BUSINESS COLLEGE

On 12/31/10, Heaton Industries Inc. reported retained earnings of $675,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/09, the company had reported $555,000 of retained earnings. No shares were repurchased during 2010. How much in dividends did Heaton pay during 2010?

Answers

Answer 1
Answer:

Answer:

$ 52,500

Explanation:

Given data:

Total reported retained earnings in 2010= $ 675,000

Net income during the year = $ 172,500

Net retained earning of the previous year i.e 2009 = $ 555,000

now,

Dividends paid by the Heaton during 2010 = ( The retained earnings of the year 2009) - ( the retained earnings of 2010 ) + ( the net income of 2010 )

on substituting the values, we get

Dividends paid by the Heaton during 2010 = $ 555,000 - $ 675,000 + $ 172,500 = $ 52,500

Hence, the dividends paid during 2010 was $ 52,500

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Sales to customers who use bank credit cards such as mastercard and visa are usually recorded by:a. Debit to Cash and a credit to Sales b. Debit to Cash, credit to Credit Card Expense, and a credit to Sales c. Debit to Bank Credit Card Sales, debit to Credit Card Expense, and a credit to Sales d. Debit to Sales, debit to Credit Card Expense, and a credit to Cash

Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or a variable interest rate. Assume that fixed interest rates are used throughout this question. Emma deposited $500 in a savings account at her bank. Her account will earn an annual simple interest rate of 9%. If she makes no additional deposits or withdrawals, how much money will she have in her account in 11 years

Answers

Answer:

$995.00

Explanation:

Calculation for how much money will she have in her account in 11 years

Using this formula

Future Value = Present Value + Present Value * Interest Rate ×Time Period

Let plug in the formula

Future Value = $500 + $500 ×0.09 × 11

Future Value =$500+$495

Future Value = $995.00

Therefore the amount of money she will have in her account in 11 years will be $995.00

Final answer:

Emma will have $995 in her savings account after 11 years with a fixed interest rate of 9%.

Explanation:

To calculate how much money Emma will have in her savings account after 11 years with a fixed interest rate of 9%, we can use the formula:

Future Value = Principal + (Principal * Interest Rate * Time)

Substituting the values, we get:

Future Value = $500 + ($500 * 0.09 * 11) = $500 + $495 = $995

Therefore, Emma will have $995 in her account after 11 years.

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This​ video, carl describes​ paas, a type of cloud computing in which the customer provides the application software and​ data, and the cloud computing company provides the​ _____.

Answers

Cloud computing company provides the information

It costs Vaughn Company $26 per unit ($18 variable and $8 fixed) to produce its product, which normally sells for $38 per unit. A foreign wholesaler offers to purchase 4800 units at $21 each. Vaughn would incur special shipping costs of $2 per unit if the order were accepted. Vaughn has sufficient unused capacity to produce the 4800 units. Required:
(a) If the special order is accepted, what will be the effect on net income?

Answers

Answer:

Effect on income= $4,800 increase

Explanation:

Giving the following information:

Unitary variable cost= $18

A foreign wholesaler offers to purchase 4800 units at $21 each. Vaughn would incur special shipping costs of $2 per unit if the order were accepted.

Because it is a special order and there is unused capacity, we will not take into account the fixed costs.

Effect on income= 4,800*21 - 4,800*(18 + 2)= $4,800 increase

Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January February March Material purchases $ 13,180 $ 15,290 $ 12,110 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $7,900. The expected January 31 Accounts Payable balance is:______________.

Answers

Answer:

The expected January 31 Accounts Payable balance is $6,590

Explanation:

The December Accounts Payable balance is $7,900 - this is the 50% purchase amount in December and will be paid in January.

In January, Fortune Company will pay 50% purchase amount in December and 50% purchase amount in January.

Expected payment = $7,900 + 50% x $13,180 = $14,490

At January 31, the expected Accounts Payable balance:

$13,180 x 50% = $6,590

Final answer:

The expected Accounts Payable balance for Fortune Company at the end of January is $10,540, taking into account the payables carried over from December and half of January's purchases.

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On July 23 of the current year, Dakota Mining Co. pays $6,165,600 for land estimated to contain 8,808,000 tons of recoverable ore. It installs machinery costing $1,849,680 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25, seven days before mining operations begin. The company removes and sells 488,500 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.Required:
Prepare entries to record the following:_______.
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(b)To record the cost and installation of machinery.
(c) To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.
(d)To record the first five months' depreciation on the machinery.

Answers

Answer:

a) July 23, 202x, purchase of land parcel (for mining purposes)

Dr Land and ore deposits 6,165,600

    Cr Cash 6,165,600

b) July 25, 202x, purchase and installation of mining machinery

Dr Machinery 1,849,680

    Cr Cash 1,849,680

c) December 31, 202x, depleting expense of ore deposits

Dr Depleting expense 341,917

    Cr Accumulated depletion: land and ore deposits 341,917

depleting expense = ($6,165,600 / 8,808,000 tons) x 488,500 tons = $341,917

d) December 31, 202x, depreciation expense of machinery

Dr Depreciation expense 102,585

    Cr Accumulated depreciation: machinery 102,585

depreciation expense = ($1,849,680 / 8,808,000 tons) x 488,500 tons = $102,585

In long-run competitive equilibrium SRATC = LRATC, because if SRATC > LRATC (at the quantity of output at which MR = MC) firms would _______.A. have an incentive to change their plant size to produce their current output.
B. not be covering their total fixed costs.
C. not be covering their total variable costs.
D. a and b b and c

Answers

In long-run competitive equilibrium SRATC = LRATC, because if SRATC > LRATC (at the quantity of output at which MR = MC) firms would have an incentive to change their plant size to produce their current output.

Option: A

Explanation:

In perfect competition, balance is the stage where consumer demands are equal to market supply. In the short term demand can impact stability. In the long run both a product's demand and supply would influence the balance in perfect competition.

The increase in the quantity of output generated is the SRTC i.e short-run total cost and LRTC i.e long-run total cost scales because generating more output needs more labor utilization for both the short and long runs, and since, in the long run, generating more output implies using more of the physical resource supply; and by using more of either supply means incurring more production costs.
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