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andrew11 [14]
3 years ago
11

On January 1, 2016, Big Hero invested $300,000 to start Hero Corporation. During the year, Hero Corporation had total revenues o

f $60,000 and total expenses of $16,000. Cash dividends paid totaled $12,000.What must have been the balance in Hero Corporation's total assets at the end of the year, assuming no liabilities?A. $ 32,000B. $332,000C. $268,000D. $300,000
Business
1 answer:
TiliK225 [7]3 years ago
4 0

Answer:

B. $332,000

Explanation:

The computation of the total assets is shown below:

= Invested amount + total revenues - total expenses - cash dividends paid

= $300,000 + $60,000 - $16,000 - $12,000

= $300,000 + $60,000 - $28,000

= $300,000 + $32,000

= $332,000

Invested amount reflect the capital and the total revenues minus total expenses minus cash dividend reflects the retained earnings

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Vlad1618 [11]

Answer: Option (C)

Explanation:

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8 0
4 years ago
Journalize Period Payroll The payroll register of Chen Heritage Co. indicates $3,000 of social security withheld and $750 of Med
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Answer:

Following are the journal entries recorded for the payroll of current time period;

Debt: Salary Expense = $50,000

Credit: Tax Payable by Medicare = $750

Credit: Deduction Payable For Employee Saving = $2,550

Credit: Income Tax payable for Federal Employees = $9,000

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Credit: Salaries payable to Employees = $34,700

6 0
3 years ago
The federal reserve system can do all of the following except:_______
Nana76 [90]

The Federal Reserve System can do all the given options except A. lender of last resort for consumers.

<h3>What does the federal reserve system do?</h3>

The federal reserve system of the United States is the central bank of the nation and as such, they engage in services like check clearing and regulating the money supply.

They also act as a lender of last resort to banks in order to ensure that they don't fail. The Fed does not lend money to consumers directly so this is not one of their roles.

Options for this question:

  • A. lender of last resort for consumers
  • B. regulation of the money supply
  • C. supplying currency
  • D. check clearing

Find out more on the roles of the Federal Reserve at brainly.com/question/14417722

#SPJ1

4 0
1 year ago
One of the Justices on the Supreme Court, stated that in this decision, the Supreme Court gave up power to gain power. What do y
Savatey [412]

Answer:

the judicial power shall be vested in one suprene court and in such lower courts as may be established by law.

7 0
3 years ago
Cleghorn Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $160
vagabundo [1.1K]

Answer:

$273,600

Explanation:

The selling price per unit is $160

Variable expense per unit is $70.40

Fixed expense per month is 153,216

Therefore the monthly breaking can be calculated as follows

CM ratio = 56%

=>56/100

= 0.56

= 153,216/0.56

= 273,600

Hence the monthly break even in monthly dollars sales is $273,600

7 0
3 years ago
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