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
You sell hockey goals for $200 each. weekly sales are 60 units. you estimate that for every $10 you increase the price, sales dr
wariber [46]
If for every $10 increase sales drop by 3 units when you increase to $300 you will lose 30 units. 

($10)(10) = 100
(10)(3) = 30

60 units - 30 units = 30 units. 
($300)(30) = $9,000 is your weekly revenue at a price of $300 per unit.
4 0
3 years ago
Latoya has $113.94 in her checking account. During the week she goes to an atm and withdraws $40. she is charged a usage fee of
Maksim231197 [3]

She has 168.49 in her bank account

3 0
2 years ago
Predatory pricing is the practice of
Llana [10]
Maybe the answe tot his is d
8 0
2 years ago
LO 4.6Why is the manufacturing overhead account debited as expenses are recognized and then credited when overhead is applied?
Klio2033 [76]

Answer:

Explanation:

Manufacturing overhead records all the expenses like salaries payable which come under indirect labor. Manufacturing overhead includes all those indirect costs which are related to the factory-like - factory rent, factory repairs, depreciation on factory equipment, property taxes

For recognized expense, the journal entry would be

Factory overhead A.c Dr

        To Expenses A/c  

(Being expense recognized)

Since the cost is actually incurred so this above entry should be made

And, the journal entry for applied overhead is shown below

Work in progress inventory A/c Dr XXXXX

      To Factory overhead A/c XXXXX

(Being overhead applied is recorded)

Since applied overhead is based on predetermined overhead rate so we credit the factory overhead and debit the work in progress inventory

7 0
3 years ago
Carmen Co. can further process Product J to produce Product D. Product J is currently selling for $20 per pound and costs $15.75
Nadya [2.5K]

Answer:

$18

Explanation:

In this question, we are asked to calculate the differential revenue of producing product D

The term differential revenue can be defined as the sales difference that results from taking two different action courses. It looks at two different responses to a particular situation.

Mathematically;

differential cost of producing Product D

= Cost of Product (J + D) - Cost of Product J

($15.75 + $8.55) - $15.75 = $8.55 is the additional cost of producing Product D

Diffrential revenue for Product D

Revenue (D) - Revenue (J)

$38 - $20 = $18

7 0
3 years ago
Other questions:
  • Faced with incomplete information about the future national economic conditions, many employers have eschewed the tradition of h
    14·1 answer
  • Wants to start a fashion boutique that will sell tailor-made garments and accessories. She plans to open boutique stores in life
    12·1 answer
  • During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per
    14·1 answer
  • When Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is 1 -N/200 bushels of corn. If
    6·2 answers
  • Preferred stocks share characteristics with which of the following? A-Common stocks and corporate bonds. B-Real estate and commo
    7·2 answers
  • Assume that a parent company acquired 80% of the outstanding voting common stock of a subsidiary on January 1, 2012. On the acqu
    15·1 answer
  • You bought Sumsung stock for $50 on April 1. The stock paid a dividend of $5 on July 1, and had a price of $53. It is now Oct. 1
    7·1 answer
  • What is a question that should be asked about accounts payable when forecasting?
    14·1 answer
  • If the $65 application fee poses a financial hardship, we are happy to waive it for you. Williams actively seeks the most except
    7·1 answer
  • Give an example of a requirements contract associ-<br> ated with school.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!