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maxonik [38]
3 years ago
13

The following table contains financial information for Trumpeter Inc. before closing entries:

Business
1 answer:
Diano4ka-milaya [45]3 years ago
5 0

Answer:

Please see details below:

Explanation:

Net Income

Sales  $29.700  

Salaries Expenses  -$4.900  

Miscellaneous Expenses -$20.300  

=================================

Net Income                 $4.500

Balance Sheets

Assets  

Cash  $12.200  

Prepaid Rent $3.800  

Equipment  $66.600  

Supplies  $6.200  

TOTAL ASSETS   $88.800  

Liabilities  

Accounts Payable   $4.200  

TOTAL LIABILITIES   $4.200  

Equity  

Common Stock   $67.400  

Retained Earnings   $17.200  

TOTAL EQUITY   $84.600  

 

Dividends  $3.600  

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The notes to a recent annual report from Weebok Corporation indicated that the company acquired another company, Sport Shoes, In
ikadub [295]

Answer: $230,500

Explanation:

Goodwill is the amount over the value of a company that is purchased for.

Fair market value is the relevant value used in goodwill calculation because it represents the current value of the assets acquired.

Goodwill = Acquisition price - Fair market values of the assets

= 511,000 - 35,000 - 183,000 - 46,500 - 16,000

= $230,500

8 0
3 years ago
On January 1, 2018, Legion Company sold $270,000 of 4% ten-year bonds. Interest is payable semiannually on June 30 and December
RSB [31]

Answer:

$8,767.50

Explanation:

Calculation for what Legion should report as bond interest expense for the six months ended

Using this formula

Bond interest expense= Carrying Value of Bond x Effective interest rate

Let plug in the formula

Bond interest expense=$146,125 x 12% yield interest x 6 months/12 months

Bond interest expense=$8,767.50

Therefore what Legion should report as bond interest expense for the six months ended is $8,767.50

6 0
2 years ago
Which of the following are automatically withheld from paychecks?
Dimas [21]
Taxes are automatically withdrawn from paychecks.
4 0
3 years ago
The changes in account balances for Elder Company for 2018 are as follows: Assets $ 680,000 debit Common stock 350,000 credit Li
hammer [34]

Answer:

Net income will be $160000

So option (c) will be the correct answer

Explanation:

We have given debt common stock = $680000

Credit liabilities = 350000

Credit paid in capital = 190000

And excess of par 30,000 credit Assuming the only changes in retained earnings

So 680000 = 350000+190000+30000+ retained earning

So retained earning = $110000

Dividend paid = $50000

So net income = dividend paid + retained earning = $110000+$50000 = $160000

So option (c) will be the correct answer

4 0
3 years ago
you deposit $6000 in an account earning 2% interest compounded continuously. how much will you have in the account in 10 years?
Gre4nikov [31]

Future Value is $7,327.20

<h3>What is compound interest ?</h3>

Compound interest is the interest on deposits that is computed using both the original principal and the interest accrued over time.

It is thought that the concept of "interest on interest" or compound interest first appeared in Italy in the 17th century. Compared to simple interest, which is just charged on the principal amount, it will cause a sum to grow more quickly.

Money grows more quickly when it is compounded, and compound interest increases as the number of compounding periods increases.

CI formula :  A = P(1 + r/n)^nt

where,

P = principal balance,

r = interest rate,

n = number of times interest is compounded per time period and

t = number of time periods.

To solve this question :

A = P(1 + r/n)^nt

= 6,000 (1 + 0.02/12) 120

= USD 7,327.20

To know more about compount interest, visit :

brainly.com/question/14295570

#SPJ4

4 0
1 year ago
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