Answer:
$114,000
Explanation:
Given that,
Net credit sales = $2,250,000
Opening allowance for Doubtful Accounts = $36,000
Uncollectible accounts receivable written off = $90,000
Firstly, we need to find the excess amount to be adjusted to allowance for Doubtful Accounts. It is calculated as follows:
= Uncollectible accounts receivable written off - Opening allowance for Doubtful Accounts
= $90,000 - $36,000
= $54,000
Allowance amount:
= 10% of the balance in receivables
= 0.1 × $600,000
= $60,000
Therefore, the required adjustment to the Allowance for Doubtful Accounts at December 31, 2017 is determined by summing up the excess amount and allowance amount.
= Excess amount to be adjusted to allowance for Doubtful Accounts + Allowance amount
= $54,000 + $60,000
= $114,000
Answer:
Any value given up from not choosing the other options is the <u>opportunity cost</u>
Explanation:
The cost of opportunity is the alternative that you sacrifice when you choose an option.
It represent the benefits that you misses out on when choosing one alternative over another.
In this case, the cost of opportunity is to plant crops.
Answer:
Part a
Debit : Accounts Receivable - Vargas Co. $148,600
Debit : Cost of Sales $89,160
Credit : Sales Revenue $148,600
Credit : Merchandise $89,160
Part b
Debit : Freight Expenses $2,100
Credit : Cash $2,100
Part c
Debit : Cash $133,740
Debit : Discount allowed $14,860
Credit : Accounts Receivable - Vargas Co. $148,600
Explanation:
A corresponding cost of sales must be recorded each time a sale is made. The freight costs are company costs for Sievert Co. and will be expensed in the income statement.
The payment due is at 90 % after the discount of 10% given that the payment is made within the credit term of 30 days.
Answer:
AND
Explanation:
AND condition is used when we need to check for the condition in which both the given conditions are satisfied.
Here from the statements provided in the question, it can be observed that the vendor must have offices in both the cities i.e the condition should be followed that the vendor has the office in one city AND the other city.
Answer:
Explanation:
Given: The company's market share had changed from 40 to 21 percentage points.
To find: percent change in market share
Solution:
Change in percentage of company's market share 
Percent change in market share = (Change in percentage of company's market share ÷ 40) × 100
