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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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Answer:

Q=nq=\frac{n}{n+1}\frac{a-c}{b}

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Explanation:

In the case of a homogeneous-good Cournot model we have that firm i will solve the following profit maximizing problem

Max_{q_i} \,\, \Pi_i=(a-b(\sum_{i=1}^n q_i)-m)q_i

from the FPC we have that

a-b\sum_{i=1}^n q_i -m -b q_i=0

q_i=\frac{a-b \sum_{i=2}^n q_i-m}{2b}

since all firms are homogeneous this means that q_i=q \forall i

then q=\frac{a-b (n-1) q-m}{2b}=\frac{a-m}{(n+1)b}

the industry output is then

Q=nq=\frac{n}{n+1}\frac{a-c}{b}

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if n goes to infinity (approaching competitive level), we get the competition quantity that would be Q^c=\frac{a-c}{b}

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.....BOREDOM IF YOU ANSWER YOU WILL REGRET BUT ITS YOUR FUNRE
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i'm gonna answer... i want to see where this goes

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