Answer: Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides known as debit and credit. Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the accounting equation,
During
the agricultural revolution, the enclosure movement caused many former
serfs to move to cities in search of work and led to the rise of both the city and wage system
<span>The enclosure movement was legal movement and process in England of consolidating small landholdings into larger farms. Having larger farms resulted in bigger wages.</span>
Answer:
66.62%
Explanation:
The debt ratio is the total liabilities divided by total assets. At the end of the year, total assets stood at $266,000, the increase in retained earnings which is the excess of revenue over expenses and dividends payment does not affect liabilities, as a result, liabilities stayed the same at $177,200.
Debt ratio=total liabilities/total assets
debt ratio=$177,200/$266,000
debt ratio=66.62%
Answer:
Viking Office Supply
Debit Accounts Receivable $4,000
Credit Allowance for Uncollectible Accounts $4,000
To revise the write-off of past-due account.
Debit Cash Account $1,200
Debit 15% Notes Receivable $2,800
Credit Accounts Receivable $4,000
To record the cash receipt and notes settlement.
Explanation:
Since the account is past-due, it must have been written off as uncollectible expense. To revise this entry, a credit is made to the Allowance for Uncollectible Accounts and a debit to the Accounts Receivable.
Then a debit to the Cash Account in the sum of $1,200 and a debit to the Notes Receivable account for $2,800 and a credit to the Accounts Receivable.
Answer: A.) Contribution Margin analysis
Explanation: The contribution margin analysis could be explained as an analytical tool in accounting which helps managers in observing variation or differences in the budgeted and actual contribution margin of a product. The contribution margin is used to determine the revenue made on a product after deducting the fixed cost incurred in it's production. It is also used to evaluate the performance of individual product derived from the amount of residual profit after deducting necessary production cost.
