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11Alexandr11 [23.1K]
3 years ago
11

The following account balances relate to the stockholders’ equity accounts of Skysong, Inc. at year-end. 2020 2019 Common stock,

10,500 and 10,000 shares, respectively, for 2020 and 2019 $155,300 $145,000 Preferred stock, 5,000 shares 159,000 159,000 Retained earnings 305,000 249,100 A small stock dividend was declared and issued in 2020. The result of the stock dividend was to decrease retained earnings by $11,300 and increase common stock by $11,300. Cash dividends were $17,000 in both 2020 and 2019. The common stock has no par or stated value. (a) What was the amount of net income reported by Skysong, Inc. in 2020? Net income $
Business
1 answer:
balandron [24]3 years ago
6 0

Answer:

$84,200

Explanation:

The Net Income for the 2020 financial period can be calculated through the Retained Earnings Account for 2020 as follows :

Retained Earnings at beginning  of the year                               $249,100

Add Net Income for the year (Balancing figure)                          $84,200

Less Dividend Declared for the year ($11,300+$17,000)            ($28,300)

Retained Earnings at end  of the year                                         $305,000

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The following information was taken from Nash Inc.'s trial balances as of December 31, 2018, and December 31, 2019.
Elina [12.6K]

Answer:

1. Calculate the net profit margin and accounts receivable turnover for 2019

Net profit margin = Net income/Net sales

Net profit margin = 36,000/(219000-4000)

Net profit margin = 16.74%

A/R turnover = Sales/Average turnover

A/R turnover = (219000-4000)/((32000+39000)/2)

A/R turnover = 6.06

2. How much does Nash make on each sales dollar?

= 36,000 / (219000-4000)

= 36,000 / 215000

= $0.17

3. How many days does the average receivable take to be paid (assuming all sales arc on account)?

Days Sales Outstanding = Average account receivables*365 / Net credit sales

Days Sales Outstanding = [((32000+39000)/2)*365] / (219000-4000)

Days Sales Outstanding = 12957500/215000

Days Sales Outstanding = 60 days

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3 years ago
The nurse is assessing a patient's functional ability. which activities most closely match the definition of functional ability?
Sever21 [200]
When The nurse is assessing a patient's functional ability, the activities that <span> most closely match the definition of functional ability are: 
</span><span>-. Healthy individual works outside the home, use a cane, well groomed. 
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During the assessment, the nurse will assist the patient to do several activities that will most likely become the patient's routine</span>
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3 years ago
prices of related goods, technology, prices of inputs, expectations of sellers, and the number of sellers are all classified as
yawa3891 [41]

Higher prices will lead to more products being supplied, whereas lower prices will lead to less products being supplied. A change in a non-price determinant of supply is the only factor that can affect whether a good's supply rises or falls.

The cost of the good or service is the determinant of supply that is the most evident. When all other factors are equal, a product's supply grows if its relative price is higher. It's easy to understand why. A business sells products or services to make money, and as prices grow, so do profits.

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1 year ago
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aliya0001 [1]

Answer:

Yes, it is.

Explanation:

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3 years ago
If a researcher creates the idea for a project and is not listed in the preferred author order position on resulting publication
Inessa [10]

Answer:

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Explanation:

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