Answer:
The answer is $18,870 .
Explanation:
In this question, the net realizable value of account receivables will be determined by the total credit sales during the year, cash collection from account receivable; the estimated uncollectible amount from credit sales.
We have Net Realizable value of account receivables = Total credit sales during the year 2016 - total cash collection - Estimated uncollectible amount(*) = $93,000 - $73,200 - $93,000 x 1%(*) = $18,870.
(*) Estimated uncollectible amount is $930 and is recorded in Allowance for doubtful debt account which is a contra account for Account Receivables. Thus, when deciding net realizable value of account receivables, the effect of this contra account should be taken into consideration.
Answer:
The correct example of an analytical procedure is the comparison of A) financial ratios of the current year to previous year.
Explanation:
Analytical procedure is a type of financial audit process which is usually done by an auditor or a person who has extensive knowledge of the business and the industry. Through this process an auditor , is trying to understand the clients business and changes that are taking place in the industry , so that he or she can identify what are the potentially risky areas for the company.
In this process an auditor would compare the financial statements of the company with the source of information or with previous years financial statements to see what re the areas in which company has improved or needs to be improved.
So it won't be wrong to say that an example of analytical procedure would be comparing the financial ratios of current year to previous year.
Answer:
D. Incident commander.
Explanation:
Incident commander handles basically every incident emergency there is and execute incident action plan.
Answer
D. It aids in meeting a future obligation
Explanation
I believe sinking fund is a way used by companies to pay off borrowed money by using a bond issue through payments made periodically before it matures. This means is used by companies to settle future loan repayment agreements that it made with lending agencies. Company uses sinking fund technique to entice investors because the fund convince stakeholders of the firm on issues of default payment
Answer:
Option (c) is correct.
Explanation:
Given that,
Cost of machine = $39,000
Depreciation years = 4
Salvage value = $3,000
Straight line rate:
= (100 ÷ 4)%
= 25%
Double declining rate:
= (2 × Straight line rate)
= (2 × 25)%
= 50%
Depreciation for year 2012:
= Cost of machine × Double declining rate × Time period
= $39,000 × 50% × 6/12
= $9,750
Depreciation for 2013:
= (cost of machine - Depreciation for year 2012) × Double declining rate
= (39,000 - $9,750) × 50%
= $14,625