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agasfer [191]
3 years ago
10

Big-Mouth Frog Corporation had revenues of $200,000, expenses of $120,000, and dividends of $30,000. When Income Summary is clos

ed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a Group of answer choices debit of $50,000. debit of $80,000. credit of $50,000. credit of $80,000.
Business
1 answer:
Aleksandr-060686 [28]3 years ago
6 0

Answer:

Credit of $80,000

Explanation:

Big-Mouth Frog Corporation Calculation for Retained earnings

Using this formula

Retained earnings =Revenue- Expenses

Where,

Revenue =$200,000

Expenses =$180,000

Let plug in the formula

Retained earnings =$200,000-$180,000

Retained earnings =$80,000

Therefore when the Income Summary is closed to Retained Earnings, the amount of the credit to Retained Earnings will be $80,000

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Jonathan is the CEO of a cell phone manufacturing company. At the company's Annual General Meeting, he made an announcement to t
barxatty [35]

Answer: <em>Options (A), (B), (C) and (D) are all correct.</em>

Explanation:

From the given question, we can easily state that Jonathan illustrate a Leader's, Liaison's, Disseminator's and Spokesperson's role.

Here, Jonathon act as a leader and spokesperson of a cell phone manufacturing company. Also, While making announcement about the vacant position he tends to play the role of a disseminator and liaison between the different strata of the organization.  

6 0
3 years ago
Suppose you consider buying a bond promising to pay you $25 one year from now and then the same amount every year through the fi
Archy [21]

Answer:

$3,667.44

Explanation:

The amount you would be willing to pay today can be determined by finding the present value of the cash flows

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow each year from year 1 to 4 = $25

Cash flow in year 5 = $25 + $5000

I = 7%

Present value = $3,667.44

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

6 0
3 years ago
The Wayne City Council approved and adopted its budget for 2016. The budget contained the following amounts: Estimated revenues
Vilka [71]

Answer: The budgetary fund balance is $10,000

Explanation: When calculating budgetary fund balance, the best method is given as:

The available fund balance (from previous audit) + current year revenues = Total available funds - expenditures = current year ending fund balance

What we can see from the above expression is that we add the fund from the previous year balance to the current year revenues. This will give us amount of total funds available. Now we will minus the current year expenditures from the total funds available to give us the budgetary fund balance of the current year.

From the question above, we have the following:

Estimated revenues = $700,000

Appropriations (expenditures) = $660,000

Debt service = $30,000

Total expenditures = $660,000 + $30,000 = $690,000

Therefore budgetary fund balance will be:

Estimated revenues - total expenditures

= $700,000 - $690,000

= $10,000

Therefore, the budgetary fund balance is $10,000.

4 0
3 years ago
Roberto Designers was organized on January 1, 2018. The firm was authorized to issue 140,000 shares of $5 par value common stock
Phoenix [80]

Answer:

The total stockholder's equity at the end of the year will be $352,000.

Explanation:

The issue of common stock at $7/share= 14,000*$7=$98,000

The issue of common stock at $8/share= 28,000*$8=$224,000

The net income is $140,000.

The dividends paid= $70,000.

Purchase of treasury stock= 4000*$10=$40,000

The total stockholder's equity

=The issue of common stock at $7/share+The issue of common stock at $8/share+The net income-The dividends paid-Purchase of treasury stock

=$98,000+$224,000+$140,000- $70,000-$40,000

=$352,000.

7 0
3 years ago
The process of helping a group to assess its accomplishments and plan alternatives is usually referred to as:
Vikentia [17]
The process of helping a group to assess its accomplishments and plan alternatives: Termination
4 0
2 years ago
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