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2 years ago

Wolfpack Construction has the following account balances at the end of the year.

Business

1 answer:

Artist 52 [7]2 years ago

5 0

Answer:

Find the balance sheet below:

beginning retained earnings=$47,800-$39,800=$8,000

Explanation:

Net income for the year =service revenue-salaries expense=$38,000-$32,000=$6,000

retained earnings=net income=$6,000

Wolfpack Construction Balance Sheet as at year end

Non-current assets

equipment $25,000

land $17,000

Total non-current assets $42,000

Current assets:

cash $5,800

total current assets $5,800

Total assets $47,800

Common stock $12,000

retained earnings $6,000

total stockholders' equity $18,000

current liabilities:

accounts payable $2,800

notes payable $19,000

Total liabilities $21,800

Total liabilities and equity $39,800

The difference between the total assets and total equity plus liabilities may be due to beginning retained earnings figure which was not provided

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Papessa [141]

The answer to this question is $250,000. It is because in the rules of the FDIC (Federal Deposit Insurance Corporation) they follow a standard insurance amount of $250,000 that is why I have come up with that answer. FDIC also caters to money market deposit accounts and certificate of deposit.

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2 years ago

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Compuvac Company has just completed its first pass forecast using the projected balance sheet method. need a total of 13,050,00

aivan3 [116]

Answer:

Incremental change in AFB would be $ 480,000

Explanation:

(a) Debt = $ 4,000,000

Interest on debt = 10%

Therefore, Interest outgo on debt = 10% of Debt

=10% of $4,000,000

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Therefore, Outgo on account of dividend = $ 0.48 /share * no of shares

=$0.48 * 500,000

=$240,000

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Incremental change in AFB would be $480,000

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2 years ago

Cassandra is a 21-year-old who is still in college. She wants a credit card so she can order items online.

ycow [4]

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2 years ago

The following information is available for Armstrong Company: Net income $450 Increase in plant and equip. $170 Depreciation exp

ad-work [718]

Answer:

$505

Explanation:

Armstrong Company

Cash flow from operating activities

Adjustments to reconcile net income to operating cash flow.

Net income

$450

Less : Increase in plant and equipment

($170)

Add : Depreciation expenses

$80

Add : Payment of dividends

$10

Add : Decrease in accounts receivable

$20

Add : Increase in long term debt

$100

Less : Increase in Inventories

($15)

Add : Decrease in Account payable $30

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$505

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2 years ago

A project budget report is showing our project as spending $35,000 against a budgeted amount of $40,000. Which of the following

natka813 [3]

Answer:

E. We can't be sure how the project is going

Explanation:

This numbers alone are not sufficient information to evaluate the project.

We could be spending less because we saved cash in a part of the project, because there are unpaid expenses which are not due yet. There could a series of factor involving this difference. This is only saying the project has available from their original budget 5,000 more dollars. It could spend this without incurring in additional cash spending. Going beyond this will require some kind of approval from the managers.

Resuming: the only conclusion from this, is that the project has available 5,000 dollars to spend if necessary. We cannot know if the project is going well or not.

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2 years ago