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2 years ago

The company's adjusted trial balance as follows includes the following accounts balances:

Business

1 answer:

Zina [86]2 years ago

7 0

Answer:

Expense & revenue summary a/c (credit balance) = $3500

Explanation:

1. Dr Expense & revenue summary 52500

Cr Sales discount 1500

Cr Sales return & allowance 3000

Cr Depreciation expense 25000

Cr Salaries expense 23000

(Close expenses to expense & revenue summary a/c)

2. Dr Sales 56000

Cr Expense & revenue summary 56000

(Close sales to expense & revenue summary a/c)

3. Dr Expense & revenue summary a/c 3500

Cr Retained earning a/c 3500

(To close expense & revenue summary a/c)

4. Dr Retained earning 2000

Cr Expense & revenue summary 2000

(Close dividend to expense & revenue summary a/c)d

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Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 2017.

Gennadij [26K]

Answer:

(a) Net income $198,788

(b) Retained earnings at 12/31/17 = 3,145,448

Earnings per share for the year is $0.02 per share. That is:

Earnings per share = Net income / Number of common stock outstanding = $198,788 / 10,000,000 = $0.02 per share

Explanation:

Note: See the attached excel file for the multiple-step income statement.

A multi-step income statement refers to an income statement in which the gross profit and the categories of each expenses and income are giving in details before the net income of a company in a specific period is obtained.

The multiple-step income statement of Hardrock Mining Co. for 2017 is given in the attached excel file in which we have the following:

(a) Net income $198,788

(b) Retained earnings at 12/31/17 = 3,145,448

<u>Calculation of earnings per share for the year</u>

The earnings per share can be calculated as follows:

Earnings per share = Net income / Number of common stock outstanding = $198,788 / 10,000,000 = $0.02 per share

Therefore, earnings per share of the company for the year is $0.02 per share.

The note to the account that disclose earnings per share data in the financial statement of Hardrock Mining Co. for 2017 will appear as follows:

<u>Note to the account:</u>

Earnings per share for the year is $0.02 per share. That is:

Earnings per share = Net income / Number of common stock outstanding = $198,788 / 10,000,000 = $0.02 per share

Download xlsx

4 0

2 years ago

B. from an institutional-based view, what are domestic-incumbents in china – in collaboration with global heavyweights- interest

aliina [53]

Answer:

Explanation:

The problem is that BoP automakers are being kept side by institution-based barriers in China. automakers that are in foriegn countries never worry about preferential treatment of the BoP automakers. The Lessons learnt from indigenous reverse innovation are use of all available resources , use of minimal energy such as fuels Have the indigenous cars for the rural areas continuous recycling of the old vehicles .

5 0

2 years ago

Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Custo

Iteru [2.4K]

Answer:

d. $90,000, $60,000, $30,000 respectively.

Explanation:

The computation of price allocated is shown below:-

Ratio of values $90,000 : $60,000 : $30,000

= 3 : 2 : 1

Total cost = $180,000

Equipment = $180,000 × 3 ÷ 6

= $90,000

Installation= $180,000 × 2 ÷ 6

= $60,000

Training = $180,000 × 1 ÷ 6

= $30,000

Therefore the Equipment, Installation, Training is $90,000, $60,000, $30,000 respectively.

7 0

2 years ago

Over the course of 50 years, Dexter grew his company to eight package shipping stores. With his retirement approaching and the i

Butoxors [25]

Answer:

B. Defensive Strategy

Explanation:

One thing that is inevitable in business is competition. Dexter decided to use a defensive strategy for his business with his retirement coming in and competition becoming even stronger.

Defensive strategies are management techniques used to "fend off attacks" from competitors. It helps the decision maker hold on to shares of the market. Some companies do this to lower the risk of being attacked when they perceive attacks coming from competitors so in turn, those competitors can focus on other competitors in the market.

8 0

2 years ago

The GDP deflator for this year is calculated by dividing the using by the using and multiplying by 100. However, the CPI reflect

inysia [295]

Hello. You forgot to provide the answer options. The options are:

"A) value of all goods and services produced in the economy this year B) This years prices C) value of all foods and services produced in the economy this year D) the base year's prices E) bought by consumers"

Answer:

The GDP deflator for this year is calculated by dividing the value of all goods and services produced in the economy this year using this years prices by the value of all foods and services produced in the economy this year using the base year's prices and multiplying by 100. However, the CPI reflects only the prices of all goods and services bought by consumers.

Explanation:

GDP deflator is an economic term that means "implicit price deflator". This term is defined as the price measure for any and all goods and services produced within the country, in the year in question. GDP, in turn, is directly related to this, since it represents the monetary value that each of these goods and services produced during that same year.

The GDP deflator is directly related to the CPI, which is another economic term intended to represent the consumer price index. Through the CPI, the GDP deflator is able to measure the inflation or deflation that occurred in the national economic sector for a given year.

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2 years ago