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
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

You might be interested in
Consider the impact of the following two events in the television market.First, people are using more tablets and fewer televisi
babunello [35]

Answer:

The correct answer is option B.

Explanation:

As people are using more tablets and fewer television sets, the demand for television sets will decline. This will cause the demand curve to shift to the left. As a result, the price level will decline.  

Now, with new production technique the cost of production declines. As a result, there will be an increase in the supply as the firm will be able to produce more at the same cost. This will cause the supply curve to shift to the right. This rightward shift in the supply curve may lead to an increase or decrease in the quantity of output. It depends on the extent of change in supply.

7 0
3 years ago
Why is knowledge of the key success factors in an industry important?
AURORKA [14]
<span>Distinguish how companies whose profits reflect growth in your industry are able to structure their business to cope with changes in customer needs. ... Assess your strategic objectives and your business activities to ensure that they align with achievement of your key success factors.</span>
3 0
3 years ago
Which of the following is true of liquidity? Select one: a. Liquidity metrics include debt ratio, times interest earned, and rat
kompoz [17]

Answer:

c. Liquidity is the ability to convert assets to cash.

Explanation:

The company's level of liquidity deals with the company's level of cash which is usually held to meet current obligations.

The liquidity ratios are ratios that indicate how well and quickly a company can convert current assets into cash for the settlement of current liabilities.

Examples of liquidity ratios include current ratio, acid test/quick ratio , cash ratio and working capital ratio.

6 0
3 years ago
R. C. Barker makes purchasing decisions for his company. One product that he buys costs $50 per unit when the order quantity is
astra-53 [7]

Answer:

a. 300

d. 200

Explanation:

EOQ = \sqrt{(2 * Annual demand * ordering cost) / holding cost } \\

2 * 7500 * 30 / 0.5

EOQ = 948 units

When price is $48 per unit

EOQ = 968 units

Total cost  = Holding cost + ordering cost + purchase cost

When the order is for 500 price is $48

Total cost = $2,400 + $30 + $24,000 = $26,430

When the order is for 300 price is $50

Total cost = $1,500 + $30 + $15,000 = $16,530

When the order is for 306 price is $50

Total cost = $1,530 + $30 + $15,300 = $16,860

When the order is for 200 price is $50

Total cost = $1,000 + $30 + $10,000 = $11,030

The best two possible order quantities are 200 and 300 which results in minimum total cost.

5 0
3 years ago
Which principle dictates that managers should receive a raise in pay based upon their contributions to the organization, and not
JulsSmile [24]

A <u>Distributive justice</u> is the principle that dictates that managers should receive a raise in pay based upon their contributions to the organization, and not based on their gender.

<h3>What is the Distributive justice?</h3>

It is a principle that is mainly concerned with the fair allocation of resources among the diverse members of a community; the fair allocation takes into account the total amount of goods to be distributed, distributing procedure and the pattern of distribution that results as well.

In an organization setting, the principle occurs when all employees believe that outcomes are equitable, that is, the outcomes are either tangible such as pay or intangible such as positive feedback.

Read more about Distributive justice

brainly.com/question/14837089

#SPJ1

5 0
1 year ago
Other questions:
  • Next to the following list of eight characteristics of business organizations, select a brief description of how each characteri
    11·1 answer
  • A customer has just received a $100,000 inheritance and wants to know what to do with the money until he decides how to use it.
    15·1 answer
  • Each of the following functional areas would typically be included within logistics EXCEPT:
    6·1 answer
  • The stockholders’ equity accounts of Martinez Corporation on January 1, 2020, were as follows:
    13·1 answer
  • Suppose that the labor market for life guards is initially in equilibrium. Then swimming pool owners adopt a new labor-saving te
    10·1 answer
  • On December 31, Patterson Company had the following list of account balances.
    10·1 answer
  • A firm’s liquidity level decreases when:_______.
    6·1 answer
  • Diusitech Inc. Income Statement For the Year Ending on December 31 (Millions of dollars)
    11·1 answer
  • Charley Davison Inc. produced 10,000 motorcycles last year and sold 9,000 of them each for $18,000/bike. Variable cost was $13,0
    10·1 answer
  • The study of principles that govern the efficient spatial allocation of economic resources and the resulting consequences is ref
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!