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3 years ago

Statement of stockholders’ equity

Business

1 answer:

Alex Ar [27]3 years ago

3 0

Answer:

Paradise Travel Service

Statement of Stockholders' Equity:

Common Stock, June 1, 20Y5 $60,000

Issued Common stock 40,000

Retained earnings $425,000

Total equity $525,000

Explanation:

a) Data and Calculations:

Income Statement:

Fees earned $900,000

Office expense 300,000

Miscellaneous expense 15,000

Wages expense 450,000 765,000

Net income $135,000

Retained Earnings Statement:

Retained earnings, June 1, 20Y5 $300,000

Net income 135,000

Dividends (10,000)

Retained earnings, May 31, 20Y6 $425,000

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8.Kline and Salomon form the KS Partnership as 50/50 partners. Kline contributes equipment that has a fair market value of $60,0

mojhsa [17]

Answer: $40,000

Explanation:

Kline brings in equipment that is worth $60,000 but has a basis of $45,000.

The equipment however is subject to a loan of $10,000.

This loan will have to be deducted from the basis. The partnership however is assuming the loan and Kline is only 50% liable in the partnership so Kline's basis will only be affected by half of the loan.

Basis = 45,000 - 5,000

= $40,000

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Lamp Corp. manufactures wooden desks. Production consists of three processes: cutting, assembly, and finishing. The following co

Liono4ka [1.6K]

Answer:

See the journal entry be;ow.

Explanation:

Given:

Cutting Assembly Finishing

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Details Debit ($) Credit ($)

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3 years ago

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#4.
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3 years ago

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Principles of law that reflect the customs and usages of society and are found in judicial decisions are called:_____

grandymaker [24]

Answer:

The correct answer is letter "C": common law.

Explanation:

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3 years ago