Reference no: EM131219440
As of December 31, 2014, Blue Haven Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company’s 2014 income statement contained revenue of $3,000 and expenses of $2,000. The 2014 statement of changes in stockholder’s equity stated that $300 of dividends were paid to investors.
a. Determine the before-closing balance in the Retained Earnings account on December 31, 2014.
Retained Earning Before Closing:
b. Determine the after-closing balance in the Retained Earnings account on December 31, 2014.
Retained earning after closing
c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, 2014.
Revenue:
Expense:
Dividend:
d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, 2014.
Revenue:
Expense:
Dividend:
|
Four equal annual year-end payments
: Consider a 4-year amortizing loan. You borrow $1,000 initially, and repay it in four equal annual year-end payments. If the interest rate is 10 percent, show that the annual payment is $315.47. Show that the loan balance after 1 year is equal to the ..
|
|
What is the monthly rate on this annuity
: Professor’s Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $80,000 at age 65, the firm will pay the retiring professor $600 a month until death. If the professor’s remaining life expectancy is 20 years, what is the m..
|
|
Compute the cash balance at the end of the first year
: Alpaca Corporation had revenues of $265,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $27,300 on $97,500 of merchandise it purchased. Alpaca has an effective income tax rate of 40%. Compute ..
|
|
Two Awful Anniversaries
: Read the article, “Two Awful Anniversaries.” Based on the content presented in the article, describe some of the issues with federal taxation. Does the research by Art Laffer and other economists suggest that over time states that have no income tax ..
|
|
Determine the after-closing balances in revenue-expense
: As of December 31, 2014, Blue Haven Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company’s 2014 income statement contained revenue of $3,000 and expenses of $2,000. Determine the before-closing ba..
|
|
Manufactures cycling equipment
: George Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s bikes
|
|
Assuming four-variance analysis of overhead variances
: Petrillo produces all of its valves in a single plant. Normal activity is 20,000 units per year. Standard overhead rates are computed based on normal activity measured in standard direct labor hours. Prepare all possible journal entries (assuming a f..
|
|
Discuss the different compensation plans
: Discuss the different compensation plans that a business could offer their employees. Many employees offer incentive plans to their employees. Discuss some of the options for incentive plans.
|
|
Prepare comprehensive financial analysis and proposal
: Throughout this course you will prepare a comprehensive financial analysis and proposal (excluding tables, figures, and addenda) that will demonstrate your understanding of key financial concepts, strategies and practices. Discuss current strategy (i..
|