Maslow's Consulting Inc

question 166

Essay

Maslow's Consulting Inc.had retained earnings of $172,500 at December 31,2013.Net income for 2014 amounted to $56,400.Dividends during 2014 were $48,000.Prepare the statement of retained earnings for 2014.

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Definitions:

Total Variable Cost

The sum of all variable costs that change in proportion with the level of output or activity.

Total Annual Fixed Costs

The sum of all consistent, non-variable expenses that a company incurs over the course of a year.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded by consumers, typically sloping downward from left to right.

Sales Price

The amount of money for which a product or service is sold to the customer.