Answer:
C)Two.
Paying employees' salaries for the current month
Receiving but not paying a current utility bill.
Explanation:
When salaries are played to employees, an entry is recorded in Salary Expense account.
In accrual accounting when utility bill is received it is recognised in the books even when payment has not been made. Because it is a current utility bill it has to be recorded in this period.
<span>This best reflects the broader regulatory environment in which the firm operates. Changes in this environment will undoubtedly have effects on the firms future product offerings and bottom line.</span>
Answer:
Total cash collection May= $306,000
Explanation:
Giving the following information:
Sales:
April= $250,000
May= $320,000
June= $410,0000
The company expects to sell 50% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month of the sale, 40% in the month following the sale.
<u>Cash collection May:</u>
Sales on cash May= 320,000*0.5= 160,000
Sales on Account May= (160,000*0.6)= 96,000
Sales on Account April= (250,000*0.5)*0.4= 50,000
Total cash collection May= $306,000
Answer:
a. True
Explanation:
Since Vinny is unmarried also it provides more than the half of the support for his cousin whose name is Gambini and she is doing part time job and made three thousand dollars in a year
So vinny would qualify the household head for flining the status
Therefore the given statement is true
hence, it is not false
Answer:
$19,780
Explanation:
Net realizable value of accounts receivable = Accounts Receivable balance - Balance in the Allowance for Doubtful Accounts - Uncollectible account was written-off
Therefore, we have:
Net realizable value of accounts receivable = $22,600 - $2,200 - $620 = $19,780.
Therefore, the net realizable value of accounts receivable immediately after the write-off is $19,780.
