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
Pavel [41]
3 years ago
14

Coronado Industries began the year 2022 with retained earnings of $661000. During the year, the company sold additional shares o

f stock for $1011000, recorded revenues of $621000, expenses of $377000, and paid dividends of $137000. What was Coronado's retained earnings balance at the end of 2022
Business
1 answer:
algol133 years ago
8 0

Answer:

The Coronado`s Retaining Earnings Balance is at end of 2022 is $ 808 000

Explanation:

Retained Earnings at the end of the year is calculated by adding together The Retained Earning at the Beginning of the Period, the Distributive Profit for the year ( Profit for the year after Interest and tax), then subtracting the dividends paid during the year.

From the question Retained Earnings at the Beginning of the year was provided at $661000.

The Distributive Profit needed a calculation. Revenue minus Expenses gives us profit.Expenses here include ALL trading, operating interest and tax expenses. This give is a Distributive Profit of $ 284000 ( $621000-337000). The $1011000 is disregard in calculation of profit and only Revenues that match with expenses are regarded (Accrual Principle).

The dividend paid was provided for at $ 137000.

This the Retained Earnings figure at end of 2020 is $808000( 661000+284000-137000)

You might be interested in
The following information is available for Sheridan Company
Arte-miy333 [17]

Answer:

See below

Explanation:

Balance sheet as of December 31, 2022.

Current assets

Account receivable $2,000

Cash $6,280

Supplies $3,790

Total $12,070

Fixed assets

Equipment net $110,300

Inventory $2,810

Total $113,110

Total assets = $12,070 + $113,110 = $125,180

Current liabilities

Accounts payable $3,900

Interest payable $500

Salaries and wages payable $740

Notes payable $32,500

Total $37,640

Financed by;

Common Stock $52,500

Total liabilities + Common stock

= $37,640 + $52,500

= $90,140

6 0
3 years ago
The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with _____.
netineya [11]

The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with receipt of cash.

<h3><u>What is a merchandise?</u></h3>
  • Any form of items, including those used for personal or professional purposes, as well as goods sold to the general public (retail) or other enterprises, are referred to as merchandise (wholesale).
  • 'Freebies', or promotional things like the bespoke drink bottles in this example that are given away or not charged for, can also be referred to as merchandise.
  • Calendars, magnets, wall art, stationery, greeting cards, textiles, badges, and a wide variety of other goods may be included in this category.
  • A T-shirt with a slogan or logo that a political party distributes to voters during an election campaign or a calendar with a logo that a supplier offers its clients at the end of each year are two examples of freebie products.

Buying merchandise can be done with cash or on credit. The accounts involved in the transaction are the purchases account and the cash account if goods are paid for in cash. It debits the purchases account and credits the cash account.

Know more about Merchandise with the help of the given link:

brainly.com/question/15546663

#SPJ4

8 0
1 year ago
lue Inc. has decided to raise additional capital by issuing $171,000 face value of bonds with a coupon rate of 11%. In discussio
Dafna1 [17]

Answer:

Explanation:

Value assigned to bonds =

Value of bonds without warrants/(value of bonds without warrants+value of warrants)*Issue price

Value assigned to warrants =

Value of warrants/(value of bonds without warrants+Value of warrants)

Value assigned to bonds = 115,200/(115,200+28,800) * 140,000 = 0.8*140,000 = 112,000

Value assigned to warrants = 28,800/144,000 * 140,000 = 28,000

Journal entries:

Dr Cash 140,000

Dr Discount on bonds payable (171,000-112,000) 59,000

Cr Bonds payable 171,000

Cr Paid in capital-Stock warrants 28,000

5 0
3 years ago
The Swivel Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production o
ivanzaharov [21]

Answer:

54,000 chairs

Explanation:

The computation of the number of chairs at the beginning of the month is shown below:

Inventory at the beginning of the month = Units completed and transferred  + ending inventory units - Units started

= 180,000 chairs + 21,000 chairs - 147,000 chairs

= 54,000 chairs

We simply applied the above formula to find out the inventory at the beginning of the month

7 0
3 years ago
How does the Federal Funds Rate affect consumers looking to take out a loan?
Artyom0805 [142]

Answer:

The federal funds rate is the rate at which banks borrow money overnight. When the Fed wants to stimulate the economy, it will lower the short-term funds borrowing rate. In response, banks typically lower the interest rates they charge to consumers for a variety of loans.

6 0
3 years ago
Other questions:
  • Superfund legislation does not obligate the environmental protection agency to _____.
    11·1 answer
  • If your income is ​$5353 a​ month, the price of pizza is​ $5 and the price of a video is​ $4, how many pizzas will you buy and h
    11·1 answer
  • Borrowers who met certain requirements for mortgages, such as minimum income level relative to the total mortgage amount, could
    6·1 answer
  • According to the video, which workers traditionally become Construction Managers?
    10·2 answers
  • The general ledger of Vance Corporation as of December 31, 2020, includes the following accounts: Copyrights $30,000 Deposits wi
    14·1 answer
  • If a manager is called upon to hire a new vendor and negotiate the best services for the best price, which type of role is requi
    5·1 answer
  • Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sight
    10·2 answers
  • You sell one December futures contracts when the futures price is $1,010 per unit. Each contract is on 100 units and the initial
    6·1 answer
  • If you have $600 and you find an investment that annually yields 3%, how much interest would you earn in 15 years?
    15·1 answer
  • Last month CyberGames, a computer game retailer, had total sales of 1,450,000 , selling expenses of 210,000 , and administrative
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!