User Account

All Pages

Find amount of net income if no capital stock issued

Assignment Help Accounting Basics
Reference no: EM13257874

Financial information related to Midas Interiors for March andApril 2008 is as follows:

                                                  March31,2008                 April 30, 2008

Accountspayable                           $ 30,800                              $  33,200             

Accountsreceivable                        68,000                                    78,250

Capitalstock                                     37,500                                    37,500

Retainedearnings                                ?                                             ?     

Cash                                             120,000                                  204,000

Supplies                                         6,000                                     5,000

  1. Prepare balance sheets for Midas Interiors as of March 31and as of April 30, 2008
  2. Determine the amount of net income for April, assuming that noadditional capital stock was issued and no dividends were paidduring the month
  3. Determine the amount of net income for April, assuming that no additional capital stock was issued but dividends of $25,000 werepaid during the month.

Reference no: EM13257874

Questions Cloud

Create a scenario based on current events : Create a scenario based on current events where a corporation could be found guilty of committing a crime even though the CEO, board of directors, and the shareholders have not themselves done a criminal act.
What is the input signal-to-noise ratio in db : a) The input signal to an amplifier is -20 dBm. What is the input signal power in mW. Given the input signal and noise power in parts (a) and (b), what is the input signal-to-noise ratio in dB.
Amoral best argument for avoiding liability : After being drafted by the Indianapolis Dolts , All-Big One Conference offensive tackle, Les Holdem, contracted with sports agent Harry Shifty to represent him in contract negotiations with the Dolts.
What do budget variances mean : What do budget variances mean? Is the administrator interpreting this information correctly? Explain.
Find amount of net income if no capital stock issued : Determine the amount of net income for April, assuming that no additional capital stock was issued and no dividends were paidduring the month
What is the value of this business : Assume that it will take exactly one year to get the first cash flow and each cash flow will occur on the same date ever year. If the current interest rate is 5% per year then what is the value of this business?
What is a possible thickness of the slime : A ghost leaves a thin slime of ectoplasm (n=1.8) on a puddle of water (1.33). When looking down with light shining on the puddle, What is a possible thickness of the slime
How far away is the pumpkin from the mirror : A pumpkin sets in front of a mirror with radius of curvature of -20 cm. How far away is the pumpkin from the mirror
What is the probability of a major release per reactor-year : The Chernobyl accident may ultimately cause on the order of 10,000 extra cancer deaths (von Hippel and Cochrane 1991). How many would this come to per reactor-year?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the estimated profit of first year of operation

You are considering opening a kiosk in themall that will sell customizable aprons. You need to borrow money fromt eh bank to get the business started and estimate that you will need approximately $20,000. Calculate the estimated profit of your comp..

  What is the basis of the new barn if non-recognition

a barn with an adjusted basis of 125,000 was destroyed by a tornado on March 5, 2011 on May 15, 2011 the insurance company paid the owner 150,000 the owner reingested 170,000 in another barn what is the basis of the new barn if non-recognition of ..

  Net income and free cash flow

In order to sustain operations and generate sales and cash flow, the firm required to make $1250 of capital expenditures on new fixed assets and to invest $300 in net operating working capital. By how much did the firm's net income exceed its free..

  First withdrawal at year-end

Henry Quincy wants to withdraw $30,000 each year for 10 years from a fund that earns 8% interest. How much he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately?

  Taxable business income

Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells.

  Net change in the budget of prevention costs

What is the net change in the budget of prevention costs if the procedures are automated in 2010? Will management agree with the changes?

  Concept of change in reporting entity

Which of the following describes a change in reporting entity?

  Accounts under an accounting equation

The interest rate is applied to the outstanding monthly balance. For example, Hulse pays 6% (5% = 1%) annual interest on $70,000 for the month of January. Organize the information in accounts under an accounting equation.

  Restrictions on beta ability to use minimum tax credit

Beta Corporation incurs a $60,000 regular tax liability and a $20,000 AMT liability. Assuming no restrictions on Beta's ability to use the minimum tax credit, what journal entry would be necessary to record tax expense?

  What amount was transferred to finished goods

During 2012, Sand, Inc. expected Job No. 51 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Sand applied overhead based on direct labor cost. Actual production required an overhead cost of $280,000, $550,000 in material..

  Calculating profitability index bill plans

Calculating Profitability Index Bill plans to open a self-serve grooming center in a storefront. The grooming equipment will cost $210,000, to be paid immediately.

  How to form a one-page document to discuss regulations

You are a mid-level manager for a large firm. Your task is to hire 20 new employees for a new production line. Prior to execution, you must report to your district manager on what your plan is to work through the hiring process to ensure complianc..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd