Las Palmas Company reported the following items on its financial statements for the year ending December 31, 2016: Sales $ 560,000 Cost of goods sold $400,000 Salary expense 40,000 Interest expense 30,000 Dividends 30,000 Income tax expense 25,000 How much will be reported as retained earnings on Las Palmas' balance sheet at December 31, 2016, if this is the first year of operations?
a. $ 45,000
b. $ 35,000
c. $ 85,000
d. Not enough information is provided.
b
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A) Other Assets. B) a reduction to Premium on Bonds Payable. C) Deferred Liabilities. D) an addition to Discount on Bonds Payable.
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a. True b. False Indicate whether the statement is true or false
Sheddon Industries produces two products. The products' identified costs are as follows: Product AProduct BDirect materials$23,000? $18,000? Direct labor 11,000? 27,000? The company's overhead costs of $57,000 are allocated based on labor cost. Assume 7000 units of product A and 8000 units of Product B are produced. What amount of production costs would be assigned to Product A? (Do not round intermediate calculations.)
A. $50,500 B. $102,000 C. $45,000 D. None of the answers are correct.
William and Cynthia agreed, through a written agreement, that in the event that they got a divorce that William would pay Cynthia $2,400 per month in alimony for the earliest of either five years had expired or Cynthia had remarried. They signed the agreement two months before they were married in 1975. In 2004, they were divorced and Cynthia wanted her $2,400 per month. William says he does not
make enough money to pay that much. Which best describes what the court will do? A) The court will honor a valid prenup agreement that is voluntarily entered into B) A prenup cannot cover alimony payments C) The prenup expires after 20 years of marriage and the court then determines the parties' rights D) Remarriage cannot end alimony payments automatically