Giga company had the following account balances at the end of its fiscal year. What is its net income for the year? Dividends =6,550, Common Stock=7,000, Fees Earned=72,900 Insurance Expense=22,700, Retained Earnings=8,000, Rent Expense=14,000 Choices: a.29,650, b. 21,650, c.72,900,d.36,200

Giga company had the following account balances at the end of its fiscal year. What is its net income for the year? Dividends =6,550, Common Stock=7,000, Fees Earned=72,900 Insurance Expense=22,700, Retained Earnings=8,000, Rent Expense=14,000 Choices: a.29,650, b. 21,650, c.72,900,d.36,200

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 15EA: Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid...

See similar textbooks

Related questions

Q: The following information on cash transactions were reported by FDNACCT Co.: Receipts from sale of…

A: Cash flow from financing activities is a part of the cash flow statement. It included transactions…

Q: At Laramie, the standard quantity of labor is 26 hours per refrigeration unit. The standard wage…

A: Labor Rate Variance: Calculating the difference between real hours multiplied by the actual rate and…

Q: The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation…

A: It is given that - 2 partners are retiring and the partnership is terminating. also, the balance…

Q: PPF Corporation intends to expand, and new projects are expected to yield an average of P375, 000.00…

A: Introduction: Economic value added (EVA) is a cash-adjusted measure of a company's financial success…

Q: Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three…

A: Indirect costs are also known as overhead costs. These costs can not be allocated directly to the…

Q: curred RM1.5 million to construct a building on 1 May 2011. The building was used as office from 1…

A: Allowance for industrial building: It is the qualifying expenditure with the objective of industrial…

Q: From the above, compute (a) the Current Ratio, (b) Quick Ratio, (c) Debt-Equity Ratio,

A: Introduction: - Ratio analysis used to analysis business performance. It gives idea of company…

Q: Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has…

A: In order to increase the sales revenue, the business organizations sells their goods on a credit…

Q: Investments in debt securities made to generate trading gains are classified as: Multiple Choice…

A: Investment in securities means to put the money in some securities in order to get returns in…

Q: 2015: $29 in engine parts imported into Canada and $44 in engine parts produced in Canada. 2016: GM…

A: GDP Contribution: In straightforward situations, such as when calculating aggregates using current…

Q: Inventories Materials January 1 January 31 302,000 278,000 Work in process 215,600 238,200 Finished…

A: The statement of cost of goods manufactured includes the direct and indirect costs incurred during…

Q: Cash $ 19,000 Liabilities $ 71,000 Accounts receivable 86,000 Rodgers, loan 39,000 Inventory…

A: Dissolution /Liquidation of Partnership firm: It is the situation when the firm is not run without…

Q: Is ABC Manufacturing is properly using the budget process to plan for next year's expenses? You have…

A: The budget can be defined as the process of estimating revenues, expenses, and income. The budget is…

Q: Chapter 9 Receivables The following accounts were unintentionally omitted from the aging schedule:…

A: Allowance Method - Under the allowance, the method company makes provision of uncollectible accounts…

Q: Siegel Company spent $14,000 on direct supplies and $19,000 on compensation for manufacturing…

A: Net income is the amount of money earned by a business entity during a period after deducting all…

Q: Total costs $100 Instructions a. Assume that Mucky Duck uses cost-plus pricing, and sets the price…

A: Introduction:- Cost plus pricing is the easiest method of determination of selling price of your…

Q: How many students does the school need to enroll in the first year to break even? b. If the school…

A: Given in the question: Initial Start-Up Costs 350000 Tuition Charges by School 18000…

Q: McDonald’s Corporation (MCD) reported the following balance sheet and income statement data for two…

A: Return on Asset is a type of Ratio which comes under Profitability Ratio Category.It gives how much…

Q: The following items were taken from the records of Slow Boat Company, which uses a periodic…

A: The income statement is an essential part of the financial statements of the company. It is prepared…

Q: If Quail Company invests $50,000 today, it can expect to receive $10,000 at the end extra $6,000 at…

A: calculation of net present value are as follows

Q: A project is rejected under the net present value method when: a. The percentage return is greater…

A: The correct option with proper explanation are as follows:

Q: At the end of March 2021, there were 700 units of a product manufactured by D & Y Manufacturing. The…

A: (1)The amount of stock in store at the start of the month can be calculated using the following…

Q: acturor a hamster food product called Green Health Maxim currently has 23.000 bags o

A: In this problem as per given info Maxim has currently 25,000 bags in…

Q: Green Company has beginning inventory of 20 units at a cost of $12.00 each on May 1. On May 5, it…

A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…

Q: [The following information applies to the questions displayed below.] Trey Monson starts a…

A: Average unit cost=Cost of goods available for saleUnits available for sale

Q: Which of the following descriptions could be applied to the IT costs in question four? ( previous…

A: Please see Step 2 for required information.

