B.f. skinner, a behaviorist, would argue that the most important things that shape development are ____

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

(c) Note to the account:

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

Calculation of earnings per share for the year

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:

Note to the account:

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

Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of 6,450,000. Ranns

Over [174]

Answer:

Part A

Cost of Goods Sold reported in the company's year-end income statement is $11000000

Part B

Merchandise Inventory reported in the company's year-end balance sheet is $84000000

Part C

The balance of the Cost of Goods Sold account Immediately prior to recording inventory shrinkage is $ 10000000

The balance of the Merchandise Inventory account Immediately prior to recording inventory shrinkage is $85000000

Explanation:

Cost of Goods Sold

Ranns Supply use the perpetual inventory system. This means that cost of goods sold is calculated after every sale agreement.

In this case Cost of Sales figure reported at company`s year end can be calculated using missing figure approach in the Income Statement

Calculation of the Cost of Sales figure is as follows:

Net Sales $2600000 - Gross Profit $15000000 = $1100000

Merchandise

The merchandise account records assets of inventory in hand during the year.

The Merchandise used during the year should match with the cost of sales figure.But if the figure is lower than the cost of sales figure, then inventory was written down to its replacement value in terms of IAS 2.

Calculation of Merchandise in Hand is as follows:

Purchase of Merchandise $9500000 - Shrinkage During the year $10000000 - Write down of Inventory $1000000 = $ 84000000

6 0

2 years ago

If the marginal product of capital net depreciation equals 8 percent, the rate of growth of population equals 2 percent, and the

Sphinxa [80]

Question:

If the marginal product of capital net depreciation equals 8 percent, the rate of growth of population equals 2 percent, and the rate of labor-augmenting technical progress equals 2 percent, to reach the Golden Rule level of the capital stock, the ____ rate in this economy must be _____.

A) saving; increased

B) population growth; decreased

C) depreciation; decreased

D) total output growth; decreased

Answer

The correct answer is A) Saving rate of the economy must be increased in order for the economy to reach the Golden Rule Level of the Capital Stock.

Explanation

Golden Rule Level of the Capital Stock is the level at which

MPK = δ,

Where MPK is Marginal Product; and δ the depreciation rate;

so that the marginal product of capital equals the depreciation rate.

In the Solow growth model, a high saving rate results in a large steady-state capital stock and a high level of steady-state output. A low saving rate results to a small steady state capital stock and a low level of steady-state output. Higher saving leads to faster economic growth only in the short run. An increase in the saving rate raises growth until the economy reaches the new steady state. That is, if the economy retains a high saving rate, it will also maintain a large capital stock and a high level of output, but it will not maintain a high rate of growth forever .

5 0

2 years ago

Nofly corporation sells three different models of a mosquito "zapper." model a12 sells for $50 and has variable costs of $35. mo

Vsevolod [243]

The first step you need to do to solve this problem is to calculate the contribution margin per unit for each model:

Model a12 b22 c124

Sales Price per unit 50 100 400

Less: Variable Cost per unit 35 70 300

Contribution Margin per unit 15 30 100

The next step is to calculate the weighted-average contribution margin per unit for the sales mix using the following formula:

Model a12 CM per Unit × Model a12 Sales Mix Percentage
+ Model b22 CM per Unit × Model b22 Sales Mix Percentage
+ Model c124 CM per Unit × Model c124 Sales Mix Percentage
= Weighted Average Unit Contribution Margin (WACM)

Contribution Margin per unit 15 30 100

X Sales Mix Percentage 60% 15% 25%

WACM 9 4.5 25

Weighted Average Unit Contribution Margin (sum) 38.5

The next step is to find the break-even point using the WACM.

Total Fixed Cost $269,500 ÷ Weighted Average CM per Unit $38.50 Break-even Point in Units of Sales Mix 7,000

The next step is to calculate the number of units of each model at break-even point

Model a12 b22 c124 Sales Mix Ratio 60% 15% 25% × Total Break-even Units 7,000 7,000 7,000 Product Units at Break-even Point 4,200 1,050 1,750

7 0

2 years ago

Record the following transactions of Sumanto, Kochi in Two-column Cash Book and balance the book on 31st January, 2018: 2018 Jan

aleksley [76]

Answer:

Sumanto, Kochi

Two-Column Cash Book

Date Description Cash Bank Dis. Date Description Cash Bank Dis.

All'd Rec'd

Jan. 1 Balance 1,000 14,500 Jan. 2 Bank 50,000

Jan. 1 Shares 60,000 Jan.14 Stationery 500

Jan. 2 Cash 50,000 Jan.18 Purchase 6,720

Jan. 8 Mohan 9,800 200 Jan.19 Shyam 3,700 300

Jan.20 Bank 3,000 Jan.20 Cash 3,000

Jan.24 Sales 1,900 Jan.22 Drawings 2,000

Jan.27 Sharma 18,000 500 Jan.28 Bank 15,000

Jan.28 Cash 15,000 Jan.28 Purchases 2,240

Jan.30 Rent 2,000

Jan.30 Balance 11,680 76,360

83,900 89,300 700 83,900 89,300 300

Feb. 1 Balance 11,680 76,360

Explanation:

Sumanto, Kochi's two-column Cash Bank shows two columns for cash and bank on the debit and credit sides and also the discount allowed and discount received on the debit and credit sides respectively.

5 0

2 years ago

B.f. skinner, a behaviorist, would argue that the most important things that shape development are _____.