Putting money into something
Answer:
Option (b) is correct.
Explanation:
(a) Net Income:
= Revenues - Expenses
= $77,000 - $48,600
= $ 28,400
(b) Retained earnings :
= Net Income - Dividend
= $ 28,400 - $7,700
= $20,700
(c) Stockholders' Equity:
= Total assets - Total Liabilities
= 185,000 - $105,000
= $80,000
Therefore, the retained earnings at December 31, 2016 were $20,700.
Purchases Debit $80,000
Accounts Payable Credit $80,000
Work in process Roasting Department Debit $42,000
Purchases Credit $42,000
Production Debit $22,500
Purchases Credit $22,500
<h3>What is Inventory?</h3>
Inventory is the current asset of a company which it sells to customers and gain profits, the inventory is also known as Stock. The raw material is converted into finished goods by manufacturing companies.
The purchases are debited with payable's account being credited and then the purchases/ inventory is issued for the production of goods, and is therefore charged as the work in process.
Learn more about Inventory at brainly.com/question/27256758
#SPJ1
Answer:
Managers are most likely to use detailed rules, SOPs( standard operating procedures), and restrictive norms to govern employees activities.
Answer:
the total asset turnover is 2.65 times
Explanation:
The computation of the total asset turnover is shown below;
As we know that
Total assets turnover is
= Net sales ÷ average of total assets
= $720,855 ÷ ($91,932 + $206,935 + $111,201 + $133,851) ÷ 2
= $720,855 ÷ $271,959.50
= 2.65 times
Hence, the total asset turnover is 2.65 times
