Over the course of 2022, the first year of operations, Medical Supplies, Inc. had the following income
Question:
Over the course of 2022, the first year of operations, Medical Supplies, Inc. had the following income transactions: Sales Revenue of $4,340,000; Cost of Goods Sold of $1,936,000; Wage Expense of $876,000; Insurance Expense of $324,000; Administrative Expense of $414,000; Utilities Expense of $192,000; and Selling Expense of $42,000. At the end of 2022, the company declared and paid dividends in the amount of $62,000. What is the ending balance in the retained earnings account at year-end?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
Retained earnings Beginning balance 0 Net in...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9780136946694
3rd Edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Question Posted:
Students also viewed these Business questions
-
The individual and consolidated balance sheets and income statements of P and S Companies for the current year are presented in the accompanying table. The entity theory is used. ADDITIONAL...
-
Back Country Outfitters Inc., based in Nelson, British Columbia, assembles snowboards for the serious snowboarder. It buys the boards already cut to size and adds the various fittings required to...
-
Please help with the discusin questions ! I give thumbs up Case #1: Hailing a New Era: Haier in Japan As one of the most valuable brands in China, Haier designs,manufactures, and sells various home...
-
Which of the following statements is true for real gases? Choose all that apply. 1. As attractive forces between molecules increase, deviations from ideal behavior become more apparent at relatively...
-
Access the most recently available annual report of Siemens (www.siemens.com/investor/en/financials/annual_reports.htm). Locate and read the MD&A section of the report. Comment on why the audit...
-
Using the case study of a Nike company in Canada with an ethical dimension in a specific country (for example, water privatization, the use of toxic fertilizers, the environmental impact of an oil...
-
Why is involvement of top management important to the success of a corporate environmental management and accounting system?
-
Carmen opens a retail store. Her sales during the first year are $600,000, of which $30,000 has not been collected at year-end. Her purchases are $400,000. She still owes $20,000 to her suppliers,...
-
Hello I am doing a project on service line revenue and my group has picked behavioral health. As the paper goes on it needs to be more specific so we picked inpatient psychiatric hospital treatment....
-
Allen Blay owns 100% of the stock in AB Corporation, organized ten years ago in California. AB operates a foreign branch in Country A. In the current year, AB reports $500,000 of taxable income from...
-
Using the information provided in E4-6, prepare Dover Direct Insurance Agencys unadjusted trial balance at June 30, 2022. Data from Exercises 6 Using the information provided in E4-5, post Dover...
-
The CFO of First Things Computing, Inc. (FTC) prepared the following net income statement for the year ended December 31, 2023. FTC had 15,000 common shares outstanding for the entire year. It had no...
-
Determine the expected net operating income (NOI) from sales of micro turbine components. The probabilities are 20%, 50%, and 30% for revenues of $800,000, $1,000,000, and $1,100,000 per year,...
-
Label each of the following statements true, false, or uncertain. Explain briefly. a. The IS curve shifts to the right with an increase in \(G\), to the right with an increase in \(T\), and to the...
-
Vanguard is one of the worlds largest asset management companies. The firm has built a $7.2 trillion asset management empire by selling low-cost index funds to individual investors, primarily in...
-
We showed that a reduction in the interest rate in an economy operating under flexible exchange rates leads to an increase in output and a depreciation of the domestic currency. a. How does the...
-
Established in 1891 in Holland, Philips is one of the worlds oldest multinationals. The company began making lighting products and over time diversified into a range of businesses that included...
-
What are the values of control signals generated by the control in Figure 4.2 for this instruction? Figure 4.2 Different instructions utilize different hardware blocks in the basic single-cycle...
-
What are the three sources of underwriting risk in the property-casualty insurance industry?
-
Borrowing costs should be recognised as an expense and charged to the profit and loss account of the period in which they are incurred : A. If the borrowing costs relate to qualifying asset B. If the...
-
Giddens Company adopted the dollar- value LIFO inventory method on December 31, Year 1. On December 31, Year 1, Giddens inventory was in a single inventory pool and was valued at $ 400,000 under the...
-
The Loyd Company had 150 units of product Omega on hand at December 1, Year 1 costing $ 400 each. Purchases of product Omega during December were as follows: Sales during December were 500 units on...
-
Simmons, Inc. uses lower- of- cost- or- market to value its inventory. Data regarding an item in its inventory is as follows: Cost .. $ 26 Replacement cost ..... 20 Selling price ............. 30...
-
1. Roger and Sarah sold their house and plan to travel around the world for one year. They placed their furniture and appliances in storage and will take luggage and cameras on their trip. Sarah will...
-
Using the table with $/share information for Apple, Amazon, and Microsoft, along with their market capitalizations. Compute the value-weighted index starting from 12/31/2019 to 1/20/2023. What is the...
-
Wildhorse Company has several processing departments. Costs to be accounted for in the Assembly Department for November 2022 totaled $2,294,466 as follows. Work in process, November 1 Materials...
Study smarter with the SolutionInn App