Nina Corp. had the following net income (loss) the first three years of operation: $6700, ($1000), and $2400. If the Retained Earnings balance at the end of year three is $500, what was the total amount of dividends paid over these three years?
double declining rate formula
2/useful life (as a %)
book value x dep rate = dep expense for the year
activity based method formula
cost – residual value / units expected to be used
straight-line depreciation formula
cost – residual/ useful life (depreciation expense)
what do employers pay taxes to?
FICA + unemployment
adjusting interest entry at year end
interest expense
interest payable
a liability is worth $5 million, with $1 million paid per year, how much is current and how much is long term liabilities
current: 1 million
long-term: 4 million
what are the 2 requirements to record a contingent liability
1) probable
2) reasonably estimated
what do employees pay taxes to?
fica + federal/state income taxes
discount rate
market rate > stated rate
premium rate
market rate < stated rate
recording a bond issuance when YOU receive it
Cash
Bonds Payable
(this is when you GET a bond, other way around when issuing it)
entry to write off an account (when you learn the customer isn’t going to pay)
allowance for uncollectible accounts
accounts receivable
how to calculate net income
revenues – expenses
Nina Corp. had the following net income (loss) the first three years of operation: $6700, ($1000), and $2400. If the Retained Earnings balance at the end of year three is $500, what was the total amount of dividends paid over these three years?
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