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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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Answer:

$500

Explanation:

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Damages are the extra expense incurred by the offended party due to the breach of contract. The calculation of damages involves getting the difference between the market price and the contract price. For Diana, the damages will be the market price of $4.50, and the contact price $3.50. Because the books were 500, her damage would be 500 X 1 = $500.

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ou might be an information systems worker if you _________. a. prefer a slow-paced environment, where technology rarely changes
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3 years ago
Which of the following is an example of long-term debt?
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6 0
3 years ago
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Gre4nikov [31]

Answer:

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conversion costs 55% complete, so 45% added during the period (EUP during current month = 225 units)

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units transferred out 6,100

units started and transferred out = 6,100 - 500 = 5,600 (EUP = 5,600 units)

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Therefore, Reference price is the correct answer.    

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