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ycow [4]
3 years ago
15

Pilet Pte Ltd balance sheet reflected assets of 10,000, liabilities of 5,000 and share capital of 2,000 as of December 31,2009.

If retained earnings on December 31, 2010 balance sheet is 8,000 and Pilet paid a 2,000 dividend during 2010, then the amount of net income in 2010 would be
(a) $1,000
(b) $7,000
(c) $5,000
(d) None of the above
Business
1 answer:
stellarik [79]3 years ago
8 0

Answer:

(b) $7,000

Explanation:

retained earnings December 31, 2009 = $10,000 - $5,000 - $2,000 = $3,000

retained earnings December 31, 2010 = $8,000

dividends distributed during 2010 = $2,000

net income = ending retained earnings + dividends - beginning retained earnings = $8,000 + $2,000 - $3,000 = $7,000

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Recognizing something as a revenue instead of as a liability has a positive effect on the reported financial statements because:
Pani-rosa [81]

Revenue and liability has influence on reported financial statements because;

  • it understates liabilities
  • it overstates revenues

<h3>What is revenue and liability?</h3>

Revenue serves as the money that is been generated by the company as a profit while a liability serves as future sacrifices of economic benefits.

However, recognizing something as revenue instead of liability is dangerous because it can results in overstated net income.

Learn more about revenue at;

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4 0
2 years ago
A purely domestic firm that sources and sells only domestically, Multiple Choice should never hedge since this could actually in
Oksana_A [137]

Answer:

faces exchange rate risk to the extent that it has international competitors in the domestic market.

Explanation:

Exchange rate risk is defined as the risk that exists when a company engaged in transactions that are denominated in a foreign currency rather than the domestic currency.

So if a purely domestic firm that sources and sells only domestically has international competitors in its local market, and the exchange rate is favouring the competitors there will be a risk for them.

For example if international competitors can source raw materials cheaper because of the exchange rate of a foreign country, it will be a disadvantage to local firms that cannot reduce their prices.

5 0
3 years ago
The 2016 balance sheet of Whole Foods Market reports operating assets of $5,489 million, operating liabilities of $2,066 million
frosja888 [35]

Answer:

Correct option is E.

Explanation:

There is not enough information to calculate the amount.

Net operating asset= Operating Assets  - Operating Liabilities

=$5489 Million - $2066 Million

=$3423 Million

Hence Average net operating assets can't be calculated by given information.

8 0
3 years ago
Curtis williams is 69 years old. His wife, mary williams, is 67 years old. Curtis and mary plan to file a joint return. Mary is
kirill115 [55]

Curtis Williams is 69 years old. His wife, Mary Williams, is 67 years old. Curtis and Mary plan to file a joint return. Mary is legally blind. IRS provides high standard deduction to married couples who have age of 65 or above and blind or one of the partner is legally blind.

IRS states that if filling for joint return is done by married taxpayers in the year 2022 then normal standard deduction is $25,900. In this case Curtis and Mary both are over the age of 65 and Mary is blind too then as per IRS guidelines they will get $1,400 deduction per person for being above 65 plus Mary will get additional $1,400 deduction for being legally blind.

$25,900 + $1,400 + $1,400 + $1,400 = $30,100

Hence, Curtis and Mary's standard deduction is $30,100.

Read more about standard deduction on brainly:-

brainly.com/question/3158031

#SPJ4

3 0
2 years ago
Rider Company is in the process of preparing it closing entries. It first closes its revenue accounts by crediting the Income Su
Ksivusya [100]

Answer:

B. Debit Income summary                  Debit              $ 23,000

   Retained Earnings                           Credit                                $ 23,000

Explanation:

The closing entries are recorded to close the current year's income statement  to the retained earnings account,

According to the data in the question, the revenue is closed to the credit of the income Summary  of $ 68,000 and the expenses are closed to the debit of the Income Summary of $ 45,000. This leaves a credit balance of $ 23,000 in the income summary account which is closed by debiting the income summary account and crediting the retained earnings account.

Since the revenue exceeded the expenses, the result ia  a profir which should increase the retained earnings account, which would be the case by a credit to the retained earnings account.

7 0
3 years ago
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