Look at the picture, which one is the correct answer?

The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow:

nasty-shy [4]

Answer:

Statement of Owners' Equity

For the Year Ended May 31, 20Y6

Common stock account balance June 1, 20Y5 $60,000

Retained earnings account balance June 1, 20Y5 $300,000

Common stock issued during the year $40,000

Net income <u> $135,000</u>

Subtotal $535,000

Dividends distributed <u> ($10,000)</u>

Total stockholders' equity $525,000

Common stock balance May 31, 20Y6 $100,000
Retained earnings balance May 31, 20Y6 $425,000

Explanation:

net profit = $900,000 - $300,000 - $15,000 - $450,000 = $135,000

4 0

3 years ago

Gobblecakes is a bakery that specialized in cupcake. The annual fixed cost to make cupcake is $18,000. The variable cost includi

Brut [27]

Answer:

Gobblecakes is a bakery that specialized in cupcake. The annual fixed cost to make cupcake is $18,000. The variable cost including ingredients and labor to make a cupcake is $0.9. the bakery sell a cupcake for $3.2 a piece.If the bakery sells 12,000 cupcakes annually, determine the total cost, total revenue, and profit.

Total cost= variable cost + fixed cost

TC= 0.9+18,000

TC= $18,000.90

Total revenue= price X quantity of goods

TR= 3.2 X 12000

TR= $38,400

Profit= TR-TC

Profit= $38,400-$18,000.9

profit= $20,399.10

Explanation:

4 0

3 years ago

"when buying or selling a futures contract, the trader commits what amount of funds"

Nadusha1986 [10]

When buying or selling a futures contract, the trader commits what amount of funds the amount of the initial margin. A futures contract is a legal agreement to buy or sell assets, mainly commodities, at a set price but it will be delivered and paid for later. Based on the definition of a futures contract, the trader will have to commit to the initial amount that was set to be traded when the legal agreement was made.

8 0

4 years ago

During July, Laesch Company, which uses a perpetual inventory system, sold 1,430 units from its LIFO-based inventory, which had

ohaa [14]

Answer:

Laesch Company

Journal entries:

Sale of 1,430 units

Debit Cash or Accounts Receivable $40,040

Credit Sales Revenue $40,040

To record the sale of 1,430 units of inventory at $28.

Debit Cost of goods sold $27,170

Credit Inventory $27,170

To record the cost of the goods sold at $19.

Sale of 1,390 units

Debit Cash or Accounts Receivable $38,920

Credit Sales Revenue $38,920

To record the sale of 1,390 units of inventory at $28.

Debit Cost of goods sold $26,410

Credit Inventory $26,410

To record the cost of the goods sold at $19.

Explanation:

Laesch Company can use Journal entries to record its business transactions as they occur on a daily basis. Journal entries show the accounts involved in any transaction and the one to be debited or credited. From the journal, postings are made to the general ledger into individual accounts.

3 0

4 years ago

Delta diamonds uses a periodic inventory system. the company had five one-carat diamonds available for sale this year: one was p

Fed [463]

There are many benefits to using folders when working with lots of files. Here are a few examples:

- You can use folders to sort your files by type, almost like drawers in a desk, so you might have folders for Music, Photographs, Documents, etc.

- You can use folders to group files together into a specific group. For example in your Photographs folder you might have a folder titled BirthdayPhotographs for all the photographs from your birthday.

- As in the example above you can nest folders to create sub-categories. Documents might include folders for Homework, Stories, Poems

- Folders can have different permissions applied to them, allowing you to keep personal files in a private folder only you can access, or secret files in a folder that doesn't show up in the normal list of folders!

3 0

4 years ago