BUSINESS HIGH SCHOOL

Sheffield Corp. started the year with $63600 in its Common Stock account and a credit balance in Retained Earnings of $46600. During the year, the company earned net income of $50900, and declared and paid $21200 of dividends. In addition, the company sold additional common stock amounting to $29700. As a result, the balance in retained earnings at the end of the year would be?

Answers

Answer 1
Answer:

Answer:

The balance in retained earnings at the end of the year will be $70,300.

Explanation:

Retained earning beginning balance = $46,600

Net Income for the year = $50,900

Dividend Paid = $21,200

Retained earning Ending balance = Retained earning beginning balance + Net Income for the year - Dividend paid during the year

Retained earning Ending balance = $46,600 + $50,900 - $21,200

Retained earning Ending balance = $70,300

So, the balance in retained earnings at the end of the year will be $70,300.

Related Questions

If you have a scientific research orientation, you are most likely _____.A. punctualB. curiousC. athleticD. generous
José, the sales manager for a software development firm, is working on the problem of increasing sales by using the rational model of decision making. In the first step he identified the problem of his employees needing more training. In the second step he thought of alternative solutions; and in the third step he evaluated alternatives and selected a solution. José needs to _____ in the fourth and final step.
Coca-cola vending machines are found all over the world. The newest machines have an interactive screen that runs advertisements and allows users to obtain free photos of themselves and ringtones after they have bought a drink. Critics of these new vending machines are concerned that entertaining technology is being used to market sugary products. In terms of a swot analysis, this concern would be an example of a(n): strength. Opportunity. Advantage. Threat. Weakness.
A sales tax is a type of progressive tax. indirect tax. proportional tax. direct tax.
When delivering a 60-second commercial in an interview, you should NOT: a. Keep the commercial concise b. Play a recorded version from your phone c. Tailor the commercial to the employer d. Focus and polish the content

Your spouse is a teacher at the local elementary school. Which retirement plan would she most likely have?Roth IRA

Traditional IRA

401(k)

403(b)

Answers

The retirement plan she most likely has is the 401(k)

Well, actually both 401k and 403 b offer similar system of retirement. But 401k is more commonly used by middle-lower class worker, including elementary school teacher

Answer:

Correct answer is: D - 403(b)

Explanation:

I took the test.

The "IPS" (Investment Policy Statement) for a qualified retirement plan under ERISA states the asset allocations permitted in the plan. The IPS requires that 50% of assets be placed in stocks; and 50% of assets be placed in fixed income securities. The allocation percentage is allowed to vary by up to 10%, giving the manager the ability to time the market to enhance returns. The investment manager expects a bull market in equities and increases the equities allocation to 65% and reduces the fixed income allocation to 35%. The equities market rallies and the overall portfolio increases by 18% for the year. At the end of the year, the manager rebalances, bringing the portfolio allocation back to 50/50. The investment manager:________.

Answers

Okay so The investment manager has deviated from the initial asset allocation specified in the IPS, which was 50% in stocks and 50% in fixed income securities. They increased the allocation to stocks to 65% and reduced the fixed income allocation to 35%, taking advantage of their 10% allowable variation.

However, after the equities market rally and an 18% increase in the overall portfolio value, the manager rebalanced the portfolio back to the original 50/50 allocation, as per the IPS guidelines.

In summary, the investment manager initially deviated from the IPS allocation, but they eventually adhered to the IPS guidelines by rebalancing the portfolio back to 50% stocks and 50% fixed income securities at the end of the year. This rebalancing action aligns with their responsibilities outlined in the IPS.

Final answer:

The investment manager deviated from the initial 50/50 allocation ratio between stocks and fixed-income securities in anticipation of a bull market, leading to an 18% boost in the portfolio for the year. They then rebalanced the portfolio to the initial 50/50 ratio at the end of the year.

Explanation:

The investment manager, in this scenario, utilized flexibility within the Investment Policy Statement (IPS) to deviate from the prescribed 50/50 asset allocation between stocks and fixed-income securities. Noting an expected bull market in equities, they increased the equities allocation to 65%, leading to a portfolio increase of 18% for the year. At the end of the year, they adhered to the IPS by rebalancing the portfolio back to a 50/50 allocation.

Learn more about Investment Policy Statement (IPS) here:

brainly.com/question/31510655

#SPJ11

Lucky started a new business last year. Since it was the first year of operation, the business purchased $10,000 in machinery and used the straight-line method for depreciation. Business is booming, so Lucky purchased $15,000 in equipment during the current year to help meet production demands. Which of the following statements is true regarding the depreciation choices available to Lucky? The new machinery can be depreciated under the same method or a different method than the previously purchased machinery T/F

Answers

Answer:

True

Explanation:

The reason is that the Internation Financial Reporting Framework says that though there are choices the company must opt to the depreciation method that brings fairness to the financial statement, which means that the method used calculates the depreciation for the year that actually represents the decrease in the value of the assets in market value. So if the current method brings the fairness to the Financial statements, Lucky can use them and if those don't bring fairness to the financial statements then its better to use alternative which will bring the fairness to financial statements.

The price of money borrowed or saved is called _____.
interest
loan
money supply

Answers

The price of money borrowed or saves is called INTEREST.

When you borrow money, interest is also paid on the principal. When you save money, interest is earned on the savings. This is the price of money borrowed or saved. 

Answer:

interest

Explanation:

Which of the following entries or sets of entries would record sales for the month of july of $200,000 for goods costing $119,000 for?

Answers

Given:
sales for the month: 200,000
cost of the goods: 119,000

These are the entries on the above transaction.

Assume it is a cash sale:
                                           Debit                Credit
Cash                          200,000
            Sales                                          200,000

If it is receivable: (Accounts or Notes)
                                                              Debit                Credit
Accounts/Notes  Receivable         200,000 
            Sales                                                               200,000

Recognizing the cost of the goods.

Cost of goods sold                          119,000
            Inventory                                                    119,000

An income tax hike A. increases potential GDP.

B. increases employment.

C. decreases potential GDP.

D. Both answers A and B are correct.

E. Both answers B and C are correct.

Answers

Answer:

The correct answer is option C.

Explanation:

An increase in income tax will cause the disposable income of the consumers to decline. It will thus reduce consumer spending.

A reduction in the demand for goods and services will cause production to decrease. Firms will need fewer workers to produce output so employment will also decline.

This will further cause the aggregate demand and potential GDP to decline.

Other Questions
You have 8 hours to study for two final exams. The exam for course A is worth 25% of your grade and the exam for course B is worth 50% of your grade. The first hour you spend on studying for either exam will increase your score on it by 10 percentage points, the second hour will increase your grade on it by an additional 9 percentage points, the third hour will increase your grade on it by an additional 8 percentage points, and so forth. How will you allocate your time? Explain your answer in terms of marginal analysis.
The Supplies account for Vulcan Cleaning Services had a debit balance of $200 at the beginning of the month. Additional supplies of $1,400 were purchased during the month. A physical count of supplies revealed that $600 of supplies was still on hand at the end of the month. What was total Supplies expense for the month?
A passbook savings account has a rate of 9 %. find the effective annual​ yield, rounded to the nearest tenth of a​ percent, if the interest is compounded monthly.
President J. Reuben Clark Jr. once warned that "Once in debt, ________ is your companion every minute of the day and night, you cannot shun it or slip away from it . . . and whenever you get in its way or cross its course or fail to meet its demands, it crushes you."Interest T/F