The ending retained earnings balance of Juan's Mexican Restaurant chain increased by $6.9 million from the beginning of the year. The company declared a dividend of $2.4 million during the year. What was the amount of net income during the year

Answers

Answer 1

Answer:

the amount of net income during the year is $9.3 million

Explanation:

The computation of the net income is shown below:

= Increased in the retained earnings + dividend declared

= $6.9 million + $2.4 million

= $9.3 million

Hence, the amount of net income during the year is $9.3 million

The same should be considered and relevant


Related Questions

The positive relationship between price and quantity supplied, other things being equal, is considered to be:________
a. true only when consumers act irrationally.
b. never true in heavily regulated markets.
c. true only in market-based economies.
d. universally true for all markets.
e. sometimes true in all markets.

Answers

Answer:

The answer is D.

Explanation:

The correct answer is D. universally true for all markets

Other things being equal, as the price of goods and services increase, producers/firms tend to produce more(this is the popular law od supply) inorder to take advantage of the high revenue.

Unlike demand, for supply, price and quantity supplied are directly related.

XYZ Corporation manufactures two models of office chairs, a standard and a deluxe model. The overhead costs for setups and components pools are $60,000 and $58,900, respectively. The following activity has been compiled: Number of Number of Number of Setups Components Direct Labor Hours Standard 11 6 295 Deluxe 29 13 205 Number of setups and number of components are identified as activity-cost drivers for overhead. Assuming an activity-based costing system is used, what is the total amount of overhead costs assigned to the deluxe model

Answers

Answer:

$83,800

Explanation:

Setup cost assigned to Deluxe model = Setup Overhead costs * Number of setups required for Deluxe model/Total Number of setups required

Setup cost assigned to Deluxe model = $60,000 * 29/40

Setup cost assigned to Deluxe model = $43,500

Setup cost assigned to Deluxe model = Component Overhead costs x Number of components required for Deluxe model/Total Number of components required

Setup cost assigned to Deluxe model = $58,900 * 13/19

Setup cost assigned to Deluxe model = $40,300

Total amount of overhead costs assigned to the deluxe​ model = Setup cost assigned to Deluxe model + Setup cost assigned to Deluxe model = $43,500 + $40,300 = $83,800.

A firm has a market value of equity of $50,000. It borrows $12,500 at 7%. If the unlevered cost of equity is 18%, what is the firm's cost of equity capital

Answers

Answer: 21.63%

Explanation:

The firm's cost of equity capital will be calculated thus:

Market value of assets = $50000

Debt = $12500

Cost of debt = 7%

Unlevered cost of equity = 18%

Then, we'll calculate equity which will be calculated as:

= Market value of assets - Debt

= $50000 - $12500

= $37500

Then, the cost of equity capital will be:

= Unlevered cost of equity + [(Debt/equity) x (Unlevered cost of equity - Cost of debt)]

= 18% + [($12500/$37500) x (18% - 7%)]

= 18% + [0.33 x 11%]

= 18% + 3.63%

= 21.63%

The local gas station agreed to pay its workers ​$7 an hour in 2018 and ​$10 an hour in 2019. The CPI was 252 in 2018 and 257 in 2019. Calculate the real wage rate in each year. Did these workers really get a pay raise between 2018 and​ 2019?

Answers

Answer:

Real wage rate can be calculated by:

= Nominal wage rate /CPI * 100

2018 real wage rate:

= 7 / 252 * 100

= $2.78

2019 real wage rate:

= 10 / 257 * 100

= $3.89

Did these workers really get a pay raise between 2018 and​ 2019?

YES THEY DID:

= 2019 real wage - 2018 wage rate

= 3.89 - 2.78

= $1.11

QUESTION 5
Which area of interest would a mechanic most likely fit into?​

Answers

Answer:

Mechanical engineers typically have the following interests:

Have investigative interests. They like work activities that have to do with ideas and thinking. They like to search for facts and figure out solutions to problems mentally.

Have realistic interests. They like work activities that include practical, hands-on problems and solutions. They like to work with plants, animals, and physical materials such as wood, tools, and machinery. They often prefer to work outside.

5. On Anna's SAR, the "Your Financial Aid History Information" section is blank or N/A. Why?

Answers

Answer:

Because she doesn't have any outstanding debts.

Explanation:

The financial aid history refers to the outstanding debts that Anna needs to pay. When this history appears blank, without any information, it means that she has already paid off all her debts and no longer has any outstanding loan, with non-payment.

name two product with an inelastic demand​

Answers

Petrol – those with cars will need to buy petrol to get to work.
Cigarettes – People who smoke become addicted so willing to pay a higher price.

