Columbia Construction Company earned $442,000 during the year ended June 30, 2014. After paying out $225,794 in dividends, the balance went into retained earnings. If the firm's total retained earnings were $847,935 at the end of fiscal year 2014, what were the retained earnings on its balance sheet on July 1, 2013?

Answers

Answer 1
Answer:

Answer:

$631,729

Explanation:

The amount indicated as retained in a balance sheet is the accumulated amount of retained earning since inception.

A company's profits are shared between dividends and retained earnings.

The Columbia company made profits of  $442,000  on June 30, 2014  

Amounts paid out as dividends on June 30 were  $225,794

The retained earnings for June 2014 will be:

If net profits = retained earnings + dividends

retained earning will be earning - dividends payouts

=$442,000- $225,794

=$216,206

retained earning for June 2104  is 216,206

The accumulated retained earnings as of June 14, 2014, were $847,935,

retailed earning as of June 30, 2013, were

Accumulated retained earning by June 30, 2014 minus retained earnings earned on June 30, 2014

$847,935,-$216,206

=$631,729


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Answers

Answer:

The answer is D. identify the problem or opportunity.

Explanation:

The first step in making the right decision is recognizing the problem or opportunity and deciding to address it, this involves  determining why this decision will make a difference to your customers.

Precious CurlsPrecious Curls is a retail chain specializing in​ salon-quality hair-care products. During the​ year, Precious CurlsPrecious Curls had sales of $ 39 comma 388 comma 000$39,388,000. The company began the year with $ 3 comma 500 comma 000$3,500,000 of merchandise inventory and ended the year with $ 4 comma 445 comma 000$4,445,000 of inventory. During the​ year, Precious CurlsPrecious Curls purchased $ 23 comma 350 comma 000$23,350,000 of merchandise inventory. The​ company's selling,​ general, and administrative expenses totaled $ 5 comma 450 comma 000$5,450,000 for the year. Prepare Precious Curls'Precious Curls' income statement for the year.

Answers

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Sales= $39,388,000.

The company began the year with:

$3,500,000 of merchandise inventory

Ended the year with:

$4,445,000 of inventory.

During the​ year:

Purchased $23,350,000 of merchandise inventory.

The​ company's selling,​ general, and administrative expenses totaled $5,450,000 for the year.

First, we need to calculate the cost of goods sold:

COGS= beginning merchandise inventory + purchases - ending merchandise inventory

COGS= 3,500,000 + 23,350,000 - 4,445,000= $22,405,000

Income statement:

Sales= 39,388,000

COGS= 22,405,000

Gross income= 16,983,000

Selling,​ general, and administrative expenses= 5,450,000

Operating income= $11,533,000

Beginning inventory Merchandise $302,000 Finished goods $604,000 Cost of purchases 420,000 Cost of goods manufactured 760,000 Ending inventory Merchandise 202,000 Finished goods 196,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2017.

Answers

Answer:

A. $520,000

B. $1,168,000

Explanation:

Computation to determine the cost of goods sold for each of these two companies for the year ended December 31, 2017.

a. UNIMART Partial income statement

For the year ended December 31,2017

COST OF GOODS SOLD

Beginning merchandise inventory $302,000

Cost of purchase $420,000

Goods available for sale $722,000

Less; Ending merchandise inventory ($202,000)

Cost of goods sold $520,000

b) PRECISION Manufacturing

Partial income statement

For the year ended December 31,2017

COST OF GOODS SOLD

Beginning finished goods inventory $604,000

Cost of manufactured $760,000

Goods available for sale $1,364,000

Less; Ending finished goods inventory ($196,000)

Cost of goods sold $1,168,000

Therefore the cost of goods sold for each of these two companies for the year ended December 31, 2017 will be:

Unimart $520,000

Precision $1,168,000

Last month Jim purchased $10,000 of U.S. Treasury bonds (their face value was $10,000). These bonds have a 30-year maturity period, and they pay 1.5%interest every threemonths (i.e., theAPRis 6%, and Jim receives a check for $150 every three months). But interest rates for similar securities have since risen to a 7% APR because of interest rate increases by the Federal Reserve Board. In view of the interest-rate increase to 7%, what is the current value of Jim’s bonds?

Answers

The current value of Jim's bonds are $8,749.57.

What is the value of Jim's bonds?

The value of the bond can be determined by calculating the present value of the cash flows of the bonds. The present value is the sum of discounted cash flows.

Value of the bond = present value of coupon payments + present value of the face value of the bond at maturity.

Present value of the face value of the bond at maturity = $10,000 / (1 + 0.0175^120) = $1247.01

Present value of coupon payments = future value / (1 + 0.07^30)

Future value = amount x annuity factor

Annuity factor = {[(1+r)^n] - 1} / r

Where:

  • Amount = 1.5% x 10,000 = $150
  • r = interest rate = 7%/4

n = number of years = 30 x 4 = 120

$150 x [({1.0175^120) - 1} / 0.0175]  = $60,164.43

Present value = $60,164.43 / (1.0175^120) = $7,502.56

Value of the bond = $7,502.56 + $1247.01 =$8,749.57

To learn more about present value, please check: brainly.com/question/26537392

Answer:

current value is $8749.57

Explanation:

given data

face value = $10,000

maturity period = 30 = 30 × 4 = 120

interest = 1.5% every 3 month

solution

we will apply here bond price formula that is

bond price = coupon × (1 - ((1)/((1+r)^n)))/(r) + (face value)/((1+r)^n)          ............................1

here r is rate and n is no of period and

so rate = (7)/(4) = 1.75% = 0.0175

and  coupon is $150

put here value

bond price = $150 × (1 - ((1)/((1+0.0175)^(120))))/(0.0175) + (10000)/((1+0.0175)^(120))  

bond price = 8749.57

so current value is $8749.57

jongeward corporation is the process of preparing its annual budget. the following beginning and ending inventory levels are planned for the year. the number of units the company would have to manufacture during the year would be

Answers

Answer:

$750,000 units

Explanation:

Calculation to determine the number of units the company would have to manufacture during the year

PRODUCTION BUDGET

Budgeted unit sales 700,000

Add desired ending finished goods inventory 73,000

Total $773,000)

(700,00+73,000

Less beginning finished goods inventory $23,000

Units to manufacture 750,000

Therefore number of units the company would have to manufacture during the year would be: $750,000

Which of the following statement is incorrect concerning standard costing​ and/or variance​ calculations? A. Price​ (rate) standards represent the expected cost per unit of input. B. Standards are used at the beginning of the period during to budget and at the end of the period to evaluate performance. C. Variances falling outside of an acceptable range of outcomes do not require investigation. D. A price​ (rate) variance calculates the difference between what a company paid and what it expected to pay for its production input. E. A favorable quantity​ (efficiency) variance indicates that a company used less input than allowed for the actual level of output.

Answers

Answer:

C. Variances falling outside of an acceptable range of outcomes do not require investigation.

Explanation:

The purpose of any business is to generate profit which is the difference between the revenues and all cost related to business.

In order to define suitable selling price and acceptable cost, all figures are to be set in standard range; any variance outside the standard, even lower or higher, must be investigated then the company can make proper adjustments.

In the end, the right standard is not only achievable but also maximize for the profit set.

So while other statements are true about standard and variance, the statement (C) is totally wrong because it said “Variances falling outside of an acceptable range of outcomes do not require investigation”