As cm cms cmc d nv wn ve enenv en n env nev envennv env env env en nv

Euphrasia, a mixed open economy, was severely affected by a recession that almost paralyzed its service sector. The Euphrasian

Flura [38]

Answer:

E) Oil imports declined as countries exporting oil reduced supply.

Explanation:

Oil is extremely important for industrialized nations and since Euphrasia is a mixed open economy, we can assume that it is an industrialized nation. Oil has become the most important energy source for more than 60 years and is the raw material for manufacturing plastic.

During the 1970s and early 1980s the American economy was shattered by an increase in the price of foreign oil and a decrease in its domestic production levels. The importance of oil is also why so many modern wars have been fought over oil production and reserves.

4 0

3 years ago

The purpose of a statement of retained earnings is to: __________.

marusya05 [52]

Answer:

To determine the closing balance of retained earnings

Explanation:

First and foremost, retained earnings are an important part of the shareholders' equity. In a bid to ascertain the correct position of total shareholders' equity at year-end, it is important that a statement of retained earnings reconciling the opening retained with net income and dividends declared during the year is prepared.

The balance at the end of the year is the total accumulated earnings which have not been distributed to shareholders as dividends or which may be used to finance projects that increase shareholders' wealth

4 0

3 years ago

Consider the case of the Henderson Company.

sashaice [31]

Answer:

I) Days sales outstanding (DSO) for all customers? 48.7days

= (53*0.9)+(10*0.1) = 48.7 days

II) Net sales? $166.600

The Net sales = Gross sales - sales allowance

The discount amount due for the 10% discount customers = 2% of the 10% of 170 mn ==> 0.02 * 0.1 * 170 ===> 0.34 mn

∴ The Net sales = 17 - 0.34 mn = 16.66 mn

Amount paid by discount customers? $13.600

Explanation:

I. General Credit Policy Information

Credit stamps 2/10 Net 30

Days sales outstanding (DSO) for all customers 48.7days

DSO for customers who take the discount (10%) 10days

DSO for customers who forgo the discount (90%) 53days

II. Annual Credit Sales and Costs ($ millions)

Gross sales $170.000

Net sales? $166.600

Amount paid by discount customers $13.600

Amount paid by non discounted customers $153.000

Variable operating costs (82% of gross sales) $139.40

Bad debts $0.0

Credit evaluation & collection costs (10% of gross sales) $17.00

7 0

4 years ago

Read 2 more answers

Meir, Benson and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows:

sertanlavr [38]

Answer:

Journal Entry

a) Debit Capital- Benson $138,000 Credit Capital-North $138,000

b) Debit Capital- Benson $138,000 Credit Capital-Schmidt $138,000

c) Debit Capital-Benson $138,000 Credit Bank $138,000

d) Debit Capital-Benson $138,000 Debit Capital-Meir $28,500 Debit Capital-Lau $47,500 Credit Bank $214,000

e) Debit Capital-Benson $138,000 Debit Accumulated Depreciation $23,000 Credit Cash $30,000 Credit Equipment $70,000 Credit Capital-Meir $22,875 Credit Capital-Lau $38,125

Explanation:

a and b are the same with the same amount of capital transferred from one partner to another partner, it is just a matter of derecognizing Benson and recognize North or Schmidt.

c) Partner Benson is paid cash her capital,

d) decrease in meir's Capital = 214,000-138,000 = 76,000*3/8= $28,500

Decrease in Lau's Capital Account = $76,000 5/8 = 47,500

Excess funds are taken from capitals or income summary account of the partnership which will affect the capitals of the remaining partners

e) Meir's Capital = $138,000 -(70,000-23,000+30,000)

= $138,000-77,000

= $61,000*3/8 =$22,875

Lau = $61,000*5/8 =38,125

The Capital Accounts of the remaining partners will increase because of the gain made on buying out the leaving partner.

8 0

4 years ago

Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $5,400 on January 15, 2017. On December 31, 2019, she sold all 1,000

Setler [38]

Her loss is her loss

3 0

3 years ago