Answer:

everything can be found in the picture

Magna Lighting Inc. produces and sells lighting fixtures. An entry light has a total cost of $125 per unit, of which $80 is product cost and $45 is selling and administrative expenses. In addition, the total cost of $125 is made up of $90 variable cost and $35 fixed cost. The desired profit is $55 per unit. Determine the markup percentage on product cost.

Answers

Answer:

The correct solution is "125%".

Explanation:

Given:

Desired profit,

= $55

Selling and administrative expenses,

= $45

Product cost,

= $80

Now,

The markup percentage will be:

= [tex]\frac{Desired \ profit+Selling \ and \ administrative \ expenses}{Product \ cost}\times 100[/tex]

By putting the values, we get

= [tex]\frac{55+45}{80}\times 100[/tex]

= [tex]\frac{100}{80}\times 100[/tex]

= [tex]125[/tex] (%)

125% is the markup percentage on product cost.

Markup

It is important to remember that markup is a term used to refer to the difference between the selling price of a product and cost.

Solution

Using the formula

Desired profit + Selling and administrative expenses/product cost X 100

Desired profit = $55Selling and administrative expenses = $45product cost = $80

55+45/80 = 1.25

1.25* 100= 125

= 125%

You can learn more about markup percentage here https://brainly.com/question/19104371

Boswal Company uses the weighted-average method in its process costing system. The Assembly Department started the month with 6,000 units in its beginning work in process inventory that were 80% complete with respect to conversion costs. An additional 52,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 18,000 units in the ending work in process inventory of the Assembly Department that were 20% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month

Answers

Answer:

Boswal Company

The the equivalent units for conversion costs in the Assembly Department for the month are:

= 43,600 units.

Explanation:

a) Data and Calculations:

                                                                Units   Materials Conversion

Beginning work in process inventory    6,000     100%         80%

Units added during the month            52,000

Total units available for processing    58,000

Ending work in process inventory       18,000      100%         20%

Units completed and transferred out 40,000

Equivalent units of production:

                                                         Units    Materials           Conversion

Units completed and transferred  40,000   40,000 (100%)  40,000 (100%)

Ending work in process inventory 18,000    18,000 (100%)     3,600 (20%)

Total equivalent units of production            58,000              43,600

g Which of the following statements is true of clustering? A. It uses different suppliers and distribution channels for interdependent companies within an industry. B. It seldom uses specialized labor. C. It helps a firm gain an increase in efficiencies. D. It typically increases the costs of production and distribution.

Answers

Answer: C. It helps a firm gain an increase in efficiencies.

Explanation:

Clustering refers to the geographic concentration of the businesses and the suppliers that are interconnected in a particular field.

The aim of clusters is to help increase efficiencies as well as being about an increase the productivity through which companies can compete.

Therefore, the correct option is C.

In 2019, Perry, who is not otherwise involved in the gas station business, spends $53,000 investigating the acquisition of a gas station. All costs are ordinary and necessary. Perry decides not to acquire the gas station. What amount can Perry deduct in 2019 for the expenses incurred in investigating the acquisition of the gas station if Perry makes an election to accelerate his deductions as much as possible

Answers

Answer:

Perry and Investigation Expenses:

Perry can deduct the full $53,000.

He can also elect to capitalize the amount, assuming that he is acquiring the gas station, because, according to IRS, "general due-diligence and investigatory expenses incurred to decide whether to enter a new business, and which new business to enter, can be deducted/amortized under Sec. 195."

Explanation:

Facts as per scenario:

Perry is not involved in the gas station business.

Perry spends $53,000 investigating the acquisition of a gas station.

All costs are ordinary and necessary.

Perry does not acquire the gas station.

Teams of retired executives who help new entrepreneurs with everything from writing business plans to answering questions about everyday operations are known as

Answers

Answer:

The answer is "Score".

Explanation:

Service corps of retired executives is a United states Smaller Business Administration (SBA) non-commercial organization its objectives are to provide advice for young or less-experienced entrepreneurs. Voluntary tutors are frequently entrepreneurs, but not the economic world whatsoever. These volunteers weren't just engaging in training on starting a business, but on how to develop & record company marketing films.

Twenty-five percent of the company's sales are for cash and 75% are on account. Collections for sales on account follow a stable pattern as follows: 50% of a month's credit sales are collected in the month of sale, 30% are collected in the month following sale, and 15% are collected in the second month following sale. The remainder are uncollectible. Given these data, cash collections for December should be:

Answers

Answer: $136,375

Explanation:

Going by the collections pattern of the company, there will be collections for 3 months in December being October, November and December.

