Whether to pay a lawmaker for giving a speech at your company is an ethical

On January 1, Gucci Brothers Inc. started the year with a $705,000 balance in Retained Earnings and a $608,000 balance in common

gtnhenbr [62]

Answer:

Stockholder Equity= $1,414,400

Explanation:

Stockholder Equity is the owners contribution to a business and it is made up of retained earnings and stock.

Stockholder Equity = Common stock + Retained Earnings

Let's track changes in common stock

Common stock= Starting balance + New stocks issued

Common stock= 608,000 + 22,500

Common stock= $630,500

Changes in retained earnings

Retained earnings= Starting balance + Income earned - Dividend paid out

Retained earnings= 705,000 + 93,000- 14,100

Retained earnings= $783,900

Therefore

Stockholder Equity= 630,500+ 783,900

Stockholder Equity= $1,414,400

7 0

3 years ago

Outdoor Expo provides guided fishing tours. The company charges $300 per person but offers a 20% discount to parties of four or

Simora [160]

Answer:

May 2 No entry is required as the transaction is yet to happen

May 7 DR Accounts Receivable $1,200

CR Tour Revenue $1,200

May 9 DR No entry required

May 15 DR Sales Allowance (1,200 * 30%) $360

CR Accounts Receivable $360

May 20 DR Cash $789.60

DR Sales Discount $50.40

CR Accounts Receivable $840

Working

Accounts Receivable = 1,200 - 360 sales allowance = $840

Sales Discount = 840 * 6% discount = $50.40

Cash = 840 - 50.40 = $789.60

b. Net Revenues

= Revenue - Sales allowance - Sales discount

= 1,200 - 360 - 50.40

= $789,60

c. Partial Income Statement

Tour Revenues $1,200

Less:

Sales Allowance $360

Sales Discount <u> $50.60 </u>

Net Tour Revenue $789.40

8 0

4 years ago

In _____, many firms compete by selling differentiated products.

nata0808 [166]

The correct answer is monopolistic competition

5 0

3 years ago

Five firms are currently producing and selling in a market. When two more firms enter the market, economists expect that the equ

Vilka [71]

Answer:

Decrease, Increase

Explanation:

Equilibrium price is that price in the market, where the quantity of the goods supplied or the service offered is equal to the quantity of the goods demanded. At this point the supply as well as the demand curves in the market intersect.

So, when 2 firms will be entering the market, the economist expect that the equilibrium price will decrease or fall and fall in the price leads to increase in the quantity, so the equilibrium quantity will increase.

7 0

3 years ago

On September 12, Vander Company sold merchandise in the amount of $4,600 to Jepson Company, with credit terms of 2/10, n/30. The

Hitman42 [59]

Answer:

Dr Cash 4,116

Dr Sales discounts 84

Cr Accounts receivable 4,200

Explanation:

Vander Company Journal entry

Dr Cash 4,116

(4,200-82)

Dr Sales discounts 84

Cr Accounts receivable 4,200

Calculation of Sales discounts

4,200*2%

=84

Merchandise

(4,600-400)

=4,200

4 0

4 years ago