Jerry's Butcher Shop had the following assets and liabilities at the beginning and end of the current year:Assets LiabilitiesBeginning of the year $114,000 $68,000End of the year 135,000 73,000If stockholders invested an additional $12,000 in the business in exchange for common stock and $5,000 of dividends were paid during the year, what was the amount of net income earned by Jerry's Butcher Shop?
What will be an ideal response?
Beginning equity = $114,000 ? $68,000 = $46,000
Ending equity = $135,000 ? $73,000 = $62,000
Increase in equity = $62,000 ? $46,000 = $16,000
Net income = $16,000 ? $12,000 + $5,000 = $9,000
You might also like to view...
Utah Co sold merchandise to Big Sky Corp on December 1, 2016, for $9,000, and accepted a promissory note for payment in the same amount. The note has a term of 90 days and a stated interest rate of 8%. Utah's accounting period ends on December 31. What is the actual maturity date of the note?
a. December 31, 2016 b. January 29, 2017 c. February 28, 2017 d. March 1, 2017
Before developing a sales presentation, a salesperson should consider what psychological factors may influence the buyer's decision.
Answer the following statement true (T) or false (F)
A brief overview at the start of your instructional message ________
A) will divert readers' focus from the directions that are the point of the message B) is unnecessary in most cases, and will confuse readers C) will help your audience understand when and why they need to use the instructions D) will waste readers' time and distract them from the instructional aspect of the message E) will give readers all the information they need and allow them to skip to the end of the message
Supply chain responsiveness includes the ability to do which of the following?
A) Understand customers and supply chain B) Match supply chain responsiveness with the implied uncertainty of demand C) Meet short lead times D) Ensure that all functional strategies within the supply chain support the supply chain's level of responsiveness