December collections will be:

= (50% * December credit sales) + (30% * November Credit sales) + (15% * October credit sales) + December cash sales

December credit sales = 75% * 130,000 = $97,500

November credit sales = 75% * 170,000 = $127,500

October credit sales = 75% * 150,000 = $112,500

December collections are:

= (50% * 97,500) + (30% * 127,500) + (15% * 112,500) + (25% * 130,000)

= $136,375

On December 1, $11,650 was received for a service contract to be performed from December 1 through April 30. b Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31.
Required:
Record journal entries for the above transactions. Refer to the Chart of Accounts for exact wording of account titles.

Answers

Answer:

                             Journal entry

Date       Account Title and Explanation     Debit    Credit

Dec 1      Cash                                               $11650

                     Unearned fees                                      $11650

              (To record unearned fees)

Dec 31     Unearned fees  (11650/5)            $2330

                       Fees earned                                       $2330

               (To record adjusting entry)

Bayou Financial Corporation holds a security interest in property owned by Cajun Farms. Perfection of this security interest may not protect Bayou against the claim of:_______

a. a bank.
b. a buyer in the ordinary course of business.
c. a subsequent lien creditor.
d. a trustee in bankruptcy.

Answers

Answer:

a

Explanation:

Campbell Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of $80,000 per concert.

Required:
a. What are the total band cost and the cost per person if concert attendance is 2,000, 3,000, 3, 500, or 4,000?
b. Is the cost of hiring the band a fixed or a variable cost?

Answers

Answer:

2,000 - $80,000

3,000 - $80,000

3, 500 - $80,000

4,000 - %80,000

$40

$26.67

$22.86

$20

fixed

Explanation:

Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments

If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.

the total band cost changes per concert and not per number of people attending the concert. Thus, the total band cost is constant per constant. It is fixed at $80,000 per concert regardless of the number of people at the concert

cost per person = total cost / concert attendance

$80,000 / 2,000 = $40

$80,000 / 3000 = $26.67

$80,000 / 3500 = $22.86

$80,000 / 4000 = $20

You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: guppy gummies, frizzles, and cannies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods.
Run-of-the-Mills provides your marketing firm with the following data: When the price of guppy gummies decreases by 20%, the quantity of frizzles sold decreases by 22% and the quantity of cannies sold increases by 7%. Your job is to use the cross-price elasticity between guppy gummies and the other goods to determine which goods your marketing firm should advertise together.
Complete the first column of the following table by computing the cross-price elasticity between guppy gummies and raskels, and then between guppy gummies and mookies. In the second column, determine if guppy gummies are a complement to or a substitute for each of the goods listed. Finally, complete the final column by indicating which good you should recommend marketing with guppy gummies.
Relative to Guppy Gummies
Cross-Price Elasticity Complement or Substitute Recommend Marketing
of Demand with Guppy Gummies
Raskels
Mookies

Answers

Answer:

Cost price elasticity of frizzles is 1.1.

Cost price elasticity of cannies is -0.35.

Hence cannies are complementing good for guppy gummies, the firm should sell the cannies with the guppy gummies.

Explanation:

Cross price elasticity of frizzles:-

Cost price elasticity = Percentage change in the quantity of frizzles /                                          

                                     Percentage change in the price of guppy gummies.

[tex]= \frac{-22}{-20} \\\\=1.1[/tex]

Cost price elasticity of frizzles is 1.1. Since the cost price elasticity of demand for frizzles is positive, it is a substitute good for guppy gummies.

Cross price elasticity of cannies:-

Cost price elasticity = Percentage change in the quantity of cannies /                                            

                                     Percentage change in the price of guppy gummies.

[tex]= \frac{7}{-20} \\\\=-0.35[/tex]

Cost price elasticity of cannies is -0.35. Since the cost price elasticity of demand for frizzles is negative, it is a complement good for guppy gummies.

Hence cannies are complementing good for guppy gummies, the firm should sell the cannies with the guppy gummies.

The HBR article titled “Supply Chain Management, Hong Kong Style” illustrated the importance of dispersed manufacturing. Please give an example to show what “dispersed manufacturing” means.

Answers

Answer:

Dispersed manufacturing reduces the cost of production by utilizing locally available resources.

Explanation:

Dispersed manufacturing allows one to locate manufacturing plants at different locations to allow dispersed manufacturing and using intervention of technology i.e cloud computing.

This allows use of locally available resources at different locations for manufacturing thereby reducing the overall cost of production.

