1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
siniylev [52]
3 years ago
7

Applying Closing Procedures Assume you are in the process of closing procedures for Echo Corporation. You have already closed al

l revenue and expense accounts to the Retained Earnings account. The total debits to Retained Earnings equal $308,800 and total credits to Retained Earnings equal $347,400. The Retained Earnings account had a credit balance of $99,000 at the start of this current year. What is the post-closing ending balance of Retained Earnings at the end of this current year
Business
1 answer:
pav-90 [236]3 years ago
7 0

Answer:

See below

Explanation:

Given the above details, post closing ending balance of retained earnings would be calculated by

= Debit balance in the retained earning + credit in the retained earnings - Credit balance in the retained earnings

= $308,800 + $99,000 - $347,400

= $60,400

You might be interested in
Carol (25 years old) studied music education in college and graduated a year ago. She currently works as a music teacher at a ye
mrs_skeptik [129]

Answer:

Carol should save $672 per month.

Explanation:

Savings is the process of setting aside some part of one's income for the sake of an emergency or for retirement purposes. The best way to budget one's income by economists is: to save at least 20 %, a maximum of 50% should be spent on necessities and the remaining 30% should go towards discretionary items. In our case Carol can budget her income as follows;

<em>Step 1: Determine annual savings</em>

S=20%×N.I

where;

where;

S=savings

N.I=net income

In our case;

S=unknown

N.I=$40300 a year

replacing;

S=(20/100)×40,300

S=(0.2×40,300)=$8,060

<em>Step 2: Determine monthly savings</em>

Monthly savings=annual savings/number of months in a year

where;

Monthly savings=unknown, to be determined

annual savings=$8,060

number of months in a year=12

replacing;

Monthly savings=(8,060/12)=$672 per month

Carol should save $672 per month.

3 0
4 years ago
A firm has three different investment options, each costing $10 million. Option A will generate $12 million in revenue at the en
vlada-n [284]
The answer is D the answer depends on the interest rate which is not mentioned so there is not enough info
6 0
3 years ago
A company has fixed costs of $270,000, a unit contribution margin of $14, and a contribution margin ratio of 55%. If the firm wa
zavuch27 [327]

Answer:

Company must make sales of $600,000.

Explanation:

Compute the contribution margin of the company:

Contribution margin=Pre−Tax Income+Fixed Cost

=$60,000+$270,000

=$330,000

Thus, the contribution margin is $330,000. It is computed by summing up the fixed cost and the pre-tax income of the company.

Compute the total sales of the company:

Contribution margin ratio=  Contribution margin  / Sales  

55%=  $330,000/ Sales

Sales=  $55%  / $330,000 ​  

=$600,000    

The sales of the company are $600,000.

4 0
3 years ago
StartUp Investors, LLC, is a limited liability company without a written operating agreement. Among the members, a dispute arise
enot [183]

<u>Answer:</u>Divide the profits equally for all the members.

<u>Explanation:</u>

The capital accounts should mention the allocation of each members profit share and the capital contribution. The ownership of the members can be identified with this contribution. The profit sharing depends on the percentage share of the members.

If there is any flexibility in the arrangement then the it has to be mentioned clearly in the agreement. In StartUp investors case there is no operating written agreement so the profits will be divided among the members equally. If this is done in knowledge of all the members then the losses will also be borne by them.

6 0
3 years ago
The Osborne Company manufactures products in two​ departments:
8090 [49]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Estimated overhead costs for the year are $ 810,000​, and estimated direct labor hours are 360,000.

The company incurred 20,000 direct labor hours.

First, we need to calculate the estimated overhead rate:

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 810,000/360,000= $2.25 per direct labor hour

Now, we can allocate overhead based on actual direct labor hours:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 2.25*20,000= $45,000

5 0
3 years ago
Other questions:
  • A company’s past experience indicates that 60% of its credit sales are collected in the month of sale, 30% in the next month, an
    15·1 answer
  • Because the !kung villages gather food collectively, they have a lot of free time, which they usually spend doing what?
    15·1 answer
  • How does coverage for a business relate to individual insurance?
    15·1 answer
  • If Bruce needs to withdraw $100 per year over the next 3 years beginning immediately, how much must he deposit today if his acco
    5·1 answer
  • "Carmen owns a 2009 Toyota Camry that has been driven 24,000 miles and, to his knowledge, has no mechanical problems. He offers
    12·2 answers
  • What is an AA? (From college)
    15·1 answer
  • Ella had been using an imported brand of shampoo for several years, but she could no longer find it anywhere. As she was conside
    12·1 answer
  • Ruby is 25 and has a good job at a biotechnology company. She currently has $9,200 in an IRA. She believes her IRA will grow at
    11·1 answer
  • People are willing to pay more for a diamond than for a bottle of water because a. the marginal benefit of an extra diamond far
    5·1 answer
  • which situation indicates a weak internal control structure? a. the mail room clerk authorizes credit memos b. the warehouse cle
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!