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Leya [2.2K]
2 years ago
10

Total assets were $78,000 and total liabilities were $42,000 at the beginning of the year. Net income for the year was $15,500,

and dividends of $5,000 were declared and paid during the year.
Required:
Calculate total stockholders' equity at the end of the year.
Business
1 answer:
Vaselesa [24]2 years ago
6 0

Answer:

$46,500

Explanation:

Accounting equation is stated as :

Assets = Equity + Liabilities

therefore,

Equity = Assets - Liabilities

Equity at Beginning of the Period :

Equity = Assets - Liabilities

           = $78,000 - $42,000

           = $36,000

Equity at end of the Period

Closing Equity Balance = Opening Balance + Net Income - Dividends

                                       = $36,000 + $15,500 - $5,000

                                       = $46,500

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Kelly finds that her intended improvement, a veterinary clinic, is allowed by the zoning classification of her land only if she
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Answer:

D) a conditional use permit.

Explanation:

A conditional use permit is a type of permit which requires the use of the discretion of the state for approval.

In this scenario, Kelly finds that her intended improvement, a veterinary clinic, is allowed by the zoning classification of her land only if she gets specific approval for that single use. This is most likely an example of a conditional use permit.

6 0
2 years ago
The california raisin advisory board used to run ads featuring "the california raisins," a fictitious r&b musical group comp
Brilliant_brown [7]
<span>This type of advertising is called institutional advertising. Basically, this form of advertising is a method that is used to promote a brand, company, business, organization, institution, or any other type of similar entity without directly attempting to sell something. The California Raisins were simply a method of representation that was entertaining, causing people to associate them with raisins.</span>
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3 years ago
This 18th century economist coined the term "invisible hand," a metaphor representing the natural forces that drive individuals
ipn [44]
This 18th-century economist is Adam Smith who is hailed the Father of Economics. In his 1776 book  "An Inquiry Into the Nature and Causes of the Wealth of Nations" Smith argues that society benefits in a free economy in which individuals are motivated by their own self-interest which unintentionally benefits society as a whole. Smith's aim using the term moreover was to attack the mercantilist system which was prevalent during his time. 
8 0
3 years ago
Assume the following: The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods
adell [148]

Answer:

Direct material price variance= $12,500 unfavorable

Explanation:

Giving the following formula:

The standard price per pound is $2.00.

The actual quantity of materials purchased and used in production is 50,000 pounds.

The actual purchase price per pound of materials was $2.25.

<u>To calculate the direct material price (spending) variance, we need to use the following formula:</u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (2 - 2.25)*50,000

Direct material price variance= $12,500 unfavorable

6 0
3 years ago
The following units of an inventory item were available for sale during the year. Beginning inventory 10 units at $55 First purc
Sphinxa [80]

Answer:

$1,375

Explanation:

Given the information above, the Ending inventory = Units available - Units sold

Units available = 10 + 25 + 30 + 70 = 80

Units sold = 60

Ending inventory = 80 - 60

Ending inventory = 20

Cost of ending inventory under FIFO

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Therefore, the ending inventory cost using FIFO is $1,375

5 0
3 years ago
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