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
GarryVolchara [31]
3 years ago
9

Skysong Corporation has retained earnings of $691,300 at January 1, 2020. Net income during 2020 was $1,552,100, and cash divide

nds declared and paid during 2020 totaled $82,000. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,390 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)
Business
1 answer:
just olya [345]3 years ago
4 0

Answer:

                               Skysong Corporation

                       Statement of Retained Earnings

Retained earnings balance January 1, 2020               $691,300

Add:

Adjustments to 2019 Income Statement                       $88,390

Net profits 2020                                                          $1,552,100

Less:

<u>Dividends declared and distributed                            ($82,000) </u>

Retained earnings balance December 31, 2020      $2,249,790

Since the land purchase was recorded as maintenance expense by error, the 2019 income statement must be adjusted by adding that amount.

You might be interested in
A company began developing computer software to be sold as a separate product on January 1, year 1. During the planning, coding,
svetlana [45]

Answer:

The sofware-relate cost to capitalized will be 1,300,000

Explanation:

<u>The cost than a business can capitalize will stop once the testing phase is complete.</u>

The production cost, are cost of the period. It will not be capitalize through intangible asset software.

<u>Post-implementation.</u> The cost after the implementation of the software will be treated as expenses. The 275,000 maintenance and customer support will not be capitalized. It will be treated as expense

<u></u>

The software amount will be 1,300,000 which is the value of the cost incurred in the testing phases

7 0
3 years ago
We observe both the price and quantity sold of ketchup falls over time. assuming all else stayed the same, this is due to:
kolezko [41]
The reason behind the falling of price and quantity of ketchup sold is that the cost of mustard seeds decreases as mustard is a substitute of ketchup and for the input mustard seeds are produced. So, if the price of mustard seed decreases, the price of ketchup also decreases.
4 0
3 years ago
Golf outings, meals, entertainment, and vehicles have been used in lieu of cash to pay purchasing agents in exchange for busines
Nadya [2.5K]

The type of payment where golf outings, meals, entertainment, and vehicles have been used in lieu of cash to pay purchasing agents in exchange for business deals is called bribery.

<h3>What is bribery?</h3>

This is when money or gift is used to influence an action or decision. The aim to make someone perform an action which is against the laid down procedure.

Hence, the type of payment where golf outings, meals, entertainment, and vehicles have been used in lieu of cash to pay purchasing agents in exchange for business deals is called bribery.

Learn more about bribery here: brainly.com/question/20364202

#SPJ1

4 0
2 years ago
From tax returns, the Internal Revenue Service (IRS) has information concerning Elizabeth Jones. Generally, the IRS may not divu
RSB [31]
B false was not giving written consent on Elizabeth had not
7 0
3 years ago
A company makes very specialized bicycles on a low volume basis. All bicycles are made to order, the customer requirements are v
telo118 [61]

Answer:

This question is incomplete. The multiple choice options are missing.

The options are the following:

A - process-focused process

B - modular process

C - repetitive process

D - mass customization process

E - product-focused process

And the correct answer is the option A: Process-focused process.

Explanation:

To begin with, the concept known as <em>''process-focused process''</em> in the field of management refers to the production process that focus mainly in the uniqueness of the product in order to facilitate low-volume high-variety productions. Moreover, the main reason of using this type of process is to focus on the production of an unique item that must goes from one department to another to make it perfectly designed as ordered, therefore that this process is also called as ''job shop''.

8 0
3 years ago
Read 2 more answers
Other questions:
  • Consider a portfolio consisting of only Duke Energy and Microsoft. The percentage of your investment (portfolio weight) that you
    10·1 answer
  • Capacity is:_______
    15·1 answer
  • Producers will make 4000 refrigerators available when the unit price is $390. at a unit price of $430, 8000 refrigerators will b
    9·1 answer
  • A client is admitted to an acute care facility after an episode of status epilepticus. After the client is stabilized, which fac
    8·1 answer
  • Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common
    11·1 answer
  • Key differences exist when an integrated Enterprise Resource Planning system (ERP) replaces an existing AIS or legacy system. Fo
    11·1 answer
  • Rob is a business analyst who argues that investing makes more profit when the inflation rate is high. He points to the high ret
    8·1 answer
  • g When a court awards custody of a child to one parent and not the other, this is an example of: Group of answer choices all of
    10·1 answer
  • When Zappos focused on aligning and maximizing customer service, distribution, product selection, and other key areas, they were
    7·1 answer
  • If 50 units are sold at a price of $20 and 80 units are sold at a price of $15, what is the absolute value of the price elastici
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!