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exis [7]
3 years ago
11

Partial adjusted account balance data for Swifty Corporation at December 31, 2017, includes the following accounts: Retained Ear

nings $17,000, Dividends $5,500, Service Revenue $36,300, Salaries and Wages Expense $14,700, Insurance Expense $1,830, Rent Expense $3,810, Supplies Expense $1,410, and Depreciation Expense $800. The balance in Retained Earnings is the balance as of January 1. Prepare a retained earnings statement for the year assuming net income is $15,787.
Business
1 answer:
gregori [183]3 years ago
4 0

Answer:

Swifty Corporation

Retained Earnings Statement for the year ended December 31, 2017:

Net Income                                         $15,787

Retained Earnings, January 1, 2017    17,000

Less Dividends                                    (5,500)

Retained Earnings, Dec. 31, 2017    $27,287

Explanation:

a) Data and Calculation:

Service Revenue                                $36,300

less expenses:

Salaries and Wages Expense $14,700

Insurance Expense                      1,830

Rent Expense                              3,810

Supplies Expense                        1,410

Depreciation Expense                  800

Total expenses                                    $22,550

Net income is supposed to be             $13,750 and not $15,787.

The Retained Earnings Statement is prepared with the given net income of $15,787.   It shows the movement in earnings and distribution to stockholders.

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Fred is a buyer's agent in Colorado. When he approaches a property that is For Sale By Owner, when and how must he disclose his
ANTONII [103]

Answer:

C) Orally at the first contact and in writing at the first physical meeting

Explanation:

Since Fred is a buyer's agent, when he approaches a seller (the owner himself or a seller's agent), he has the legal obligation to disclose who he is to the seller. He doesn't necessarily have to say who his client is, but me must inform that he is a buyer's agent. If Fred contacts the seller by phone, he must disclose the information orally, or if he personally meets the seller, he must disclose the information in writing. Even if Fred disclosed the information by phone, he must still do it in writing if he meets with the seller on a later appointment.

5 0
3 years ago
Which of the following would be considered a DISADVANTAGE of the use of above-market compensation? A. It may encourage voluntary
-BARSIC- [3]

Answer:

E. It may encourage a sense of entitlement among employees.

Explanation:

Above the market, compensation in the form of wage strategy in which the organizations initiates high salaries to the employees. High salaries are provided to the employees to attract them and to retain them in the team. This is done to maintain the caliber of the group and for the smooth flow among the team members.

4 0
2 years ago
Suppose that you deposit $4,500 in your bank and the required reserve ratio is 18 percent. the maximum loan your bank can make a
NNADVOKAT [17]

Suppose that you deposit $4,500 in your bank and the required reserve ratio is 18 percent. The maximum loan your bank can make as a direct result of your deposit is 3690.

<h3>What exactly is a bank loan and the required reserve ratio?</h3>
  • A loan is a quantity of money that one or more people or businesses obtain from banks or other financial organizations in order to handle their finances in connection with anticipated or unforeseen circumstances.
  • By doing this, the borrower creates a debt that must be repaid with interest within a predetermined time frame.
  • The percentage of deposits that authorities mandate a bank maintain in reserves and refrain from lending out is known as the required reserve ratio.
  • If the required reserve ratio is 1 to 10, a bank can only lend out $0.90 of every dollar it has on deposit, but it must retain $0.10 in reserves.

Hence, The maximum loan your bank can make as a direct result of your deposit is 3690.

To learn more about the loan, refer to the following link:

brainly.com/question/25599836

#SPJ4

6 0
1 year ago
A bakery buys sugar in 15-pound bags. The bakery uses 5000 bags of sugar each year. Carrying costs are $20 per bag per year. Ord
Marianna [84]

Answer:

the total cost of ordering and holding sugar is $1,000 per year

Explanation:

<em>Step 1 Calculate the Economic Order Quantity(EOQ).</em>

EOQ = √(2×Total Demand×Ordering cost)/ Holding Cost per Unit

        = √(2×250×20×5)/20

        = 50

<em>Step 2 Calculate the total  cost of ordering and holding sugar</em>

Total cost = Ordering Cost + Holding Cost

                = (250×20)/50 × $5 + 50/2 × $20

                = $500+$500

                = $1,000

Therefore,  the total cost of ordering and holding sugar is $1,000 per year

3 0
3 years ago
Small business loans are easier to get if
djverab [1.8K]
The answer is A. The owner has a lot of his own money invested in the business.
3 0
3 years ago
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