1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vladimir1956 [14]
3 years ago
7

Maria Queen was reviewing her business activities at the end of the year (2022) and decided to prepare a Retained Earnings State

ment. At the beginning of the year her assets were $700,000 and her liabilities were $210,000. At the end of the year the assets had grown to $930,000 but liabilities had also increased to $340,000. Common Stock was $200,000 in both years. The netincome for the year was $220,000. The company paid dividends of $120,000 during the year.
Required:
Prepare a Retained Earnings statement in good form.
Business
1 answer:
fiasKO [112]3 years ago
5 0

Answer:

Retained earnings at the beginning of the year;

Equity = Common stock + Retained earnings

Retained earnings =  Equity - Common stock

Equity = Assets - Liabilities

= 700,000 - 210,000

=$490,000

Retained earnings = 490,000 - 200,000

=$290,000

........................................................Maria Queen..................................................

.....................................Statement of Retained Earnings..................................

.........................................For the year ended 2022..........................................

Opening Balance...............................................................................$290,000

Add:

Net Profit .............................................................................................$220,000

Less:

Dividends.............................................................................................($120,000)

Retained Earnings, 31 Dec 2022............................................$390,000

You might be interested in
Difference between undergraduate and graduate degrees
icang [17]
Undergraduate refers to someone who is going for their Bachelor's Degree or one who doesn't have an equivalence to a Bachelor's Degree. (Ex. non-degree holder or an Associates Degree would be considered undergraduates) 

<span>Graduate refers to someone who is going for a degree that is beyond a Bachelor's Degree. (Ex. Master's Degree or PhD.) </span>
4 0
3 years ago
Preparing a Selling and Administrative Expenses Budget Fazel Company makes and sells paper products. In the coming year, Fazel e
Verdich [7]

<u>Solution and Explanation:</u>

<u>The following is the selling and administrative expense structure of the Fazel company for the year. According to the given information and the data:</u>

The Variable selling expenses (19730000* 3%)                 591900

The Fixed Expenses  

The Salaries expense              960000  

The Utilities expense              365000  

The Office space expense         230000  

The Advertising expense         1200000  

The Total Fixed expense                                                  2755000

The Total selling & admin Expense                                  3346900

<u>Note:</u> the variable expense is calculated by multiplying the total sales given in the question with the percentage of the commission given

5 0
3 years ago
The Baldwin Company currently has the following balances on their balance sheet: Total Liabilities $135,759 Common Stock $52,705
LiRa [457]

Answer:

The correct option is the third one,$250,687

Explanation:

The key to ascertaining is accounting equation which that assets equal capital plus liabilities.

This implies that by determining the capital and liabilities,total assets sorted out.

  Common stock                                    $52,705

  *Retained earnings for the year          $62,223

Total equity and retained earnings     $114,928

total liabilities                                        $135,759

Total equity and liabilities                     $250,687

Total assets=total equity and liabilities=$250,687

Retained earnings for the year=prior year retained earnings+net profit-dividends paid

prior year retained earnings $40,723

net profit is $36,500

dividends is $15,000

*retained earnings for the year=$40,723+$36,500-$15,000=$62223

8 0
3 years ago
The following data relate to direct labor costs for August: actual costs for 5,500 hours at $24.00 per hour and standard costs f
Marianna [84]

Answer: c. $1,650 unfavorable

Explanation:

The direct labor rate variance shows the difference between the cost of direct labor that the company thought it would incur vs what it actually incurs for the period.

Formula is:

Direct labor rate variance = Actual cost of direct labor - Standard cost of actual hours of direct labor

= Actual hours * (Actual cost - Standard cost)

= 5,500 * (24 - 23.70)

= $1,650 unfavorable

Unfavorable because the actual cost incurred was more than the cost anticipated.

7 0
3 years ago
Luis follows a lot of news sources in his industry. He subscribes to several blogs written by industry experts, and updates are
bekas [8.4K]

Answer:

Group of choices:

a. Media sharing

b. Blog

c. Content aggregator

d. Mass media

The correct answer is c. Content aggregator .

Explanation:

Feedly is considered to be a content aggregator site because all of its information is derived from external sources. In a broader sense, content aggregators are tools that allow information to be collected in order to locate it in a specific place. One of the advantages is that it allows having the information in the same place, which saves time for those who are interested in the same or similar topics.

3 0
3 years ago
Other questions:
  • "at the clearing house, bank x has $300 in checks drawn on bank y and bank y has $200 in checks drawn on bank x. how does the cl
    12·1 answer
  • An asset has an average return of 11.57 percent and a standard deviation of 24.54 percent. What is the most you should expect to
    5·1 answer
  • Haas Company manufactures and sells one product. The following information pertains to each of the company’s first three years o
    11·1 answer
  • Burns Corporation's net income last year was $98,300. Changes in the company's balance sheet accounts for the year appear below:
    12·1 answer
  • Describe the relationship between an individual consumer's demand and market demand
    7·1 answer
  • The issuance of equity for a firm with various financing alternatives signals that the firm has unfavorable prospects which it w
    12·1 answer
  • The excerpt most directly expresses an economic perspective that:.
    7·1 answer
  • in some industries, technology drives globalization because the economies of scale necessary to reduce costs cannot be met by co
    11·1 answer
  • Derek, a single taxpayer, has agi of $55,200 which includes $5,000 of qualified dividends. derek does not itemize deductions. wh
    15·1 answer
  • Companies like my​ gym, which seek to do business in new markets for manufacturing​ and/or marketing​ purposes, have many potent
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!