Which of the following is an example of a

The right side of the balance sheet shows the firm's liabilities and stockholders' equity. Which of the following best describes

Leokris [45]

Answer:

1. Equity is the difference between the company's assets and liabilities.

2. D. $83

Explanation:

Req. A

We know,

The accounting equation is

Total asset = total liabilities + total stockholders' equity

Therefore, total asset - total liabilities = total stockholders' equity

So, we can say that equity is the difference between the company's assets and liabilities. However, equity cannot be claimed before the liabilities. Therefore, the option "A" is the correct answer.

Req. B

Now Inc.

Statement of retained earnings

For the year ended, December 31, 20XX

Beginning retained earnings (Last year) $527

Add: Net Income (Current year) 176

Less: Dividend (Balancing) <u> </u><u>(83)</u>

Ending retained earning (Current year) $620

Calculation: $(527 + 176 - 620) = $83

Therefore, the option "D" is the correct answer.

3 0

3 years ago

Paul White was assigned to a senior employee responsible for instructing new computer programmers. Because of this senior employ

VladimirAG [237]

Answer:

On the job

Explanation:

Paul has experienced ‘On the job’ training; the employees can gain proficiency with the skills that are required to be performed in the real work conditions and furthermore gets familiar with the workplace. Likewise, the organisation does not have to pay extra cost of setting up a study hall arrangement for granting preparing to the workers; they acquire training on the job.

5 0

3 years ago

ABC systems ________. Multiple Choice will allocate costs based on the overall level of activity highlight the different levels

lozanna [386]

Answer: highlight the different level of activities

Explanation:

Activity Based Costing system assigns costs to the activity that are used in production and it highlight the different level of activities.

Activity based costing system is quite different from the traditional costing systems based on the way the indirect cost is being treated.

3 0

3 years ago

Wang Company began operations on January 1, 2018, by issuing common stock for $70,000 cash. During 2018, Wang received $88,000 c

posledela

Answer:

Wang Company

Statement of financial position

Equity and liabilities

Issued share capital $70,000

Retained earnings $45,000

115,000

Assets

Non-Current assets

Fixed assets $22,000

Current assets

Cash in hand $93,000

$115,000

Wang company

Income statement

Net sales $88,000

Cost of sales $38,000

Gross margin $50,000

Less:admin expenses $5,000

Net Profit $45,0000

3 0

3 years ago

Geronimo files his tax return as a head of household for year 2017. if his taxable income is $72,000, what is his average tax ra

serious [3.7K]

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6 0

3 years ago