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
ELEN [110]
3 years ago
13

Love Company’s accounting records show an after-closing balance of $42,100 in its Retained Earnings account on December 31, 2018

. During the 2018 accounting cycle, Love earned $19,400 of revenue, incurred $9,800 of expense, and paid $500 of dividends. Revenues and expenses were recognized evenly throughout the accounting period. Required Determine the balance in the Retained Earnings account as of January 1, 2019. Determine the balance in the temporary accounts as of January 1, 2018. Determine the after-closing balance in the Retained Earnings account as of December 31, 2017. Determine the balance in the Retained Earnings account as of June 30, 2018.
Business
1 answer:
konstantin123 [22]3 years ago
4 0

Answer and Explanation:

  • Closing Balance (Retained earning ) of 31 Dec 2018 is called Opening Balance of 1 Jan 2019 , i.e. $42,100
  • There is no particular information provide for 1 Jan 2018 .So, assume there is Zero balance of retained Earning
  • Calculation of retained earning of 31 Dec 2017

Retained earning                             $42,100

Less: revenue during the year        $19,400

Add: Expenses During the year      $9,800

<u>Add : Dividend                                  $500 </u>

Retained earning on 31 Dec 2017 $33,000

  • Retained earning is a temporary account So, $33,000 is balance of Retained earning At 30 June 2018.
You might be interested in
Why do people tend to eat more at all-you-can-eat buffet restaurants than at restaurants where each item is purchased separately
harkovskaia [24]
A. is the answer.............
3 0
3 years ago
Listed below are four interbank cash transfers, indicated by the letters a, b, c and d, of a client for late December 20X1, and
zimovet [89]

Answer:

A. Unaffected

B. Unaffected

C. Understated

D. Overstated

Explanation:

C. Understated.

Understated balance is one that is reported as having a lesser balance than it actually does. example of what could cause the situation in which cash is understated is that when check is written on the disbursing bank on the last day of December with a credit to cash, and an associated debit to some expense account so as to decrease reported profits and taxes be it (direct or indirect tjaxes) for the year.

Another example is when a utility bill that is suppose to be paid by the last day of the month but failed to record the expenses, under the accrual basis of accounting, the company should recognize the expenses now even though the bill is not yet due. Until the bill is recorded, the utilities payable is understated

d. Overstated.

An overstated balance is an account balance that is reported as having a greater balance than it actually does, example of such situation is that in which an employee has misappropriated funds during the year, and draw a check transferring funds to the account with the shortage so as to cover the shortage. As of December 31, the shortage is replaced, with no reduction as yet recorded in the account on which it is drawn.

In second example of understated, expense account is understated and because of this net income is overstated.

5 0
3 years ago
A system in which individuals or businesses may buy, sell, and set prices with little government control.
MatroZZZ [7]
I think it's C , Competition
8 0
3 years ago
Read 2 more answers
A publicist's compensation package includes the total cost of a $180-per-
natima [27]

Answer:

D. $44,580

Explanation:

Here we want to find the yearly value of the compensation package.

To order to do so, we have to add the various terms. We have:

t_1=\$42,000 salary per year

Then we have the total cost of a $180-per- month health insurance plan; since there are 12 months in a year, it is

t_2=12\cdot \$180 =\$2160 per year

Then we have the total cost of a $35-per-month life insurance, so the yearly cost is

t_3=12\cdot \$35 =\$420

Therefore, the total compensation package is

T=t_1+t_2+t_3=42000+2160+420=\$44,580

So, option D.

7 0
3 years ago
The difficulty in cost-benefit analysis is that the benefits are usually evident and easily measurable, while the costs are not
suter [353]

Answer:

B) False

Explanation:

Under the cost benefit analysis a statement is prepared in order to compute the financial aspects of the transaction.

This clearly provides for the estimate to be made towards all the transactions.

But there is a problem in such analysis that exact estimate or even nearby estimate in terms of amount is not feasible to be computed of benefits and cost as well.

And significantly all the benefits can not be traced monetarily.

5 0
3 years ago
Other questions:
  • Ryan wants to work in a factory as a machine operator. What is a basic requirement for this job? A. a doctorate degree B. on-the
    5·2 answers
  • The per-unit standards for direct labor are 1.5 direct labor hours at $15 per hour. If in producing 2500 units, the actual direc
    15·1 answer
  • Which of the following is a correct application of Marginal Analysis? a. You buying 4 pairs of shoes for $240 because you are wi
    11·1 answer
  • When a manager assigns someone to work one-on-one with a new employee and show the new employee how the work is done, the traini
    10·1 answer
  • Myers Corporation's stock currently trades at $40 a share. Investors estimate that the year-end dividend will be $2.00 a share a
    6·1 answer
  • Larry Nelson holds 1,000 shares of General Electric (GE) common stock.
    15·1 answer
  • In deciding who should chair the wellness committee, several members identified Ian, a tall, handsome 40-ish staff accountant wi
    9·1 answer
  • WGU can enroll 325 students monthly. However, due to the ratio of availability of enrollment counselors and potential students t
    12·1 answer
  • What is the difference between a “Named Insured” and a “Driver”?
    5·1 answer
  • What is the title of the Access form shown above? frmBasic tblRetailer 0001 Spice World
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!