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
Sladkaya [172]
2 years ago
11

Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and rec

eived 4,000 shares of stock. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined: cash on hand and in the bank, $47,500; amounts due from customers from sales of books, $26,900; equipment, $48,000; amounts owed to publishers for books purchased, $8,000; one-year notes payable to a local bank for $2,850. No dividends were declared or paid to the stockholders during the year.
Required:
1. Complete the following balance sheet at December 31, 2014.
READER DIRECT
Balance Sheet
At December 31, 2014
Assets Liabilities
Cash $37,500 Accounts Payable $7,700
Accounts Receivable 27,200 Note Payable 3,300
Equipment 41,000 Total Liabilities $11,000
Stockholders' Equity
Common Stock ??
Retained Earnings 10,700
Total Stockholders' Equity 10,700
Total Assets $105,700 Total Liabilities and Stockholders' Equity $21,700
2. Using the retained earnings equation and an opening balance of $0, compute the amount of net income for the year ended December 31, 2014.
(Net Income = Ending RE + Dividends - Beginning RE)
3. Assuming that Reader Direct generates net income of $4,500 and pays dividends of $2,300 in 2015, what would be the ending Retained Earnings balance at December 31, 2015?
(Ending RE = Beginning RE + Net Income - Dividends)
Business
1 answer:
Keith_Richards [23]2 years ago
8 0
English please

Reason: thats too freaking much .
You might be interested in
Consider the market for running shoes. draw a​ firm's average total cost curve with no advertising. label it atc0. draw the​ fir
Anarel [89]

I believe it’s b..... hope this helps pls tell me if I’m wrong! <3

7 0
3 years ago
A dealer bought some tires for 6500. the tires were sold for 9500. making 50 on each tire. how many tires were involved?
VMariaS [17]
Cost price = 6,500
Selling price + profit = 9500
Profit gained = 9,500 - 6,500 = $3000
Number of tires bought = 3000/50 = 60
The dealer bought 60 tires.

6 0
3 years ago
Fasetech, Inc. has collected the following data.? (There are no beginning? inventories.)
Dominik [7]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

Units produced= 510 units

Sales price= $150 per unit

Direct materials= $16 per unit

Direct labor= $10 per unit

Variable manufacturing overhead= $10 per unit

Fixed manufacturing overhead= $16,000 per year

Variable selling and administrative costs= $9 per unit

Fixed selling and administrative costs= $10,500 per year

Units sold= 500

Under the absorption costing method, the fixed overhead costs get allocated as a product cost.

Unitary fixed overhead= 16,000/510= $31.37

Total unitary cost= direct material + direct labor + total overhead

TUC= 16 + 10 + (10 + 31.37)= $67.37

Income statement:

Sales= 500*150= 75,000

COGS= 67.37*500= (33,685)

Gross profit= 41,315

Total variable selling and administrative costs= (9*500)= (4,500)

Fixed selling and administrative costs= (10,500)

Net operating profit= 26,315

5 0
3 years ago
Which of the following statements is false?
tangare [24]
I believe the In a limited liability partnership, all partners are limited partners
4 0
3 years ago
Read 2 more answers
Describe at least two methods you would use to identify job opportunities if you were looking for a job. Explain why you would u
Rainbow [258]

Answer:

The two methods which I will use to identify job opportunities if I will look for a job are as follows:

* Temping or Internships

* Company Websites

Explanation:

* Temping or Internships

Seldom interim employment can lead me to changeless positions. As I am without a job, obtaining a short space among a renowned organization is an excellent method to acquire a footing in the entrance, or produce me including valuable business connections to convene upon in the eternity.

* Company Websites

As I previously hold my dream as an employer in cognizance, why not move undeviatingly to the job part of the companies website. If I will see for opportunities on the companies website, there is a possibility I will obtain exactly the opportunity that I have been expecting for.

4 0
3 years ago
Other questions:
  • True or false: in restaurants, tipping is not customary because it violates the tradition of tahitian hospitality.
    6·2 answers
  • A student who works at a record store and plays in a rock band thinks for a minute about his own music-purchasing habits, and th
    6·1 answer
  • Regarding convergence of accounting standards, the FASB and IASB:
    8·1 answer
  • A situation analysis refers to
    9·1 answer
  • The theory of production deals with the relationship between the factors of production and
    5·2 answers
  • When are winner-take-all markets good for consumers?
    7·1 answer
  • YASHARI earns $27,000 per year, is single, and lives in Wyoming. She has $7000 in subsidized loans and another $19,000 in unsubs
    14·1 answer
  • Given the following demand and supply equations determine the market equilibrium price and quantity. QD=30-3p. As=10-5p. Where Q
    6·1 answer
  • According to the video, Municipal Clerks issue permits and licenses for what things? Check all that apply.
    10·2 answers
  • Why are most economies in the world today considered mixed economies?.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!