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Sauron [17]
3 years ago
9

On December 31, before the closing entries, the following information is available for Jones Company: Service Revenue $10,000 To

tal Expenses 6,000 Dividends 1,000 Retained Earnings 12,000 The balance of Retained Earnings after all closing entries would be:
Business
1 answer:
madreJ [45]3 years ago
8 0

Answer:

$15,000

Explanation:

Closing retained earnings is the accumulated value of an entity`s profit reserve from its earnings from  both current and past accounting periods.Closing retained earnings is calculated by deducting dividend paid from earnings after tax of the current year and adding the balance to opening retained earnings.

= Opening retained earnings + (Earnings after tax   -  Dividend paid)

Based on the information supplied, the closing retained earnings will be:

                                                                              $

Service Revenue                                                10,000

Total Expenses                                                  (6,000)

Operating profit                                                  4,000

Dividend                                                           <u>  (1,000)</u>

Retained Earnings                                              3,000

Retained Earnings b/f                                      <u>   12,000</u>

Closing Retained Earnings                            <u>     15,000</u>

Note: No information in regard of tax, so the operating profit is used as profit after tax.

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8 0
3 years ago
Miranda works 40 hours a week at a wage rate of ​$25. Thus, her total weekly income is ​$1000. On this​ income, she pays total t
Vlad1618 [11]

Answer:

15%

Explanation:

If Miranda works 40 hours a week at a wage rate of ​$25. and she ​however calculates that on the last hour that she​ works, she pays ​$3.75. then her marginal tax rate is derived as follows

<em>The marginal tax rate is the incremental tax paid on incremental income.</em>

From the scenario, we are given the following:

Weekly wage rate is $25.

Weekly tax pay is $3.75

Hence, Marginal tax rate  can be computed as = $3.75 / $25 = 15%

8 0
3 years ago
the common stock of salazar insurance pays a constant annual dividend of $4.80 per share. what is one share of this stock worth
kotegsom [21]

Market Price =$36.09,is one share of this stock worth at a discount rate of 13.3 percent.

<h3>Common stock: What does that mean?</h3>

A security that symbolizes ownership in a firm is called common stock. Common stock owners choose the executive board and cast ballots for corporate rules. This kind of stock ownership frequently offers better long-term rates of return. Common stock is not subject to either assets or liabilities.

<h3>How are shares & common stock different from one another?</h3>

Definition: The term "stock" refers to the holder's interest in one or more businesses. A single share of interest in a firm is referred to as a "share" in contrast. For instance, if X has stock investments, X may have a collection of shares from various companies.

<h3>Briefing:</h3>

Market price = dividends per share

P0 = $4.80/.133

P0 = $36.09

Market Price =$36.09

To know more about common stock visit:

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5 0
1 year ago
Refer to the following transactions.
Mashutka [201]

Answer:

1 a) + asset , + preferred stock

b) + asset , + preferred stock

c) + assets , + stockholder's equity

d) - and + Asset

e) + -Asset

f) - Equity , + liability

g) - Equity , - Asset

journal entry

a) Debit bank 700000 Credit Preferred stock 700000

b) debit land 420000 , credit preferred stock 420000

c) debit bank 768000 credit stockholder's equity 768000

d) Debit investment 270000 credit bank 270000

e) Debit bank 189000 , credit investment 189000

f) Debit dividend 19600 credit shareholders for dividends 19600

g) debit dividends 96000  credit bank 96000

Explanation:

dividends preferred = 7000 + 4200 = 11200 * 1 . 75 = 19600

dividends common stock = 48000 * 25 * 8 % = 96000

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