Answer:
$
Net income 100,000
Less: Dividend paid <u>70,000</u>
Retained earnings for the year <u> 30,000</u>
Statement of Retained earnings for the year ended December 31, 2018
$
Retained earnings on January 1, 2018 115,000
Add: Retained earnings for the year <u>30,000</u>
Retained earnings at December 31,2018 <u>145,000</u>
Explanation:
In this case, we need to calculate the retained earnings for the year, which is net income minus dividend paid. Then, we will add the retained earnings for the year to retained earnings at the beginning of the year. This gives the retained earnings at the end of the year.
Simple interest means that you only need to find the interest once and then keep adding it on every year. In this case, the interest would be 5.5% of $5000 every year, which is 275.
In 6 years, you'll have $1650, which is the amount earned from interest, plus $5000, which is the original investment.
So you'll have $6650 in 6 years.
The journal entry to replenish the fund on January 31 is $46.
<h3>What is a replenishment?</h3>
In a journal entry, this refers to refilling up a depleted cash box in a petty cash system.
The replenishment = $375- $190 - $95 - $35 - $9
The replenishment = $46
Therefore, the journal entry to replenish the fund on January 31 is $46.
Read more about replenishment
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Suppose a worker quits her job in order to look for new work. after a week or two of looking, she finds a new job. during her brief job search, she experienced frictional unemployment
<h3>What is frictional Unemployment</h3>
Frictional unemployment occurs when an individual is temporarily unemployed as a result of searching for new or better job.
This is a time of transition usually from an existing job to a new one.
Therefore, Suppose a worker quits her job in order to look for new work. after a week or two of looking, she finds a new job. during her brief job search, she experienced frictional unemployment
Learn more on frictional unemployment below,
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Answer:
Accrual basis of accounting
Explanation:
Accruals basis accounting (accruals accounting, the matching concept) depicts the effects of transactions and other events and circumstances on a reporting entity’s economic resources and claims in the periods in which those effects occur, even if the resulting cash receipts or payments occur in a different period.
Revenue from sales and other income should be reported in the period when the income arises (which might not be the same as the period when the cash is received from the customer / client).
Based on the above discussion it can be concluded that the Portie's practice is an example of accrual basis of accounting.
