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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:

Total direct labor hours= 77,250

Direct labor cost= $911,550

Explanation:

Giving the following information:

Production= 51,500 units

Standard hours= 1.5 per unit

Standard rate= $11.8 per hour

<u>First, we need to calculate the direct labor hours required:</u>

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<u>Now, the direct labor cost:</u>

Direct labor cost= 77,250*11.8

Direct labor cost= $911,550

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On July 27, 2018, shareholders of the Walt Disney Company and 21st Century Fox agreed to a $71.3 billion purchase plan that gave
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Answer: expanding into additional businesses that unlock possibilities for a comprehensive cost enhancement strategy.

Explanation:

The options include:

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expanding into additional businesses that unlock possibilities for a comprehensive cost enhancement strategy.

expanding into industries whose technologies and products complemented its present media and entertainment businesses.

The least likely among Disney's considerations in completing its acquisition of Fox will be the expansion into additional businesses that unlock possibilities for a comprehensive cost enhancement strategy.

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On July 1, 20x1, Fox Co. purchased as a held-to-maturity investment $5,000,000 of Owl, Inc.'s 8% bonds for $4,580,000, including
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Answer:

The amount fox should report on Dec 31,20x1 = $4,556,500

Explanation:

The carrying amount of bonds = $4,580,000 - $50,000

The carrying amount of bonds = $4,530,000

Amortization of discount from july 1 to dec 31 (6 months):

Interest Revenue = $4,530,000* 10% * 6/12

Interest Revenue= $226500

Interest Receivable = $5,000,000 * 8% * 6/12

Interest Receivable = $200000

Discount amortized =Interest Revenue - Interest Receivable

Discount amortized = $226500 - $200000

Discount amortized = $26500

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The amount fox should report on Dec 31,20x1 = $4,530,000 + $26500

The amount fox should report on Dec 31,20x1 = $4,556,500

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