei can claim a maximum credit of 20% of the $6000 which is a limit of dependent care expenses for 2 or more dependents as imposed by the U.S IRS.

Throughout the year, they pay $3,200 for ABC Day Care Center, $2,000 for Blue Ridge Housekeeping Services, and $1,000 to Mrs. Mason (Harry's mother). Which has a total of $6,200.

Because they cannot claim 20 percent of all child care amount which is $6,200, they can only claim 20 percent of $6,000.

Hence, Harry and Wei can claim:

$6,000 × 20% = $1,200

Therefore Harry and Wei may claim a credit for child and dependent care expenses of $1,200.

6 0
3 years ago
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