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valentinak56 [21]
3 years ago
9

Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is

available: Retained earnings balance at the beginning of the year $ 308,000 Cash dividends declared for the year 68,750 Proceeds from the sale of equipment 118,000 Gain on the sale of equipment 6,750 Cash dividends payable at the beginning of the year 30,250 Cash dividends payable at the end of the year 37,500 Net income for the year 151,250 The ending balance in retained earnings is:

Business
2 answers:
LenaWriter [7]3 years ago
8 0

Answer:

$61,500

Explanation:

Given;

Retained earnings balance at the beginning of the year =  $ 308,000

Cash dividends declared for the Year = $68,750

Cash Dividends Payable at the beginning of the Year = $30,250

Cash dividends payable at the end of the year = $37,500

Now,

The Amount of cash paid for dividends = $30,250 + $68,750 - $37,500

or

The Amount of cash paid for dividends = $61,500

Katarina [22]3 years ago
5 0

Answer:

Ending balance in retained earnings =  $397,250.

Explanation:

The opening balance in the Retained Earnings account is 308,000. which will be on the Credit side.

The following items will be credited to the account:

  • Gain on the sale of equipment - 6,750
  • Net income for the year - 151,250

The following item will be debited to the account:

  • Cash dividend declared for the year - 68,750

Total sum of the Credit side will be 466,000. Less the sum of items on the Debit side[68,750] will result to a closing balance of 397,250.

A more visual representation is detailed in the attachment.

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Answer:

a. True

Explanation:

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A conflict may arise within a department, within a team or with clients and bosses. Resolving such conflicts becomes an essential task.

Under the collaborative approach of conflict resolution, both parties to a conflict intend to find a midway i.e win-win situation. The approach includes arrival of parties to a mutually beneficial result. This is confrontational approach where the solution to the problem is sought.

Such an approach encourages trust and agreement and is more suited when the parties to a conflict are open to resolve it in a direct and equal manner.

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Ceteris paribus mean other thing remaining the same.

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Answer:

Explanation:

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2 years ago
On January 10 of the current year, Mary transfer to Green Corporation a machine purchased three years ago for $100,000. On the t
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Answer:

First of all, I believe that their is a mistake on the question, since the FMV of the machine should be $100,000, not $10,000, or else it wouldn't make much sense.

a. What are the amount and character of Mary's recognized gain or loss?

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The two year note is considered boot and therefore, Mary must report it as ordinary income.

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Mary's basis in the stock is $60,000 (the basis of the machine), and $0 for the note (recognized as ordinary income). Her holding period began three years ago when the machine was purchased.

c. What are the amount and character of Green's gain or loss?

Under a carryover basis limit rule (for a section 351 exchange), Green Corporation's basis is reduced, but it not considered a loss or a gain. The basis of the exchanged stock must equal the carryover basis of the property given in exchange.  

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3 years ago
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Short term loan is the best loan option for a neighborhood Lemonade stand because it is a small business.

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