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3 years ago

What is the total stockholders' equity based on the following account balances?

Business

1 answer:

Rashid [163]3 years ago

3 0

Answer:

The total stockholders' equity amounts to $640,000

Explanation:

The total stockholders' equity is computed as:

Total stockholders' equity = Common Stock + Paid-In Capital in Excess of Par + Retained Earnings - Treasury Stock

where

Common Stock is $375,000

Paid-In Capital in Excess of Par is 90,000

Retained Earnings is 190,000

Treasury Stock is 15,000

Putting the values in the above:

= $375,000 + $90,000 + $190,000 - $15,000

= $655,000 - $15,000

= $640,000

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3 years ago

wist Corp. has a current accounts receivable balance of $330,800. Credit sales for the year just ended were $3,804,200. a. What

Alex17521 [72]

Answer:

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= $3,804,200 / $330,800

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3 years ago

Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are i

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Answer and Explanation:

The computation is shown below:

1. Calculation of the equivalent units

Particulars Physical units % Material % Conversion cost

Units transferred

out 900 100% 900 100% 900

Ending

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Equivalent

units 1,500 1,140

2. Cost per equivalent unit is

Particulars Material Conversion cost

Beginning

inventory $750 $600

Cost during

period $2,400 $2,820

Total cost $3,150 $3,420

Divided by

Equivalent

units $1,500 $1,140

Cost per

equivalent unit $2.1 $3

3. Transferred out cost is

= (3 + 2.1) × 900

= $4,590

And, the ending work in process cost is

= (600 ×$2.1) + (240 × $3)

= $1,960

2. Now the preparation of the production report is presented below:

Beginning work in process $1,350

Cost during period $5,220

Total cost accounted for $6,570

Transferred out cost $4,590

Ending work in process $1,960

Total cost accounted as $6,570

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3 years ago