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babunello [35]
3 years ago
11

Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of comm

on stock. 2. Borrowed $26,000 from the First City Bank. 3. Earned $59,000 of cash revenue. 4. Incurred $43,000 of cash expenses. 5. Paid a $7,000 cash dividend. 6. Paid $43,000 to purchase land. Required: Prepare a statement of changes in stockholders' equity.
Business
1 answer:
SCORPION-xisa [38]3 years ago
4 0

Answer and Explanation:

The preparation of the statement of changes in stockholders' equity is presented below:

                                                Ollie Company

                      Statement of changes in stockholders' equity

Beginning common stock $0

Add: Common stock issuance $72,000

Ending common stock $72,000

Beginning retained earning $0

Add: Net income $16,000      ($59,000 - $43,000)

Less: cash Dividend paid -$7,000

Ending retained earning $9,000

Total stockholder equity $81,000 ($72,000 + $9,000)

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This periods end assets to be overstated

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As inventory is summarized in the assets if the final inventory is overstated it will generate an overstate in the following years.

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A farmer sells a bushel of corn to the supermarket for $12. The supermarket then sells the corn to customers for $25. What is th
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Answer:

$ 25

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3 years ago
"if Washburn achieves the sales target of 2,000 units at the $349 retail price, what will its profit be?"
dybincka [34]

Answer: $370,000

Explanation:

Your question isn't complete as there were some further questions asked before getting to this question.

The profit from 2,000 units at $349 will be:

Profit = Total revenue – Total cost

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= $349 x 2000

= $698000

Total cost = [FC + (UVC x Q)]=

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2 years ago
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2 years ago
Brevard Company uses the weighted-average method in its process costing system. The Packaging Department started the month with
kipiarov [429]

Answer:

For conversion costs, the equivalent units of production are 1,610 units. The right answer is B

Explanation:

According to the given data we have the following:

begging work in progress = 280  units

units started=1450 units

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Therefore, the equivalent units of production are=Total input-end work in process

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The equivalent units of production=1,610 units

For conversion costs, the equivalent units of production are 1,610 units

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3 years ago
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