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Mkey [24]
3 years ago
12

The balance sheet of the Algonquin Company reported assets of $50,000, liabilities of $22,000 and common stock of $15,000. Based

on this information only, the amount or balance for retained earnings must be:
Business
1 answer:
OleMash [197]3 years ago
4 0

Answer:

$ 13.000

Explanation:

The accounting equation states that :

Total Assets = Total Liabilities + Equity

To accomplish this equation is needed a total value of retained earnings of $13.000 , in this manner you have the equation complete:

$50.000 = Liab. ($22.000) + Equity ($15.000 +$13.000)  

Retained earnings is a component of the Equity next to common stock.

You might be interested in
Cost of goods manufactured during the year is $240,000, and work in process inventory on December 31 is $50,000. Work in process
Zinaida [17]

Answer:

$165,000

Explanation:

The first step is to calculate the work in process inventory

= 50,000/40/100

= 50,000/0.4

= 125,000

Therefore the total manufacturing cost can be calculated as follows

= 240,000-125,000+50,000

= 115,000+50,000

= 165,000

Hence the total manufacturing costs is $165,000

8 0
3 years ago
A rich relative has bequeathed you a growing perpetuity. the first payment will occur in a year and will be $ 3 comma 000$3,000.
MAVERICK [17]
A. For knowing today's value of the bequest we need to know the period of time.
When the first payment occure and how many payments were made. 
b. Immediate value of bequest is $3,000 After one year it needto be 1.16*3,000=$3,480 Plus the second payment will be 1.04*3,000=$3,120
8 0
3 years ago
Firms and brands that continually attempt to operate in the
Archy [21]

Answer:

B) High, low

Firms and brands that continually attempt to operate in the  <u>HIGH</u> price / <u>LOW</u>  benefits quadrant do not survive over the long run as customer  trust is Damaged.

Explanation:

Many times new products have a very short life because companies believe that they can charge very high prices because they are innovations, but they forget to provide the corresponding benefits of a very high price. Usually short living fads result from this strategy, because the customers will demand more for their money and if the product doesn't satisfy them, they wouldn't purchase it again. And with all the social networks we have today, gossip (and videos) about bad products travel extremely fast.

6 0
3 years ago
Anne’s marginal income tax rate is 32 percent. She purchases a corporate bond for $19,500 and the maturity, or face value, of th
Bess [88]

Answer:

6.0%

Explanation:

Given that :

Marginal income tax rate = 32%

Interest rate before taxes = 8.8%

Annual after-tax rate of return if bond matures in 10 years will be the same as the annual after tax rate of return since the annual rate is constant.

Hence,

Annual after tax rate of return = Interest rate × (1 - tax rate)

Annual after tax rate = 8.8% × (1 - 32%)

Annual after tax rate = 0.088 × (1 - 0.32)

Annual after tax rate = 0.088 × 0.68

Annual after tax rate = 0.05984

= 0.05984 × 100%

= 5.984% = 6.0%

6 0
3 years ago
1.6 Harper Travel Agency purchased land for $85,000 cash on December 10, 2015. At December 31, 2015, the land's value has increa
noname [10]

Answer:

$85,000

Explanation:

In the balance sheet, a company records the value of assets at their historical cost. Assets are recorded in the balance sheet at the price that they were acquired.  Even if a company has strong reasons to believe that the value of an asset has increased, It cannot adjust its value in the books.

Harper will record the value of the land at $85,000.  $93,000 represents the fair value of the property. Harper cannot record the fair value in the balance sheet. The fair value is only used when disposing of the property. The only way of verifying the fair value is by selling the property.

4 0
3 years ago
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