Addition to Retained Earnings will be the amount will be Net Income as calculated using the above information:
Net income will be calculated as below:
Sales...........................................................$680000
Less: Cost of Sales.................................$342000
Less: Depreciation..................................$86000
Less: Interest Expense.........................$53000
Earnings Before Tax...............................$199000
Less [email protected] 23%.........................................$45770
Net Income..............................................$153230
Thus Income of $153230 will be added to Retained earnings and Cash dividend of $40000 will be reduced from therein.
A recently passed Minnesota statute mandates that the vendee (buyer) record the contract for deed within 4 months of the agreement's execution in order to avoid penalties.
<h3>How long does it take to record a contract for deed?</h3>
One minor modification concerns the need under Minnesota Statute Section 507.235 that the contract buyer, sometimes known as the "vendee," must record the contract for deed within four (4) months after its signing or suffer a fine equal to 2% of the contract price.
<h3>What has the contract for deed law in Minnesota changed?</h3>
The laws governing contract for deeds in Minnesota have lately undergone some revisions. One minor modification concerns the need under Minnesota Statute Section 507.235 that the contract buyer, sometimes known as the "vendee," must record the contract for deed within four (4) months after its signing or suffer a fine equal to 2% of the contract price.
<h3>What takes place if the Vendee fails to record the contract for deed?</h3>
Whoever receives an assignment of a vendee's interest in a contract for deed who neglects to record the assignment in accordance with subdivision 1 is subject to a civil fine, payable under subdivision 5, equal to 2% of the contract debt's original principal amount.
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It’s helps them because it’s been a part of their lives for years and years. So the economic liberty was something very very good to us
The net cash provided by operating activities is $110,000
<h3>What is operating activities?</h3>
Operating activities are the activities carried out by a company to bring its products and services to market on daily.
Operating activities is computed as :
= Net income - Increase in accounts receivable + Increase in accounts payable
= $120,000 - $28,000 + $18,000
= $110,000
Hence, the net cash provided by operating activities is $110,000
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