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3 years ago

Cash Received from Customers—Direct Method

1 answer:

7 0

Based on the sales figure and the change in the accounts receivable balance, the amount of cash received from customers wa<u>s $14,300.</u>

<h3>What was the amount of cash received?</h3>

The accounts receivable balance refers to the amount that customers owe to the company.

This means that if the accounts receivable balance decreases by the certain amount, it would be because that amount was paid by the customers who owe the business.

The cash paid is therefore the amount of $14,300 which the balance reduced by.

Find out more on accounts receivables at brainly.com/question/24848903.

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Alton, a mid-level manager for knockaround clothing in charge of monthly inventory, often participates in quarterly meetings of

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Alton's supervisors' allowing him flex time to attend these meetings embraces Alton's<u> "ethnicity".</u>

Ethnicity alludes to the identification of a group in view of an apparent social uniqueness that makes the gathering into a "people." This distinctiveness is accepted to be communicated in dialect, music, values, craftsmanship, styles, writing, family life, religion, custom, nourishment, naming, open life, and material culture. This social exhaustiveness—a one of a kind arrangement of social attributes apparent as conveying everything that needs to be conveyed in usually extraordinary routes over the sociocultural existence of a populace—portrays the idea of ethnicity. It rotates around not only a "populace," a numerical entity, but rather a "people," an exhaustively one of a kind social element.

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3 years ago

A progressive tax is one in A) which the average rate increases as income increases. B ) more taxes are paid as income increases

scoundrel [369]

Answer:

A) which the average rate increases as income increases.

Explanation:

A progressive tax is a tax that increases in tax rate as the taxable amount increases. The tax is termed "progressive" because it refers to the increment or progression of the tax rate from low to high, which by implication means that a taxpayer's average tax rate is less than the person's marginal tax rate.

Another term that describes the progressive nature of income taxes particularly in developed economies like the United states and United Kingdom, is the acronym P.A.Y.E which means Pay As You Earn. Ta payers are expected to pay higher tax rates for higher income brackets

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3 years ago

Read 2 more answers

Florida Curtain Works is in the process of preparing its budget for next year. Cost of goods sold has been estimated at 60% of s

Masteriza [31]

Answer:

Florida Curtain Works

1. Fabric purchases during the month of March:

c. $288,000.

Explanation:

a) Data and Calculations:

Month Sales Cost of Sales Purchases Wages Others

February $440,000 $264,000 $270,000 $88,000

March $450,000 270,000 288,000 90,000 $110,000

April $480,000 288,000 300,000 96,000 112,500

May $500,000 300,000 306,000 100,000 120,000

June $510,000 306,000 102,000 125,000

b) Florida Curtain Works can prepare its budget for the next year by estimating the cost of goods to be sold, the purchases and payments for Fabric during the month based on trade terms, and the wages and other expenses to incur. The budget helps its management to plan, prepare, exert efforts toward achieving the set targets, and analyze actual performance against budget.

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4 years ago

what is the present value of $500 recieved at the end of each year for 15 years? ( assume thatt the first patyment is recieved a

Eva8 [605]

Answer:

$3800

Explanation:

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow fromyear 1 to 15 = 500

I = 10%

PV = 3800

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

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3 years ago

Hylands is admitted to the partnership of Reddick & Nole. Prior to her admission, the partnership books show Reddick's capit

tatuchka [14]

Answer:

1a. Hylands capital $90,000 and Reddick capital $180,000

1b. Hylands capital $90,000, Reddick capital $180,000 and Nole capital $90,000

1c. Hylands capital $101,250, Reddick capital $196,875 and Nole capital $106,875

2a. Debit Nole, capital $90,000

Credit Hylands, capital $90,000

2b. Debit Cash $90,000

Credit Hylands, capital $90,000

2c. Debit cash $135,000

Credit Hylands, capital $101,250

Credit Reddick, capital $16,875

Credit Nole, capital $16,875

Explanation:

1a and 2a. The transaction between Hylands and Nole is a sale on Nole's capital to Hylands at $100,000. Thus, the effect of this on partnership's book is the transfer of partner's capital from Nole to Hylands. The entry of transfer is to debit Nole's capital and credit Hylands capital in the amount of $90,000. Hylands pays Nole a greater amount than the capital he receives in the partnership. Partners capital after the transaction is Reddick $180,000 same amount before the acquisition and Hylands capital is $90,000, the total capital of Nole before the transaction.

1b and 2b. First, let's compute if the acquisition is at bonus

Total contribution $270,000 + $90,000 = $360,000

$360,000 x 25% = $90,000 (interest)

Therefore, $90,000 contributed capital by Hylands compared to $90,000 interest is the same so there is no bonus.

In this purchase of interest, the total contribution of partners is $360,000 ($270,000 old contribution plus $90,000 investment of Hylands). The capital each partners is; Hylands $90,000, Reddick $180,000 and Nole $90,000. To record the transaction, we have to debit the cash received by the partnership in the amount of $90,000 and credit Hylands' capital in the amount of $90,000.

1c and 2c. First, let's compute if the acquisition is at bonus.

New capital contribution $135,000 + 90,000 + 180,000 = $405,000

$405,000 x 25% = $101,250

Therefore, $135,000 contributed capital by Hylands compared to $101,250 interest acquired, there is difference of $33,750 served as bonus. Hylands pays greater amount than the interest acquires, therefore there is bonusto od partners divided equally by Nole and Reddick.

$135,000 - $101,250 = $33,750 / 2 = $16,875 (bonus to Nole and Reddick each)

In this purchase of interest, the total contribution of partners is $405,000 ($270,000 old contribution plus $135,000 investment of Hylands). The capital each partners is; Hylands $101,250, Reddick $196,875 ($180,000 + $16,875) and Nole $106,875 ($90,000 + $16,875). To record the transaction, we have to debit the cash received by the partnership in the amount of $135,000 and credit Hylands' capital in the amount of $101,250, Credit Nole capital $16,875 to recognize the bonus and another credit to Reddick capital in the amount of $16,875.

7 0

4 years ago