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Crank
2 years ago
15

A company had a beginning balance in retained earnings of $430,000. It had net income of $60,000 and declared and paid cash divi

dends of $56,250 in the current period. The ending balance in retained earnings equals:_____.
a. $426,250.
b. $433,750.
c. $490,000.
d. $546,250.
e. $116,250.
Business
1 answer:
ella [17]2 years ago
4 0

Answer:

b. $433,750

Explanation:

The ending balance in retained earnings can be calculated as;

= Beginning balance + Net income - Cash dividends

Given that;

Beginning balance = $430,000

Net income = $60,000

Cash dividends = $56,250

= $430,000 + $60,000 - $56,250

= $433,750

Therefore, the ending balance in retained earnings is $433,750

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An e-mail message from a manager to an employee that reads "please stop by my office at your convenience" is likely to be percei
Daniel [21]

Answer:

intensity

Explanation:

4 0
3 years ago
Read 2 more answers
53. [LO 11.4] At the beginning of year 1, Lisa and Marie were equal shareholders in LM Corporation, an S corporation. On April 3
Y_Kistochka [10]

Answer:

• Lisa $16,611

• Marie $15,070

• Shelley $8,391

• George $9,933

Explanation:

Daily allocation of $50,000 net reported net income

= $50,000/365

= $137 per day

• Income allocated to Lisa would be ;

Since Lisa and Marie are equal shareholders; meaning both would have 50% stake each in the business. Moreover, since Lisa sold half of her stake I.e 50% ÷ 2 = 25% to Shelley, her share would be;

(50% × 120 × 137) + (25% × 245 × 137) = $16,611

° Note Jan 1 to April 30 is 120 days, while the balance is 365 days - 120 days hence 245 days

• Income allocated to Marie would be;

Since Marie have 50% stake in the business and also sold her entire interest to George, her share will be;

50% × 220 × 137 = $15,070

°Note Jan 1 to August 8 is 220 days

• Income allocated to Shelley would be;

Since Shelly bought 25% out of the 50% stake that Lisa have in the business, her share will be;

25% × 245 × 137 = $8,391

°Note 245 days will be applied to Shelly's share which represent the number of days she purchased part of Lisa's interest in the business. I.e. 365 days - 120 days = 245 days

• Income allocated to George would be;

Since George purchased the whole 50% of Marie's stake in the business, his share of profit will be;

50% × 145 × 137 = $9,933

° Note 145 days will also be applied to George which represent the balance of days with which he purchased Marie's whole stake in the business. I.e 365 days - 220 days = 145 days

4 0
2 years ago
On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesale
ohaa [14]

Answer and Explanation:

A. The preparation of the multiple income statement is presented below:

                              Prestige Furnishings Company

                              Multiple-step income statement

                       For the year ended October 31, 2016

Sales                                   $6,144,850

Less: Cost of goods sold -$3,925,500

Gross profit                        $2,219,350

Less: Operating expenses

Administrative expenses    -$515,750

Selling expenses                 -$732,500

Supplies expenses              -$92,700

Total operating expenses   -$1340,950

Operating income                $878,400

Non operating income or others

Less: Interest expense         -$9,950

Net income                           $868,450

B. The major advantage is that the multiple-step income statement reflects the relationship between the gross profit ratio i.e gross profit to sales that  expressed in a percentage form and it also depicts the multiple levels indicating the operating expenses, operating income, non operating income, etc

6 0
3 years ago
Game theory is necessary to understand which kinds of markets? (i) perfectly competitive (ii) monopolistically competitive (iii)
Karo-lina-s [1.5K]
Competitive markets is the answer
3 0
2 years ago
suppose consumers' disposable income increased by $341 billion and their spending increased by $299 billion. what was the mpc?
Digiron [165]

According to the question, consumers' disposable income increased by $341 billion and their spending increased by $299 billion. The MPC was 0.877.

<h3>What do you mean by the MPC?</h3>

The percentage of an overall salary increase that a customer spends on purchasing goods and services rather than saving is known as the marginal propensity to consume (MPC) in economics.

Keynesian macroeconomic theory includes a concept known as marginal propensity to consume, which is determined as the change in consumption divided by the change in income.

Here,

Income increased = $ 341

Spending increased = $ 299

MPC = 299/341

MPC = 0.877

Therefore, consumers' disposable income increased by $341 billion and their spending increased by $299 billion. The MPC was 0.877.

To know more about the MPC, visit:

brainly.com/question/29645795

#SPJ1

6 0
1 year ago
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