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Vedmedyk [2.9K]
3 years ago
13

Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are

cash transactions.) Acquired $3,200 cash from issuing common stock. Borrowed $2,300 from a bank. Earned $3,200 of revenues. Incurred $2,420 in expenses. Paid dividends of $420. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions.) Acquired an additional $600 cash from the issue of common stock. Repaid $1,370 of its debt to the bank. Earned revenues, $4,600. Incurred expenses of $2,790. Paid dividends of $760. What was the amount of retained earnings that will be reported on Lexington's balance sheet at the end of Year 1?
Business
1 answer:
worty [1.4K]3 years ago
5 0

Answer:

Retained Earnings Balance at end of Year 1 =  $360

Explanation:

First we need to determine the profit/loss for the year as part of the retained earnings calculation.

Lexington Company

Income Statement for the year ended - Year 1

Revenue Earned                                                $3,200

Less Expenses                                                  ($2,420)

Net Income / (Loss)                                               $780

Then we calculate the Retained Earnings Balance

Retained Earnings Statement

Beginning Retained Earnings Balance                  $ 0

Add Profit earned during the year                      $780

Less Dividends                                                   ($420)

Ending Retained Earnings Balance                    $360

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Answer:

reduce risk

Explanation:

In the case when hestonis faced an economic downturn so here the expenditures are to be decreased also merticao starts for focusing more on the domestic market so here the loss should be survived due to decreased the risk in teh global trade in the primary market

Hence, the above term should be fit to the given situation

3 0
3 years ago
Buxmont Manufacturing reported the following year-end balances: Beginning work in process inventory, $40,000; beginning finished
Sever21 [200]

Answer: <em>Cost of Goods Manufactured = $ 660,000</em>

Explanation:

Direct Material Used                                                $ 240,000

Direct labor                                                               $ 250,000

Manufacturing overheads applied                          $ 150,000

Total manufacturing Cost                                        $ 640,000

Add: Work in process                                            $ 40,000

Total Manufacturing cost                                         $ 680,000

Less: Work in process                                            $ 20,000

Cost of Goods Manufactured                                  $ 660,000

7 0
3 years ago
Marcus, a manager at Royal Memphis Hotel, is training a new group of employees. After each training session, the employees compl
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Answer:

feedback

Explanation:

Based on the information provided within the question it can be said that Marcus is providing his employees with feedback. This refers to information given to an individual regarding their performance, and is done in order to help that individual realize what they are doing wrong and how they can improve their performance. Which is exactly what Marcus is doing with his employees.

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3 years ago
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Answer:

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Explanation:

In quality control, there involve a series of tests: Scenario testing, Integration testing and User acceptance testing.

Scenario testing is done once there a functionally that can be tested is developed. Under scenario testing, integration of functions is not done yet but it is possible to test the performance of the interface developed to ascertain how an end user will use it.

Integration testing involves testing the functionally of a combined unit assembled from individual units to see how well they perform as an integrated unit.

User acceptance testing is doe at the final phase to check how well it can perform in real time. This is meant to check user friendliness and ease of access.

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Product warranties, effects of environmental problems, and lawsuits are examples of transactions or events that give rise to Contingency.

<h3><u>What is Contingency?</u></h3>
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Although contingencies can be planned for, it is often impossible to predict the kind and breadth of such unfavorable events in advance. Businesses and investors conduct analyses and put defensive measures into place to prepare for potential possibilities.

Know more about Contingency with the help of the given link:

brainly.com/question/17275335

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4 0
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