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Law Incorporation
2 months ago
13

Tuscan Inc. had a retained earnings balance of $60,000 at December 31, 2018. During the year, Tuscan had the following selected

transactions. Reported net income of $100,000. Revised an estimate of a machine’s salvage value. Depreciation increased by $1,000 per year. An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $12,000 (net of tax benefit). Paid cash dividends of $33,000. Calculate the retained earnings balance at December 31, 2019. (Amounts to be deducted should be indicated with a minus sign.)
Business
1 answer:
Katen [3.5K]2 months ago
4 0

Answer:

$139,000

Explanation:

The calculation for the retained earnings as of December 31, 2019 is outlined below:

= Beginning retained earnings + yearly depreciation + net income - cash dividends paid

= $60,000 + $12,000 + $100,000 - $33,000

= $139,000

The annual depreciation is calculated as

= $1,000 × 12 months

= $12,000

Essentially, we utilized the formula above to find the final balance

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Lagle Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 4.85 Direct labor $ 3
marusya05 [3725]

Answer:

The variable cost per unit sold amounts to $11.50

Explanation:

The computation for the variable cost per unit sold is provided below:

= Direct materials per unit + Direct labor per unit + Variable manufacturing overhead per unit + Sales commissions per unit +  Variable administrative expenses per unit

= $4.85 + $3.35 + $1.35 + $1.50 + $0.45

= $11.50

Simply put, we summed up the respective per unit costs attributable to variable expenses per unit

5 0
1 month ago
A repetitive manufacturing firm is planning on level material use. The following information has been collected. Currently, the
Scilla [3833]

Answer:

setup cost = $1.75

setup time = 2.625 min

Explanation:

given data

The firm operates for 250 days annually.

Annual demand is 22,000.

Daily demand is 88.

Daily production stands at 250.

Desired lot size is set at 63 (equivalent to 2 hours of output).

Holding costs are $40 per unit each year.

To determine

the setup cost and setup time

solution

The setup cost is calculated as

setup cost = \frac{Q^2*H*(1-\frac{d}{p})}{2D}......................1

Here, Q represents the desired lot size, H is the holding cost, d denotes daily demand, D is annual demand, and p is the daily output.

Plugging in the values,

setup cost = \frac{63^2*40*(1-\frac{88}{250})}{2*22000}

setup cost = \frac{2969*40*(0.648)}{44000}

setup cost = $1.75

Next,

the setup time is given by

setup time = \frac{setup\ cost}{setup\ labor}....................2

setup time = \frac{1.75*60min/hr}{40}

setup time = 2.625 min

8 0
2 months ago
If current output is $40b less than Potential GDP, how much would congress need to decrease taxes by to correct this short-run e
marusya05 [3725]

Answer:

The necessary tax reduction amounts to $13.33

Explanation:

The Tax Multiplier indicates the extent of change (decrease) in income resulting from a tax alteration (increase).

The formula for Tax Multiplier is Tax Multiplier = ΔY / ΔT = - MPC / (1- MPC)

Given: Required Change in Income [ΔY] = 40

The MPC is 0.75

Inserting into the formula;

40 / ΔT  = - 0.75 / (1- 0.75)

40 / ΔT = - 0.75 / 0.25

40 / ΔT  =  - 3

Thus, ΔT = - 40/ 3

This leads to ΔT = - 13.33

6 0
1 month ago
When you purchased a car, you borrowed $20,000 from the bank and agreed to make monthly payments of $423.17 for 5 years. What ra
Free_Kalibri [3773]

Answer:

4.88%

Explanation:

To determine the interest rate, use the formula:

r=(FV/PV)^(1/n)-1, where

r=interest rate

FV= future value= 423.17*(12*5)=423.17*60=$25,390.2

PV= initial amount= $20,000

n= time periods= 5

Substituting the values into the equation yields:

r=(25,390.2/20,000)^(1/5)-1

r=1.048-1

r=0.0488→4.88%

This indicates that the bank's annual interest rate is 4.88%.

6 0
2 months ago
James is a product owner. it is day seven of the iteration and his team tells him that they may miss their iteration commitment.
Nady [3600]
Si existe el riesgo de que no cumplan con el compromiso de iteración y no hay opciones para asegurar el cumplimiento en el plazo establecido, James debería posponer la iteración y reprogramar el compromiso para otra fecha con tal de lograrlo, aunque sea con retraso.
4 0
3 months ago
Read 2 more answers
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