Answer:
Wilson Towing Service
Income Statement
For the month ending June 30, 2016
Service revenue $12,500
Salaries expense ($2,500)
<u>Rent expense ($500)</u>
Operating profit $9,500
The income statement tells us how much profit/loss did a business make during a certain period of time. In this case, the operating profit was $9,500. In order to calculate net income we would need to subtract taxes but we are not given the tax rate or the taxes due.
Answer:
To determine the cash collection for February, you have to consider the sales on account form previous months.
Explanation:
To determine the cash collection for February, you have to consider the sales on account form previous months.
Cash Collection February:
Sales in cash= ($X*0.2)=
Sales on account:
From January= ($X*0.8)*0.5=
From December= ($X*0.8)*0.5=
Total cash=
Explanation:
The software application in the application checks for the following features:
Parameters: first-ever element that is checked for is the Parameters listed in the application by the applicant, and whether or not they fit the appropriate position.
Abilities: The profile reads for factors such as confident, goal-oriented, group-worker,
Professional life outlines: It is important to note the business names as well as the companies they work under, which are normally reviewed by the program.
Answer:
1. Functional currency is the currency in which most of the business transactions of the company are carried out. In the given case, Kanquo is assumed to be the functional currency and therefore all the financial statements of Lancer Inc. will be consolidated in Kanquo currency. Therefore, no exchange rate will be applied if Kanquo is the functional currency of Lancer Inc.
2. If Dollar is the functional currency then all the reported amounts of foreign subsidiary will be consolidated by using the exchange rate of U.S Dollar. In the given case, following is the excha
Explanation:
<u>Answer:</u>$40,000
<u>Explanation:</u>
Bad debt expense is referred to as the noncollectable accounts receivables in a company. Allowance for doubtful accounts is made by Labrador Inc as the company is sure that the goods sold in credit will not be received by the company. The amount which has to be written in the year is the amount which cannot be recovered by the firm. The opening and closing balance of the allowances have to be adjusted in the bad debt expense to find out the final amount to be written off in the balance sheet from accounts receivable.
Bad debt expense $60000
(Add) Opening balance
Allowance for doubtful accounts $42000
(Less) Closing balance
Allowance for doubtful accounts $62000
Total write off during the year $40000