Answer:
$2,744
Explanation:
The computation of the interest amount is shown below:
= Face value of promissory note × rate of interest × number of days ÷ total number of days in a year
= $75,000 × 15% × 90 days ÷ 365 days
= $2,744
By multiplying the face value with the rate of interest and the number of days we can find out the interest expense and the same is shown above
Answer:
Amos Company
Statement of retained earning
as on December 31, 2017
Retained Earning December 31, 2016 $859,000
Add: Net Income for 2018 $223,000
Dividend -$29,000
Prior years error adjustment <u>-$37,600 </u>
Retained Earning December 31 <u> $1,015,400</u>
Explanation:
Retained Earning is an equity account and its balance is credit in nature. It is the accumulated balance of all the prior year's income / losses after paying all the dividend. This balance can be used for the dividend payment or reinvestment in the business.
Omission of depreciation expense understated the expenses for the year and overstated the profit of 2015, which ultimately overstated the retained earning value. we need to adjust this error in retained earning balance because it is adjustment of an prior year error, it will not be included in the current years net income calculations. It already netted off so we just simply adjust it in the retained earning with the value of $37,600.
Answer:
Option "A" is the correct answer to the following statement.
Explanation:
Homework teaches people how to organize things, prepare ahead and break complicated tasks into small, more achievable. Homework provides another opportunity to review course material. With homework, students are interested in looking for tricks and tips that improve them to become more productive and competent.
In this situation,San wants to get good marks, so he also does his homework regularly.
Answer:
45%
Explanation:
Contribution margin ratio = Contribution margin / Sales
Where;
Contribution margin = Sales - Variable cost
= $820,000 - $451,000(55% of sales)
= $369,000
Contribution margin ratio = $369,000 / $820,000 × 100
= 45%