Answer:
The retained earning is $167918.
Explanation:
The current assets of the company = $153413
The net fixed assets = $412331
Other assets of the company = $7822
Current liabilities of the company = $65314
Long term debt = $178334
Common stock = $162000
Retained earnings = total assets - (total liabilities + common stock)
Retained earnings = 153413 + 412331 + 7822 - ( 65314+ 178334+162000)
Retained earnings = $167 ,918
Answer:
A central feature of monetary policy strategies in all countries is the use of a nominal variable that monetary policymakers use as an intermediate target to achieve an ultimate goal such as price stability. Such a variable is called a nominal
Explanation:
PA BRAINLIEST
Answer:
The journal entry to be recorded for the payment of the note on date of maturity is shown below:
Explanation:
The journal entry to be recorded for the payment of the note on date of maturity is as follows:
Notes Payable A/c..........................Dr $9,000
Interest expense A/c......................Dr $148
Cash A/c..........................................Cr $9,148
Being payment of the note payable is reported on the maturity date
As on the day of the payment, the cash is going out of the business which means assets is decreasing and any decrease in assets is credited. Therefore, the cash account is credited. And the notes payable is paid so the notes payable account is debited and interest expense account will also be debited.
Working Note:
Interest expense = $9,000 × 10% × 60/ 365
Interest expense = $148
Answer:
$10,000
Explanation:
A company's income is either shared out as dividends or kept in as retained earnings. Therefore, the total of retained earnings and dividend paid out is the net income. This is the amount that will reflect in the income statement. In other words, income is calculated first before dividends or retained earnings are declared.
For Martinville, income will be calculated first before dividends are paid. Net income will be
=revenue - expenses
=$17,000 -$7,000
=$10,000
Balance in the Income Summary account was $10,000
