1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Monica [59]
3 years ago
5

The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entri

es are posted, what will be the balance in the Retained earnings account? Total revenues $ 145,000 Total expenses 69,600 Retained earnings 92,800 Dividends 17,400
Business
1 answer:
Ilia_Sergeevich [38]3 years ago
6 0

$150,800  will be the balance in the Retained earnings account.

Solution:

All the provisional accounts will be closed throughout the closing process at the conclusion of the accounting cycle. A trial balance is available after completion to test that the final debits are the same as total credits.

Formula to calculate retained earnings:

Beginning balance retained earnings + Revenues - Expenses - Dividends

$92,800 + $145,000 - $69,600 - $17,400 = $150,800

Revenue is the sum obtained from the sale to buyers of goods and services. During the operation, expenses are costs associated. Dividends shall be paid to their owners out of a corporate profit. The deferred benefit is the income earned throughout the company's lifespan.

You might be interested in
Due TODAY!
liberstina [14]
True I hope it’s right :)
8 0
3 years ago
Read 2 more answers
Katie, a single taxpayer, is a shareholder in Engineers One, a civil engineering company. This year, Katie’s share of net busine
scoray [572]

Answer:

A) Katie's maximum deduction is $200,000 x 20% = $40,000

But we must check that her deduction meets 3 requirements:

  1. cannot exceed 50% of her earned wages = $300,000 x 50% = $150,000 ✓ requirement met
  2. cannot exceed 25% of her earned wages + 2.5% of qualified property = ($300,000 x 25%) + ($150,000 x 2.5%) = $78,750 ✓ requirement met
  3. cannot exceed 20% of taxable income = $400,000 x 20% = $80,000 ✓ requirement met

B) Katie's maximum deduction is $400,000 x 20% = $80,000, but since her net business income is higher than her taxable income, she must calculate 20% x $350,000 (taxable income) = $70,000 (same as requirement 3 in previous answer)

3 0
3 years ago
Read the BELOW attached opinion by a federal district court judge in Pennsylvania relating to a destination contract under the U
frutty [35]

Answer:

Yes, I agree. Under UCC rules, the risk of loss is assigned to a party depending on the type of transaction. If a transaction is FOB shipping point, the title passes to the buyer at the moment that the merchandise exits the seller's shipping dock. If the sale is made FOB destination, the title passes only after the merchandise is delivered.

If the title had already passed from the seller to the buyer, the risk of loss is allocated to the buyer.

5 0
3 years ago
A no-frills account often has no fees.<br> A. True<br> B. False
Veseljchak [2.6K]

False.

Explanation:

in addition to the service charges applicable to the no frills account was substantially lower than that of the regular savings accounts as a result the zero balance requirement that most banks offered,the account became commonly known as ZERO BALANCE ACCOUNT.

3 0
3 years ago
For years, it has been Sarah's dream to start a charitable organization called Every Kid Eats in her hometown of Golden Valley.
Blababa [14]

Answer:

The answer is Nutrition is important to everyone, especially when they are learning, Every Kid Eats is an organization that helps elementary school age children in our town of Golden Valley eat better throughout the day.

Explanation:

Because the other statements talked about feeding all the childen in town. Her organization wants to feed the elementary school's childreN. Even though she wants to feed undernourished kids, the only statement that expressed better was the first one.

4 0
3 years ago
Other questions:
  • The total factory overhead for Big Light Company is budgeted for the year at $807,500. Big Light manufactures two different prod
    15·1 answer
  • Lillian Fok is president of Lakefront​ Manufacturing, a producer of bicycle tires. Fok makes 1 comma 000 tires per day with the
    14·1 answer
  • Measuring the price of gasoline in dollars, an economist calculates the price elasticity of demand to be -.5. What would the pri
    14·1 answer
  • Suppose a study finds that college students who received financial aid have a greater tendency to graduate than do college stude
    14·1 answer
  • Jon consulted with an accountant to prepare his tax return. He recommended the accountant to his friend saying that this year, t
    7·1 answer
  • Most stock exchanges today use electronic trading
    12·1 answer
  • Problem 10-3A The following section is taken from Hardesty's balance sheet at December 31, 2016. Current liabilities Interest pa
    14·1 answer
  • Another bank is also offering favorable terms, so Rahul decides to take a loan of $18,000 from this bank. He signs the loan cont
    12·1 answer
  • Marc is 32 and married to Estella, who is 30. Estella is a stay-at-home mom to their two children, ages 1 and 4. They currently
    5·1 answer
  • If the U.S. nominal exchange rate declines and prices rise faster abroad than in the United States, the real exchange rate: a. d
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!