Renfro Corporation’s bonds will mature in 10 years. The bonds have a face value of $1,000 and an 8% coupon rate, paid semiannually. The price of the bonds is $1,100. What is the bond’s yield to maturity, current yield and capital gains yield?

Answers

Answer:

Renfro Corporation

The bond's yield to maturity is:

= 0.067

The bond's current yield is:

= 0.073

The bond's capital gains yield is:

= -0.006

Explanation:

a) Data and Calculations:

Maturity period of bonds = 10 years

Face value of the bonds = $1,000

Coupon rate = 8% paid semiannually

Price of the bonds = $1,100

Yield to maturity (YTM) = (C + {(FV - PV)/t})/{(FV + PV)/2}

where C = Coupon interest = $80 ($1,000 * 8%)

FV = Face value of the bonds

PV = Present value or price of the bonds

t = number of years

YTM = ($80 + {($1,000 - $1,100)/10})/{($1,000 + $1,100)/2}

= ($80 + {(-$100)/10})/{($2,100)/2}

= ($80 + $-10/$1,050

= $70/$1,050 = 0.06667

= 0.067

Current Yield = Annual interest/Price

= $80/$1,100

= 0.073

Capital gains yield = YTM - Current Yield

= 0.067 - 0.073

= -0.006

Telecommunications, Inc. is considering producing a new hands-free device that will offer several voice-activated features. After much market research, it has determined that the appropriate target price for the new product is $120. To achieve its normal minimum profit margin of 25%, Electronics must be able to produce the product at a maximum total cost of:

Answers

Answer:

Target total unitary cost= $90

Explanation:

Giving the following information:

Target selling price= $120

Minimum profit= 25%

To calculate the target total unitary cost, we need to use the following formula:

Target total unitary cost= seeling price*(1 - minimum profit)

Target total unitary cost= 120*0.75

Target total unitary cost= $90

Voice Com, Inc., produces and sells cellular phones. The costs of producing and selling 8,000 units of cellular phones are as follows: Variable costs: Fixed costs: Direct materials $ 81 per unit Factory overhead $325,600 Direct labor 37 Selling and admin. exp. 114,400 Factory overhead 24 Selling and admin. exp. 20 Total $162 per unit Voice Com desires a profit equal to a 14% rate of return on invested assets of $942,400. Assume that Voice Com, Inc., uses the total cost concept of applying the cost-plus approach to product pricing. a. Determine the total costs and the total cost amount per unit for the production and sale of 8,000 units of cellular phones. Round the cost per unit to two decimal places. Total cost $ fill in the blank 1 Cost amount per unit $ fill in the blank 2 b. Determine the total cost markup percentage (rounded to two decimal places) for cellular phones. fill in the blank 3 % c. Determine the selling price of cellular phones. Round to the nearest cent. $ fill in the blank 4 per phone

Answers

Answer:

Voice Com, Inc.

1a. Total costs = $1,621,600

1b. Total cost per unit = $202.70

2a. Mark-up amount = $131,936

2b. Mark-up percentage = 8.14%

2c. Selling price = $219.19

Explanation:

a) Data and Calculations:

Variable costs per unit:

Direct materials            $ 81  

Direct labor                     37  

Factory overhead           24

Selling and admin. exp. 20

Total per unit              $162

Fixed costs:

Factory overhead $325,600

Production and sales units = 8,000

Rate of return on invested assets = 14%

Desired profit = $131,936 ($942,400 * 14%)

Sales revenue = Total costs + Desired profit

= $1,753,536

1a. Total costs = $1,621,600 ($162 * 8,000 + $325,600)

1b. Total cost per unit = $202.70 ($1,621,600/8,000)

2a. Mark-up amount = $131,936

2b. Mark-up percentage = 8.14% ($131,936/$1,621,600 * 100)

2c. Selling price = $219.19 ($1,753,536/8,000)

The process of initially recording business transactions in a journal is:
A. sliding.
B. posting
c. kiting
D. journalizing.​

Answers

Answer:

Journalizing

Explanation:

The trial balance of Swifty Corporation at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,650; Purchases $227,110; Sales Revenue $208,200; Freight-In $9,560; Sales Returns and Allowances $3,440; Freight-Out $1,810; and Purchase Returns and Allowances $8,000. The ending inventory is $23,400.
Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.

