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shutvik [7]
2 years ago
7

Given that Jacob's Chocolates Company had beginning retained earnings of $4,000; net income during the period of $10,000; and di

vidends of $300 calculate the ending balance in the retained earnings account.
a. $14,300
b. $6,300
c. $13,700
Business
1 answer:
natta225 [31]2 years ago
5 0

Answer:

C. $13,700

Explanation:

Given that;

Beginning retained earnings = $4,000

Net income during the period = $10,000

Dividends = $300

Computation of Ending balance in the retained earnings account

= Beginning retained earnings + Net income during the period - Dividends

= $4,000 + $10,000 - $300

= $13,700

Therefore, the ending balance in the retained earnings account is $13,700

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Masteriza [31]

Answer:

a. $2,870, $1,330

b. $5,530, $70

Explanation:

The amount of profit earned is the difference between the total sales and the total cost. The total sales is the product of the selling price per shirt and the number of shirts sold while the total cost is the product of the number of shirts ordered and the cost per shirt.

Opportunity cost is the cost or worth of the alternative foregone.

Profit earned

= 600 * $14 - 790 * $7

= $2,870

Cost of waste due to excess inventory

= $7(790 - 600)

= $1,330

If the school receives actual sales orders for 800 shirts, the amount of profit the school will earn

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= $5,530 ( the number of units sold cannot be more than the number ordered).

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= $70

6 0
3 years ago
States use different types of trade strategies to try to improve economic outcomes, some are more "classic liberal," believing t
Alina [70]

Answer:

The correct answer is:

1 - Singapore

2 - Chile

3 - Ireland

4 - USA

5 - China

Explanation:

An open economy is one that carries out commercial interaction with the outside world. In other words, it buys and sells goods, services or financial assets with the rest of the world economies.

With the consolidation of international trade in recent decades and the phenomenon of globalization, this concept has reached its maximum expression, with economies more exposed to import and export as the basis of its economic model and with greater weight in its GDP. In this sense, it could be said that a closed economy is something currently utopian, since no country currently strictly complies with its theoretical requirements.

The most common procedure to open an economy is the assumption of trade agreements between countries, which regulate and control the entry and exit of goods and services, creating trade routes that can be expanded later in terms of economic integration.

3 0
3 years ago
Macro Marketing, Inc., and National Food Corporation (NFC) discuss the terms of a contract. Macro then faxes NFC a memo on Macro
BlackZzzverrR [31]

Answer: Statute of Frauds

Explanation:

The statute of frauds is a legal concept whereby it is required that certain forms of contracts have to be executed in writing. In this case, when there is a breach of the contract by one of the parties that are involved, then a the defendant can raise the statute of fraud as a defense.

In the question, we are told that Macro Marketing, Inc., and National Food Corporation (NFC) discuss the terms of a contract. Macro then faxes NFC a memo on Macro's letterhead that summarizes the items on which they agreed, including a two-year term. Then, Macro begins to perform, but NFC refuses to pay. Macro then files a suit to collect but NFC claims that there is no contract. It should be noted that the transaction between Macro and NFC falls within the statute of fraud

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3 years ago
To distinguish those combinations of goods and services that are affordable from those that are​ not, households need informatio
tester [92]

Answer:

The answer is A, household income, wealth and product price.

Explanation:

This simply indicates that to be able to identify the combination of goods and services that are affordable from those that are not, the current household income should be considered, the wealth of the household which refers to the current amount of money in the household account and the price of the product.

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3 years ago
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andreyandreev [35.5K]
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