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pashok25 [27]
3 years ago
11

At the beginning of 2021, Artichoke Academy reported a balance in common stock of $154,000 and a balance in retained earnings of

$54,000. During the year, the company issued additional shares of stock for $44,000, earned net income of $34,000, and paid dividends of $10,400. In addition, the company reported balances for the following assets and liabilities on December 31.
Assets Liabilities
Cash $52,600 Accounts payable $9,100
Supplies 13,400 Utilities payable 2,400
Prepaid rent 24,000 Salaries payable 3,500
Land 200,000 Notes payable 15,000

Required:
Prepare a statement of stockholders’ equity. Prepare a balance sheet.
Business
1 answer:
professor190 [17]3 years ago
4 0

Answer and Explanation:

The preparation of the statement of the stockholder equity and balance sheet would be shown in the attachment below:

The formulas for ending retained earning balance and stockholder equity  is

Ending retained earnings = Opening retained earnings + net income - dividend paid

And, the ending equity is

= Opening equity + additional shares

The same would be shown in the attachment

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Bailey Company incurred the following costs in manufacturing desk calculators: Direct materials $18 Indirect materials (variable
Romashka-Z-Leto [24]

Answer:

$84

Explanation:

Calculation to determine the inventory cost per unit using absorption costing

Direct materials $18

Indirect materials (variable) $3

Direct labor $9

Indirect labor (variable) $7

Other variable factory overhead $13

Fixed factory overhead $34

Inventory cost per unit $84

($18 + $3 + $9 + $7 + $13 + $34 = $84

Therefore the inventory cost per unit using absorption costing is $84

3 0
3 years ago
The marketing director for Zap Games, a video game company, has informed his employees that he feels the company needs to improv
guapka [62]

Answer:

The correct answer is task.

Explanation:

The work environment is one of the most important elements for the proper functioning and growth of an organization. A positive work environment contributes to greater productivity and employee engagement. For this reason, it is extremely important that the work environment is adequate, pleasant and stimulating to achieve a motivated team of high productivity.

It is indisputable that the work environment is a key factor in work relationships, however, it is difficult to define it and to specify the characteristics that determine it. From the employee's point of view, the work environment is the set of conditions that contributes to achieving satisfaction in the workplace. From the perspective of the company, it can be defined as the sum of elements that influence the organizational climate, productivity and good performance of employees.

5 0
3 years ago
On January 1, The Long Island Crystal Company (LICC) issued 500,000 shares at $27.15 per share. (Issued means they are actually
zhenek [66]

Answer:

$0.00

Explanation:

LICC company issued the share and gave them to the officer, ABLE. During the same year, the condition on the stock is met to sell them, and ABLE exercises this option. LICC custody of the stock ends when the condition is met and ABLE can sell the shares.

These stocks belong to ABLE and selling these shares will impact their income tax, not the company. ABLE is a different tax-subject than LICC. Thus, LICC income taxes do not absorb the gain on sale in this transaction.

4 0
3 years ago
Aurillo Equipment Company (AEC) projected that its ROE for next year would be just 6
Drupady [299]

Answer:

Aurillo Equipment Company (AEC)

If AEC refinances its high interest bonds, its projected new ROE will be:

= 15.6%

Explanation:

a) Data and Calculations:

Total debt = $200,000

Debt ratio = 80%

Total assets = $250,000 ($200,000/80%)

Equity = $50,000 ($250,000 - $200,000)

Old interest rate on old debt = 14%

New interest rate on refinanced debt = 10%

Total interest = $20,000 ($200,000 * 10%)

Sales revenue = $300,000

EBIT =        $33,000

Interest       20,000

Before tax $13,000

Tax =             5,200 (40% of $13,000)

Net income $7,800

ROE = Net income/Equity * 100

= ($7,800/$50,000 * 100)

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8 0
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What caused consumer prices to rise following the war? . a.low demand and a surplus of produced goods . b.low demand and a short
katrin [286]
High demand and a shortage of produced goods
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3 years ago
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