Answers

Answer and Explanation:

The preparation of the cost of goods sold section is presented below;

Beginning inventory $18,650

Purchases $227,110  

Less: Purchase return & allowances ($,8000)    

Add: Freight in $9,560  

Cost of goods available for sale $247,320

Less: Ending inventory  ($23,400)

Cost of goods sold $223,920

In this way it should be prepared

Please help because I have no clue

Answers

Answer:

non profit organizations

Your company sells over-the-counter sleep pills and has created the slogan "sleep better than a baby, sleep like a teenager." what element of strategy does this represent?​

Answers

Answer: Targeting

Explanation:

Strategy refers to the integrated set of choices that managers consider when making decisions. With regards to the question above, the element of strategy that's used is the targeting strategy.

The targeting strategy is when the market is being segmented and the segments of the market tahts appropriate is then chosen aftee which product are then offered.

g Required: 1. Compute the throughput time. (Round your answer to 1 decimal place.) 2. Compute the manufacturing cycle efficiency (MCE) for the quarter. (Round your percentage answer to nearest whole percent.) 3. What percentage of the throughput time was spent in non–value-added activities? (Round your percentage answer to nearest whole percent.) 4. Compute the delivery cycle time. (Round your intermediate calculations and final answer to 1 decimal place.) 5. If by using Lean Production all queue time during production is eliminated, what will be the new MCE? (Do not round intermediate calculations. Round your percentage answer to 1 decimal place.)

Answers

Answer:

Note The full question is attached as picture below

1. Throughput time = Process + Inspection + Move + Move time

Throughput time = 2.7 + 0.3 + 1.0 + 5.0

Throughput time = 9.0 days

2. Manufacturing cycle efficiency = Value added time / Throughput time

Manufacturing cycle efficiency = 2.7 / 9.0

Manufacturing cycle efficiency = 0.30

Manufacturing cycle efficiency = 30%

3. Non value added throughput time = 100% - 30%

Non value added throughput time = 70%

4. Delivery cycle time = Wait time + Throughput time

Delivery cycle time = 14.0 + 9.0

Delivery cycle time = 23 days

5. New Manufacturing cycle efficiency = Value added time / Throughput time

New Manufacturing cycle efficiency = 2.7 / 4

New Manufacturing cycle efficiency = 0.675

New Manufacturing cycle efficiency = 67.5%

Bobby bought 550 shares of stock at $61.25 per share. His broker charges 4% commission for round lots and 5% for odd lots. Calculate the total cost of the stock purchase.

Answers

Answer:

The total cost of the stock purchase was $ 35,371.87.

Explanation:

Since Bobby bought 550 shares of stock at $ 61.25 per share, and his broker charges 4% commission for round lots and 5% for odd lots, to calculate the total cost of the stock purchase the following calculation must be performed:

Odd lot = less than 100 shares, or sum not divisible by 100

550 = odd lot

(550 x 61.25) x 0.05 = X

33,687.5 x 0.05 = X

1,684.375 = X

33,687.5 + 1,684,375 = 35,371,875

Therefore, the total cost of the stock purchase was $ 35,371.87.

Alpha Enterprises currently operates 8 warehouses and holds a total inventory of 3,600 units. They want to reduce their inventory to 1,800 units. They should reduce the number of warehouses to:

Answers

Answer:

4 warehouses

Explanation:

Total warehouse = 8

Total inventory = 3,600 units

Units per warehouse = Total inventory /Total warehouse

Units per warehouse = 3,600 / 8

Units per warehouse = 450

Now, Alpha Enterprises wants to reduce their inventory to 1,800 units, the number of warehouse should then be:

= 1,800 units / 450 units

= 4 warehouses.

Assume (1) a predetermined overhead rate of $8.00 per machine-hour, (2) actual machine-hours worked during the period of 54,000 hours, and (3) estimated machine-hours to be worked during the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to:

Answers

Answer:

Allocated MOH= $432,000

Explanation:

Giving the following information:

Predetermined overhead rate of $8.00 per machine-hour

Actual machine-hours worked= 54,000 hours

To calculate the allocated overhead, we need to use the following formula:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 8*54,000

Allocated MOH= $432,000

During the past year, Sweeter than Honey Inc. sold 920 beehives. Inventory records for the year are as follows: DATE QUANTITY COST TOTAL January 1 Beginning Inventory 180 $38 $ 6,840 January 30 Purchase 300 32 9,600 March 16 Purchase 150 12 1,800 November 10 Purchase 420 15 6,300 December 14 Purchase 400 43 17,200 Total available for sale 1,450 $41,740 Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. (Round your answer to 2 decimal places) Group of answer choices $19,128.00 $28,772.00 $15,258.70 $22,541.80

Answers

No cap cuh 10.000000 a year ez
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