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Gennadij [26K]
4 years ago
5

The accountant for Huckleberry Company is preparing the company's statement of cash flows for the fiscal year just ended. The fo

llowing information is available:
Retained earnings balance at the beginning of the year $151,000
Cash dividends declared for the year $46,000
Net income for the year $92,000
What is the ending balance for retained earnings?
Business
1 answer:
Basile [38]4 years ago
8 0

Answer:

$197,000

Explanation:

We know that

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

= $151,000 + $92,000 - $46,000

= $197,000

We simply added the net income and subtract the dividend sum to the starting balance of the retained earnings account so that the precise value will arrive.

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York Casting Services started the year with total assets of $110,000 and total liabilities of $50,000. The revenues and the expe
Wittaler [7]

Answer:

Net income:                             $

Revenue                             140,000

Expenses                            (50,000)

Dividend paid                    <u> (70,000)</u>

Net income                        <u> </u><u>20,000</u><u>   </u>      

Net income is the amount of increase in stockholders' equity.                                                          

Explanation:

Net income is the excess of revenue over expenses and dividend. A positive net income increases the stockholders' equity. Common                                                                                                                                                      stockholders are legal owners of a company, thus, any income not distributed as dividend increases their equity.                                                            

6 0
3 years ago
Kleister Company issues bonds for $100 million and repays a long-term notes payable of $10 million. The company also repurchases
solong [7]

Answer:

TRUE

Explanation:

Kleister Company:

1. Issues bonds for $100 million - INFLOW

2. Repays a long-term notes payable of $10 million. - OUTFLOW

3. The company also repurchases its own shares for $12 million - OUTFLOW

4. Issues stock dividends with a market value of $5 million. - NOT A CASH FLOW

It is therefore true that Net cash flow from financing activities will be: $78 million [100 million - 10 million - 12 million] since the dividends are stock dividends not cash dividends

4 0
3 years ago
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning
spayn [35]

Answer and Explanation:

The computation is shown below

1. The adjusted balance in the retained earning is shown below:

= beginning balance of retained earning + adjusted net income

where,

beginning balance of retained earning is $860,000

And, the adjusted net income is

= $68,000 × (1 - 0.35)

= $44,200

So, the adjusted balance in the retained earning is

= $860,000 + $44,200

= $904,200

2. Now the journal entry is

Inventory $68,000

      To Retained earning $44,200

      To Tax payable $23,800   ($68,000  × 35%)

(Being the adjustment of ending inventory is recorded)

It increased the inventory and along with it it also increased the equity and liabilities so the respective account is debited and credited

6 0
3 years ago
The level at which individual is viewed by Society is called​
tatiyna

Answer:

The level at which an individual is viewed by society is called Social Status. ... It is the measure of worth or the position that the 'person holds in society'.

Explanation:

I hope this helps and pls mark me brainliest :)

5 0
3 years ago
Match the steps for conducting an informational interview with the task involved in each step or its purpose.
notsponge [240]

Explanation:

Informational interview is a bit different interview than a conventional interview. In this interview, a person seeks information from the interviewer. For example if you wish to take an interview of a scientist, you are actually seeking information from him.

In this question, the steps for conducting an informational interview match the following tasks:

1) Research your chosen career field.

a) Learn more about the company that interests you.

2) Identify someone to interview.

b) Make contact through email, a phone call, or mail to arrange the meeting.

3)Prepare for the interview

c) Choose a conservative, professional ensemble to wear

4) Conduct the informational interview

d) Encourage the interviewer to do most of the talking while you take notes

5) Follow up with your interviewer

e) Write a handwritten thank you letter to express that you want to say in touch.

6 0
4 years ago
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