Q: Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for…

A: Gross profit is the amount of profit earned by an entity after deducting the cost of goods sold from…

Q: Why might revenues generated from the tax fall short of expectations? 2. Do you think that…

A: Everybody has needs and wants. The demands and wants may not all be able to be met by the current…

Q: What are five basic principles which, if followed, should improve the probability of preparing a…

A: Introduction A budget is a financial statement that the management develops to evaluate the…

Q: The Montanah Corporation manufactures jerseys with Ronaldo's signature stamped. Each jersey sells…

A: Given that, Selling price per unit = USD12 variable cost per unit = USD7 Tot fixed cost =…

Q: The cost and estimated useful life of accounts under Property, Plant and Equipment of FDNACCT Co.…

A: Plant, Property & Equipment: PP&E stands for "property, plant, and equipment," which refers…

Q: Cobe Company has already manufactured 18,000 units of Product A at a cost of $15 per unit. The…

A: The main objective of every business enterprises is to earn profit by satisfying the customers…

Q: Question 4 a. Business decisions rely on certain characteristics which are based on intelligent and…

A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…

Q: Why is eps not a consistently good measure of a firms performanc

A: After all the operating expenses i.e., all the fixed costs, which remain fixed irrespective of the…

Q: Mist, Inc. provides free meals in an employee cafeteria for its employees. The employee cafeteria…

A: An operating department oversees the production process from start to finish. The goals and…

Q: Brewed Awakening produces a single type of coffee, the You're Brewtiful blend. Utility costs to…

A: The mixed costs comprises of fixed and variable costs. The variable costs changes with level of…

Q: Under the current tax treatment of employer-sponsored health insurance, how much is $100 of…

A: Health Insurance It is a type of insurance that covers the whole or a part of the risk of a…

Q: ayback Show the calcul me information about two vehicles A and B, is provided in the table below. A…

A: Total Cost : It is cost of finished product which is produced for sales. The total cost of the…

Q: Select the best answer for the question. 5. Which of the following statements about the Accumulated…

A: Accumulated Depreciation account contains the total depreciation charged on the asset till date. Due…

Q: Assume that the marginal revenue product schedules of accountants and instructors are similar. Which…

A: Revenue Marginal Product (MRP) The MRP assumes that all other expenses remain constant and assists…

Q: Timothy (40) and Tina (42) are California residents. Todd (age 10) and Ted (age 7) are their two…

A: Tax Break for Children: As per 2020 Child Tax Credit, an individual can get a tax credit of $2,000…

Q: Account for bonds payable retired prior to maturity) On January 1, 2017, Ditchey Corporation issued…

A: Lets understand the basics. When bond is issued for less than its face value then it is issued at…

Q: The balance sheet for the Delphine, Xavier, and Olivier partnership follows: Cash…

A: In case of liquidation of the partnership, the assets of the partnership are sold, liabilities are…

Q: On January 1, 2015 P company acquired 80% interest in S Company for P2,000,000 cash. The…

A: A business combination is a transaction in which a buyer takes over control of another company (the…

Q: Want purchased securities which qualifies as § 1244 stock becoming worthless. Wang is single and the…

A: According to the § 1244 whether to incurred gain or loss in the securities which are treated as…

Q: On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction…

A: calculation of above requirement are as follows

Q: Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going…

A: Principles of Accounting : These are the rules of accounting which are known as GAAP's (Generally…

Q: . The following information relates to a retail company for the year ending 31 December Budgeted…

A: Margin of safety=Budgeted sales revenue-Breakeven sales revenue

Q: 2. Journalize the necessary entries. The accounts have not been closed. 3. What is the amount of…

A: The bank reconciliation statement is prepared at the end of the period normally the end of the month…

Q: Duval Company issues four-year bonds with a $111,000 par value on January 1, 2021, at a price of…

A: Bonds are an obligation on the entity. These are a source of raising fund for which the entity has…

Question

Giga company had the following account balances at the end of its fiscal year. What is
its net income for the year?
Dividends =6,550, Common Stock-7,000, Fees Earned=72,900
Insurance Expense-22,700, Retained Earnings=8,000, Rent Expense=14,000
Choices: a.29,650, b. 21,650, c.72,900,d.36,200

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Using the January 1 and December 31, 20Y8, data given in Question 10, answer the following question: If Sylvester Consulting paid $18,000 of dividends during 20Y8, what was the amount of net income for 20Y8?
Net income and dividends The income statement for the month of February indicates a net income of 17,500. During the same period, 25,500 in cash dividends were paid. Would it be correct to say that the business incurred a net loss of 8,000 during the month? Discuss.
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Prepare an income statement.
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Required: 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid a total of $3,000 in dividends and earned a net income of $60,000 this year. What is the ending retained earnings balance?
For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?
Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920. Hollys stockholders equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock outstanding at the end of the year. Required Compute Hollys profit margin. What other information would you need in order to comment on whether this ratio is favorable?
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: a.Prepare an income statement. b.Compare your income statement with the income statement that is available at the FedEx Corporation Web site, (http://investors.fedex.com). Click on Annual Report and Download Annual Report. What similarities and differences do you see?
The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: a. For Costco, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. Comment on the results of your horizontal analysis in part (a). c. Based upon Exercise 2-23, compare and comment on the operating results of Target and Costco for the recent year.