Answer:
$10,000
Explanation:
A company's income is either shared out as dividends or kept in as retained earnings. Therefore, the total of retained earnings and dividend paid out is the net income. This is the amount that will reflect in the income statement. In other words, income is calculated first before dividends or retained earnings are declared.
For Martinville, income will be calculated first before dividends are paid. Net income will be
=revenue - expenses
=$17,000 -$7,000
=$10,000
Balance in the Income Summary account was $10,000
Answer:
b. quasi contract
Explanation:
-Liquidated damages refers to a mechanism in a contract in which a party can request a compensation because of breach.
-Quasi contract is an agreement that is recognised by a court when there is no written contract between two parties and there is a conflict about a payment of a product or service.
-Reformation is a change made by a court in a document when one party that participates in it makes a request.
-Restitution is when someone receives a compensation for a loss or an injury.
According to the options given and the definitions, the answer is quasi contract.
Answer:
The two main criteria for consideration of bachelor's degree program,
Pre requisite subjects. This is a must to have requirement. ...
Merit based. This is also a must to pass requirement.
Explanation:
;)
Answer: $45000
Explanation:
Firstly, the operating asset will be calculated which will be:
Operating asset = Sales / Turnover
= 900,000/3
Operating assets = $300,000
Then, the net operating income will be: Return on investment × Operating assets
Net operating income = 300,000 × 15%
= 300,000*0.15
= $45,000
Therefore, Legume Division's net operating income last year is $45000
