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ANTONII [103]
3 years ago
13

Sunland Corporation has retained earnings of $708,900 on January 1, 2020. Net income during 2020 was $1,663,000, and cash divide

nds declared and paid during 2020 totaled $77,800. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $89,470 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)
Business
1 answer:
andriy [413]3 years ago
5 0

Answer:

Beginning RE                    708,900

prior period adjustment  <u>    89,470  </u>

adjusted beginning RE     798,370‬

net income                       1,663,000

cash dividends            <u>        (77,800)      </u>

ending RE                         2,383,570‬

Explanation:

The amend of the mistake is done to adjust the beginning retained earnings as it didn't occur in the current accounting cycle.

We have to added as it was posted as an expense something it wasnt Thus, our expense were overstated making a lower net income

then, we proceed normally by adding the net income and decreasing the cash dividends paid to arrive to ending RE

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4 0
3 years ago
Large firms with significant slack resources (i.e., are able to launch a greater number of competitive actions) but that remain
Black_prince [1.1K]

Answer:

True.

Explanation:

It is true that large firms with significant slack resources but who remain flexible and act like small firms will be more successful against rivals.

Larger firm with significant high resources need to manage these resources with additional responsibility and there is a high risk of these resources to be remain unutilized or inappropriatly used, which may affect the company´s growth and does not remain flexible in taking risk, however, they can take greater number of competitive actions.

Small firm with lesser resources and less liability help them to be flexible and can take higher risk to be competitve in the market. They learn to optimum utilize the resources and plan new strategy that help them to be more successful against rivals. They are called "Dark horses" in the market.

7 0
3 years ago
Ownership of a put option entitles the owner to the __________ to ___________ a specific stock, on or before a specific date, at
kipiarov [429]

Answer:

B.right, sell

Explanation:

Put option is a contract giving owner the right not obligation to sell the underlying asset or stocks at predetermined price (strike price) before the specified time. Put option protect the owner from loss if the price of underlying asset goes below the strike price in the specified period of time. It also help the owner to sell the stock obove the market price  as specified earlier to earn some profit for owner. There is another option available in contrast to put option is called Call option, which gives right to buy underlying asset at specified price and time. These option help the owner to avoid loss and earn profit.

4 0
3 years ago
Use the following 10% interest factors. Present Value of Ordinary Annuity Future Value of Ordinary Annuity 7 periods 4.86842 9.4
katen-ka-za [31]

Answer:

The cost of the machine will be $85,358.88‬

Explanation:

To calculate the present value of the machine is given by:

Present value=$16000*Present value of annuity factor(10%,8)

=$16000*5.33493

= $85,358.88‬

5 0
3 years ago
What is the IRR of the following set of cash flows? (Do not round intermediate calculations. Enter your answer as a percent roun
MrRissso [65]

Answer: 14.59%

Explanation:

The Internal Rate of Return(IRR) is the discount rate that brings the Net Present Value to zero. It is used to decide the viability of projects. The project is generally considered viable if the Cost of capital is less than the IRR.

You can use Excel to calculate the IRR;

= IRR(-15,800,6,500,7,800,6,300)

From the picture attached you can see that the IRR is 14.59%

3 0
3 years ago
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