All categories

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

You might be interested in

Chaurice has a lot of friends and was elected president of her class. Before she was elected, she volunteered as a peer mentor f

bulgar [2K]

Answer: C. Extraversion and Agreeableness

Explanation:

Extraversion is described as the quality of enjoying the company of people as opposed to be alone. A person that scores high on Extraversion charts is an EXTROVERT and enjoys being the centre of attention as well.

Chaurice had a Lot of Friends and was outgoing enough to help students adjust as a Peer Mentor. This shows that she is an EXTROVERT.

Agreeableness is the quality of being nice. An Agreeable person is compassionate, friendly, polite and empathetic. Such people tend to make good friends and are good team players.

Chaurice caring for Freshmen and having a lot of friends puts her in this category as well.

8 0

2 years ago

Read 2 more answers

Mallory gets paid a set amount of money based on the time she puts in at her place of work. This amount of money is not tied to

Ahat [919]

Answer:

the time rate system

Explanation:

The wage payment system is divided into three major types:

Time rate: employees are paid on the basis of time, e.g. per hour, day or week. This payment system doesn't consider any type productivity factors. The main advantage of using this payment system is its simplicity: e.g. amount of hour worked x wage per hour = total salary.
Piece rate: employees are paid on the basis of quantity and quality of work performed (productivity).
Incentive wage: combination of the two prior systems, where employees are paid a fixed time rate plus a bonus or incentive pay depending on productivity.

8 0

1 year ago

Braun Company has one service department and two operating (production) departments. Maintenance Department costs are allocated

11111nata11111 [884]

Answer:

$154,900

Explanation:

The computation of the total cost of operating the assembly department as follows:

= Direct expenses of assembly department + allocated amount

= $123,400 + $52,500 × 69,000 ÷ (69,000 + 46,000)

= $123,400 + $52,500 × 69,000 ÷ 115,000

= $123,400 + $31,500

= $154,900

8 0

2 years ago

If average annual income for all workers is $37,000 and a person with a bachelor’s degree can expect to earn 32 percent more tha

lukranit [14]

Answer:

$48,840.00

Explanation:

If the average income is $37,000

A graduate expects to earn 32% above average.

The graduate will earn $37,000 +( 32% of $37,000)

=$37,000 +(32/100 + 37,000)

=$37,000 + $11,840.00

= $48,840.00

4 0

2 years ago

Absorption and Variable Costing Comparisons: Production Equals Sales Assume that Smuckers manufactures and sells 30,000 cases of

pantera1 [17]

Answer:

a:Total Variable Costs $26

a:Total Manufacturing Costs = $ 30

b:Net Income Variable Costing $100,000

b: Net Income Absorption Costing $ 100,000

Explanation:

Smuckers Manufacturers

Costs per case under Variable Costing

Direct materials per case 16

Direct labor per case 7

Variable manufacturing overhead per case 3

Total Variable Costs $26

Costs per case under Absorption Costing

Direct materials (30,000*16) 480,000

Direct labor (30,000*7) 210,000

Variable manufacturing overhead (30,000*3) 90,000

Total Variable Costs 780,000

Total fixed manufacturing overhead $120,000

Total Manufacturing Costs $ 900,000

Total Manufacturing Costs per Case= $ 900,000/ 30,000= $ 30

The difference between the variable and absorption costing is that the product costs include variable and fixed costs in absorption costing. But in variable costing the product costs include only variable costs.

SMUCKERS

Variable Costing Income Statement

For the Third Quarter of 2017

Sales (30,000*34) 1020,000

Direct materials (30,000*16) 480,000

Direct labor (30,000*7) 210,000

Variable manufacturing overhead (30,000*3) 90,000

Total Variable Costs 780,000

Contribution Margin 240,000

Fixed Expenses 140,000

Total fixed manufacturing overhead $120,000

Fixed selling and administrative 20,000

Net Income 100,000

In this case the net income under both variable and absorption costing does not change because the units produced are units sold. No cost is charged to ending inventory under absorption costing.

SMUCKERS

Absorption Costing Income Statement

For the Third Quarter of 2017

Sales (30,000*34) 1020,000

Direct materials (30,000*16) 480,000

Direct labor (30,000*7) 210,000

Variable manufacturing overhead (30,000*3) 90,000

Total fixed manufacturing overhead $120,000

Total Manufacturing Costs 900,000

Gross Profit 120,000

Fixed Expenses 20,000

Fixed selling and administrative 20,000

Net Income 100,000

3 0

2 years ago