Answer:
Budgeted cost of goods sold = $3,150,000
Explanation:
Given:
Budgeted beginning finished goods inventory = $390,000
Budgeted production costs = $3,000,000
Budgeted ending finished goods inventory = $240,000
Find:
Budgeted cost of goods sold
Computation:
Budgeted cost of goods sold = budgeted beginning finished goods inventory + budgeted production costs - budgeted ending finished goods inventory
Budgeted cost of goods sold = $390,000 + $3,000,000 - $240,000
Budgeted cost of goods sold = $3,150,000
Brenda is not correct because the total value of her assets could be less than the liabilities.
<h3>
What are liabilities?</h3>
A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.
Liabilities on the balance sheet's right side are represented by debts like as loans, accounts payable, mortgages, deferred revenue, bonds, warranties, and accumulated costs.
Assets can be contrasted with liabilities. Assets are items you own or owe money to, whereas liabilities are debts or other obligations.
An obligation between two parties that has not yet been fulfilled or paid for is generally referred to as a liability.
Learn more about liabilities
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Answer:
Stockholders' equity at the end of the year was $110,000.
Explanation:
Beginning Balance of Stockholder's Equity = $40,000
Net Income for the year = $90,000
Dividend declared in the year = $20,000
Ending Balance of Stockholder's Equity = Beginning Balance of Stockholder's Equity + Net Income for the year -Dividend declared in the year
Ending Balance of Stockholder's Equity = $40,000 + $90,000 - $20,000
Ending Balance of Stockholder's Equity = $110,000
Answer:
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