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
gulaghasi [49]
2 years ago
9

Which of the following statements is the most correct?

Business
1 answer:
bearhunter [10]2 years ago
8 0

Answer:

A

Explanation:

i think it has been explain according to the option

You might be interested in
Tiptoe shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during the current year. The
Natalka [10]

<u>Calculation of ending retained earnings balance after closing:</u>

The balance in ending retained earnings after closing can be calculated as follows:

Balance in retained earnings account before closing $297,000

Add: Revenues $185,000

Less: Expenses $103,700

Less: Dividends $18,000

Ending retained earnings balance after closing = $360,300

Hence, The balance in ending retained earnings after closing is <u>$360,300</u>






4 0
3 years ago
Read 2 more answers
Compute net income for 2019 by comparing total equity amounts for these two years and using the following information: During 20
satela [25.4K]

Answer:

net income during 2019 = $109,045

Explanation:

total stockholder equity 2018 = assets - liabilities = $293,500 - $79,245 = $214,255

total stockholder equity 2019 = assets - liabilities = $497,512 - $177,212 = $320,300

change in equity from 2018 to 2019 = $106,045

$33,000 can be explained by additional capital invested, and the remaining  $73,045 corresponds to change in retained earnings

change in retained earnings = net income - dividends distributed

$73,045 = net income - $36,000

net income = $109,045

7 0
3 years ago
Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into ya
Schach [20]

Answer:

Port Ormond Carpet Company

1. Journal Entries:

Jan. 1:

Debit Materials $82,000

Credit Accounts payable $82,000

To record the purchase of materials on account.

Jan. 2:

Debit Work-in-Process - Spinning $42,600

Credit Materials $42,600

To record the materials requisitioned.

Jan. 2:

Debit Work-in-Process -Tufting $34,700

Credit Materials $34,700

To record carpet backing

Jan. 2:

Debit Overhead - Spinning $3,300

Debit Overhead - Tufting $2,900

Credit Materials $6,200

To record indirect materials used.

Jan. 31:

Debit Work-in-Process - Spinning $26,300

Debit Work-in-Process - Tufting $17,200

Credit Factory labor $43,500

To record direct labor costs.

Jan. 31:

Debit Overhead - Spinning $12,500

Debit Overhead - Tufting $11,900

Credit Factory labor $24,400

To record indirect labor costs.

Jan. 31:

Debit Overhead - Spinning $5,300

Debit Overhead - Tufting $3,100

Credit Factory Depreciation $8,400

To record depreciation costs.

Jan. 31:

Debit Overhead - Spinning $1,000

Debit Overhead - Tufting $800

Credit Factory Insurance $1,800

To record insurance costs.

Jan. 31:

Debit Work-in-Process - Spinning $22,400

Debit Work-in-Process - Tufting $18,250

Credit Factory Overhead $40,650

To record overhead costs applied.

Jan. 31:

Debit Work-in-Process - Tufting $90,000

Credit Work-in-Process - Spinning $90,000

To record the transfer to Tufting department.

Debit Finished Goods Inventory $153,200

Credit Work-in-Process- Tufting $153,200

To record the transfer to Finished Goods.

Jan. 31:

Debit Cost of Goods Sold $158,000

Credit Finished Goods $158,000

To record the cost of goods sold.

2. January 31 balances of the inventory accounts:

Finished Goods = $3,500

Work-in-Process - Spinning = $3,300

Work-in-Process - Tufting = $9,550

Materials = $600

3. Factory Overhead Accounts- Spinning:

Account Titles                   Debit      Credit

Jan. 31 Materials (Indirect)  3,300

Indirect labor                     12,500

Depreciation exp.               5,300

Factory insurance               1,000

Applied overhead                         22,400

Overapplied overhead         300

Factory Overhead Accounts- Tufting:

Account Titles                   Debit      Credit

Materials (Indirect)          $2,900

Indirect labor                    11,900

Depreciation expenses    3,100

Insurance expense             800

Applied overhead  -WIP-Tufting       18,250

Underapplied overhead                       450

Explanation:

a) Data and Calculations:

January 1 Inventories:

Finished Goods = $3,500

Work in Process- Spinning = $2,000

Work in Process - Tufting = $2,600

Materials = $4,800

Finished Goods

Account Titles                      Debit      Credit

Beginning balance             $8,300

Work-in-Process-Tufting  153,200

Cost of Goods Sold                          $158,000

Ending balance                                      3,500

Work-in-Process - Spinning

Account Titles                   Debit      Credit

Beginning balance        $2,000

Materials                        42,600

Direct labor                    26,300

Applied overhead         22,400

Work-in-Process -Tufting        $90,000

Ending balance                            3,300        

Work-in-Process - Tufting

Account Titles                   Debit      Credit

Beginning balance        $2,600

Carpet backing              34,700

Direct labor                     17,200

 Applied overhead          18,250

WIP- Spinning               90,000

Finished Goods                        $153,200

Ending balance                              9,550

 

Cost of Goods Sold

Finished Goods    $158,000

Materials

Account Titles                   Debit       Credit

Beginning balance          $4,800

Accounts payable           82,000

Work-in-Process - Spinning            $42,600

Work-in-Process - Tufting                 37,400

Manufacturing overhead- Spinning   3,300

Manufacturing overhead- Tufting     2,900

Ending balance                                     600

8 0
2 years ago
If a driver with an insurance policy drives infrequently, it can
e-lub [12.9K]

Answer: lower cost

Explanation:

An insurance policy is a contract between an insurance company and a policyholder, which helps the policyholder to be able to make claims when there's an accident or death in case of life insurance.

In the above scenario in the question, if a driver with an insurance policy drives infrequently, it can lower costs.

Therefore, the correct option is B.

3 0
3 years ago
Read 2 more answers
What is a tax bracket?​
Rom4ik [11]

Answer:

a tax bracket refers to a range of income subject to a certain income tax rate.

Explanation:

so basically it's just a range of income taxed at a given rate

8 0
3 years ago
Other questions:
  • When a ceo opened the nationwide sales force meeting with a crude sexually explicit joke it was an example of ____?
    9·1 answer
  • Speedy Delivery Company purchases a delivery van for $43,200. Speedy estimates that at the end of its four-year service life, th
    12·1 answer
  • Identify needed skills of employees and managers. Compare the use of ethnocentric, polycentric, and geocentric approaches to sta
    13·1 answer
  • A ____ consist of the actions a person is expected to perform in a group.
    9·1 answer
  • Junk bonds are high-risk, high-yield debt instruments. They are often used to finance leveraged buyouts and mergers, and to prov
    12·1 answer
  • A company is considering two projects. Project I Project II Initial investment $120,000 $120,000 Cash inflow Year 1 $40,000 $20,
    12·1 answer
  • Suppose that in Milford, Connecticut, owners of used cars that are lemons value their cars at $2,500, and owners of used cars th
    11·1 answer
  • From 1990 to 2000, calculate the percentage change in Instructions: Enter your responses rounded to one decimal place. If you ar
    14·1 answer
  • At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows.
    5·1 answer
  • If the economy's real GDP doubles in 9 years, we can rev: 05_30_2018 Multiple Choice not say anything about the average annual r
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!