BUSINESS COLLEGE

The following information pertains to Alpha Computing at the end of 2015: Assets $972,500
Liabilities $450,000
Net Income $237,500
Common Stock $370,000


Alpha Computing's Retained Earnings account had a zero balance at the beginning of 2015.
What amount of dividends did the company pay in 2015?

Answers

Answer 1
Answer:

Answer:

Dividens paid in 2015: $85.000

Explanation:

TOTAL ASSETS   972.500  

TOTAL LIABILITIES   450.000  

Common Stock  $ 370.000

Retained Earnings  $ 152.500

TOTAL EQUITY  $ 522.500

Retained Earnings Report  

Opening retained earnings $ 0

Add: Net Income $ 237.500

Subtotal $ 237.500

Less: Dividens -$ 85.000

Total $ 152.500

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Last year, you earned a nominal rate of return of 6.92 percent on your bond investments. During that time, the inflation rate was 2.74 percent. How much did your purchasing power increase (real rate)

Answers

Answer:

Real rate of return=  0.0418 = 4.18%

Explanation:

Giving the following information:

Nominal rate of return= 6.92%

Inflation rate= 2.74%

The inflation rate decreases the purchasing power of nominal money.

To calculate the real rate of return, we need to use the following formula:

Real rate of return= nominal rare of return - inflation rate

Real rate of return= 0.0692 - 0.0274

Real rate of return=  0.0418 = 4.18%

Examine the values for depreciation in 2014 and net fixed assets in 2013 and 2014. What was Fincorp gross investment in plant and equipment during 2014?

Answers

Answer:

This question is not complete.It is missing statement of profit or loss and balance sheet for both years,however find attached missing details.

The value of depreciation as shown by the statement of profit or loss in the year 2013 is $500 while that of 2014 is $520,the increase by $200 in 2014 is due to plant and equipment acquired in the year.

The gross investment in plant and equipment in 2014 is $1320

Explanation:

The gross investment is computed thus

=fixed asset in 2014-fixed asset in 2013+depreciation of 2014

Fixed asset in 2014=$5800

Fixed asset in 2013=$5000

depreciation in 2014=$520

gross investment=$5800-$5000+$520

                             =$1320

Answer:

what do u mean

Explanation:

2014 and 2013, they will both be dif. and its incomplete

Larry Bar opened a frame shop and completed these transactions: Larry started the shop by investing $41,100 cash and equipment valued at $19,100 in exchange for common stock. Purchased $180 of office supplies on credit. Paid $2,300 cash for the receptionist's salary. Sold a custom frame service and collected $5,600 cash on the sale. Completed framing services and billed the client $310. What was the balance of the cash account after these transactions were posted?

Answers

Answer:

$44,400

Explanation:

The computation of the balance of the cash account after posting of these transactions are shown below:

= Invested cash amount - cash paid for receptionist's salary + cash collection from sale of frame service

= $41,100 - $2,300 + $5,600

= $44,400

The other items do not involved any cash transactions. Therefore they are not relevant and thus they not considered in the computation part

Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare an income statement for the year ended May 31, 20Y6. Paradise Travel Service Income Statement For the Year Ended May 31, 20Y6 $ Expenses: $ Total expenses $

Answers

Answer:

Net income is $135,000

Explanation:

The below is the Paradise Travel Service Income Statement For the Year Ended May 31, 20Y6 .

Fees earned                                                                      $900,000

less:

Office expense                               $300,000

miscellaneous expense                   $15,000

wages expense                               $450,000

Total expense for the year                                            ($765,000)

Net income                                                                       $135,000  

The net income is computed by deducting office,miscellaneous and wages expenses from the total fees earned during the year,hence the resulting net income thereafter is $135,000.

The net income would be added to opening balance of retained earnings in order to compute the closing retained earnings for the year

Final answer:

The net income for Paradise Travel Service for the year ended May 31, 20Y6, is calculated by subtracting the total expenses ($765,000) from the total revenue ($900,000), which results in a net income of $135,000. This information is summarized in the company's Income Statement.

Explanation:

To prepare the Income Statement for Paradise Travel Service for the year ended May 31, 20Y6, you start by listing the total revenue, followed by the expenses, and then finally compute the net income by subtracting total expenses from total revenue.

Here is how it would look:

Paradise Travel Service
Income Statement
For the Year Ended May 31, 20Y6

Revenues:-
Fees earned: $900,000

Expenses:-
Office expense: $300,000
Miscellaneous expense: $15,000
Wages expense: $450,000

Total expenses: $765,000

Net Income:
$900,000 (Fees Earned) - $765,000 (Total Expenses) = $135,000

Learn more about Income Statement here:

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Wiley Consulting purchased $7,800 worth of supplies and paid cash immediately. Which of the following general journal entrie will Wiley Consulting make to record this transaction? Assume the company's policy is to Initially record prepaid and unearned Items In balance sheet accounts. Multiple Choice Accounts Accounts Payable 7,800
Supplies 7, 800

Answers

Answer: Debit Supplies and Credit Cash

Explanation: From the above question, Wiley paid cash for the supplies and in accounting you debit the receiver and credit the giver.

In the question above, the supplies account is receiving value while the cash is giving value. Then the right journal entry is to Debit supplies and credit cash.

Hill Company uses job-order costing. At the end of the month, the following data was gathered: Job # Total Cost Complete? Sold? 803 $611 yes yes 804 423 yes no 805 805 no no 806 682 yes yes 807 525 yes no 808 250 no no 809 440 yes yes 810 773 yes no 811 267 no no 812 341 no no Hill's selling price is cost plus 50% for each of its products. What is the total in Finished Goods? a.$1,860
b.$1,721
c.$1,700
d.$2,163
e.$2,230

Answers

Answer:

option (b) $1,721

Explanation:

Given:

Job #          Total Cost          Complete          Sold

803               $611                     yes                   yes

804               $423                   yes                   no

805               $805                   no                    no

806               $682                   yes                  yes        

807               $525                   yes                  no

808               $250                   no                   no

809               $440                   yes                  yes

810               $773                     yes                  no

811               $267                     no                    no

812               $341                     no                    no

Now,

The total in Finished Goods will be the jobs that are completed and not sold

thus,

The total in Finished Goods = $423 + $525 + $773 = $1,721

Hence,

The correct answer is option (b) $1,721
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