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tatiyna
3 years ago
13

Pelican, Inc. had revenues of $395,000, expenses of $155,000, and dividends of $54,000 during the current year. Based on the giv

en information, which of the following statements is true?
a. Net income for the current year totaled $186,000.
b. Total retained earnings decreased by $186,000 during the current year.
c. Total retained earnings increased by $240,000 during the current year.
d. Net income for the current year totaled $240,000
Business
1 answer:
a_sh-v [17]3 years ago
5 0

Answer:

Net income = revenue - expenses - dividends paid

Net income = $395,000 - $155,000 - $54,000

Net income = $186,000

The net income for the current year is $186,000.

The correct answer is A

Explanation:

Net income is the excess of sales over expenses and dividends paid.

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The table shows the predicted cost of attending an in-state four-year public college 4 years from now. Category Predicted Annual
astraxan [27]
<span>To find the cost of going to this college in four years, sum all the values given (9350 + 8630 + 1650 + 2140 + 1110), which gives $22,880 for attending. Subtracting 4500 for grants and 8630 for not having to live on-campus gives a value of $9750 required. Dividing this value by 48 months (the time left before he begins attending) gives an approximate value of $203.13 needed to be saved per month without any interest being added. To make sure that Caleb has enough if the $3.13 per month isn't made up by interest down the line, $300 should be saved each month.</span>
7 0
3 years ago
Read 2 more answers
Multiple Choice Question 121 The following information pertains to Ortiz Company. Assume that all balance sheet amounts represen
olasank [31]

Answer:

Inventory TO 5.5

This means Ortiz sales his inventory 5.5 times per year.

Explanation:

Inventory turnover for Ortiz

\frac{COGS}{Average Inventory} = $Inventory Turnover

​where:

$$Average Inventory=(Beginning Inventory + Ending Inventory)/2

COGS:     66,000

In this case the average inventory is provided already: 12,000

\frac{66000}{12000} = $Inventory Turnover

Inventory TO 5.5

This means Ortiz sales his inventory 5.5 times per year.

5 0
2 years ago
When businesses form voluntary, collaborative partnerships with environmental organizations and regulators to achieve specific o
Dahasolnce [82]

Answer: Environmental partnerships.

Explanation:

It is important to understand that for most and all business to thrive there have to be an enabling environment for that to happen. Environment play a key or major role to the growth of any business and as such most business pay keen attention to their environment and do every means to ensure it is vulnerable for them to operate well. The partnership between organizations and seeking a operational environment to do their business is known as environmental partnership.

3 0
3 years ago
On February 1st, H&amp;B Bank originated a loan for $50,000 at an interest rate of 7.2%. On March 15th, an interest payment of $
irina [24]

Answer:

d. Over time

Explanation:

The interest revenue will be recognize over time, regardless of the payment

If we only recognize revenue at payment due, if the bank client doesn't paid then we cannot recognize the accrued interest receivable.

We will recognize over time.

6 0
3 years ago
An employee earns $6,350 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500
Vlad1618 [11]

Answer:

$965.075

Explanation:

Payroll taxes for the month of January is = FICA +FUTA +SUTA+

federal income taxes withheld+voluntary deductions for health insurance +contributes retirement plan.

= (0.0145*6350) +(0.006*6350)+(0.054*6350)+216+184+92

= 92.075+38.1+342.9+216+184+92

= 965.075

$965.075

Some money like Social Security is 6.2% of the first $118,500( not added because he's earnings are not up to $118500 and it's yearly stuff) and unemployment taxe is not added because his earnings is not up to $7000

7 0
2 years ago
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