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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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Which of the following taxpayers (all of whom have one qualifying child for purposes of the child tax credit) are able to claim
worty [1.4K]

Mac and June, who file as married filing jointly with a modified AGI of $430,000 and a tax liability of $20,000.

Option D

Explanation:

For every eligible minor child under the age of 17 at the end of the tax year, the Child Tax Credit is granted to US taxpayers. In December 2017, the recent tax legislation doubled the loan to 2,000 dollars per child, making much of it reimbursable. 1 It was a non-refundable bonus of $1,000 previously.

If the taxpayer is filing jointly then the claim of child tax credit will be up to the tax liability. Thus, Mac and June has tax liability of $20,000 and the maximum limit of child credit is $2,000. Thus, they can claim full $2,000 claim and reduce their liability to $18,000.

7 0
3 years ago
For what reason may an employer legally NOT hire an applicant?
Andru [333]

<u>Answer:</u> Option C

<u>Explanation:</u>

The applicant might not possess the skills required to do the job or he may not be able to meet the number of working hours required by the company. In this case the employer is not under pressure to recruit that employee. Employer cannot reject any applicant for the reason of applicant's disability, age as 55 years or based on the nationality.

Labor standard act needs to be meet by the employer to hire legally or the employer will have to face the legal consequences.

4 0
3 years ago
Read 2 more answers
3. Describe three new weapons used in World War I and explain how each of these w<br>​
Leto [7]

how each of these "w"?  im guessing it means work. and three weapons from then that are "new"? are:

Rifles. All nations used more than one type of firearm during the First World War. The rifles most commonly used by the major combatants were, among the Allies, the Lee-Enfield .303 (Britain and Commonwealth), Lebel and Berthier 8mm (France), Mannlicher–Carcano M1891, 6.5mm (Italy), Mosin–Nagant M1891 7.62 (Russia), and Springfield 1903 .30–06 (USA). The Central Powers employed Steyr–Mannlicher M95 (Austria-Hungary and Bulgaria), Mauser M98G 7.92mm (Germany), and Mauser M1877 7.65mm (Turkey). The American Springfield used a bolt-action design that so closely copied Mauser’s M1989 that the US Government had to pay a licensing fee to Mauser, a practice that continued until America entered the war.

Machine guns. Most machine guns of World War 1 were based on Hiram Maxim’s 1884 design. They had a sustained fire of 450–600 rounds per minute, allowing defenders to cut down attacking waves of enemy troops like a scythe cutting wheat. There was some speculation that the machine gun would completely replace the rifle. Contrary to popular belief, machine guns were not the most lethal weapon of the Great War. That dubious distinction goes to the artillery.

Flamethrowers. Reports of infantry using some sort of flame-throwing device can be found as far back as ancient China. During America’s Civil War some Southern newspapers claimed Abraham Lincoln had observed a test of such a weapon. But the first recorded use of hand-held flamethrowers in combat was on February 26, 1915, when the Germans deployed the weapon at Malancourt, near Verdun. Tanks carried on a man’s back used nitrogen pressure to spray fuel oil, which was ignited as it left the muzzle of a small, hand-directed pipe. Over the course of the war, Germany utilized 3,000 Flammenwerfer troops; over 650 flamethrower attacks were made. The British and French both developed flame-throwing weapons but did not make such extensive use of them.

there are many more, but here are 3 i found from a trustworthy source!

7 0
3 years ago
Accounting professors earn more than English professors at most universities. Explain this with a supply and demand graph.
GenaCL600 [577]
I will assume here (since I don't have more information) that each school needs one English and one Accounting professor, but that more people are ready to teach English than accounting (this assumption might be wrong, but it's what  think)

therefore the supply is bigger for the English professors than for the Accounting professors -this means that the accounting professors can ask for bigger salary (the bigger the supply, the smaller the prize)

3 0
3 years ago
Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from cus
Fiesta28 [93]

Answer:

Accrued net income is $161,900

Explanation:

The formula to compute accrued net income is shown below:

= Revenue - expenses

where,

Revenue = Cash collected from customers +  customers owed the company

              = $295,000 + $51,000

              = $346,000

And, the expenses equals to

= Cash paid for rent + Cash paid to employees for services rendered during the year +  Cash paid for utilities + gas and electric expenses at the end of a year

= $31,000 + $111,000 + $41,000 + $1,100

= $184,100

Now put these values to the above formula

So, the answer would be equal to

= $346,000 - $184,100

= $161,900

7 0
3 years ago
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