Answer:
A) Accounts receivable turnovers are 10.0 and 6.6 and the ratios of uncollectible accounts receivable to gross accounts receivable are 0.30 and 0.16, respectively. Examine allowance for possible understatement of the allowance.
Explanation:
accounts receivable turnover from the previous year = total sales previous year / average gross receivables previous year = $1,000,000 / $100,000 = 10
accounts receivable turnover from the current year = total sales current year / average gross receivables current year = $2,000,000 / $300,000 = 6.67
ratios of uncollectible accounts receivable to gross accounts receivable for previous year = $30,000 / $100,000 = 0.3
ratios of uncollectible accounts receivable to gross accounts receivable for current year = $50,000 / $300,000 = 0.167
Option A shows the correct amounts for the accounts receivable turnover and ratios of uncollectible accounts receivable to gross accounts receivable. Since the ratio of uncollectible accounts receivable decreased so much during the current year, the allowance for accounts receivables for the current should be double checked to see if it wasn't understated.
Answer:
<em>Ending WIP = 29,700</em>
Explanation:
Beginning WIP 26,500
Direct Materials used 74,300
Direct Labor used 55,000
Factory Overhead 95,700
Cost added during the period 225,000
Cost of Goods manufactured 221,800
26,500 + 225,000 = Ending WIP + 221,800
26,500 + 225,000 - 221,800= Ending WIP
<em>Ending WIP = 29,700</em>
We need the materials used in production, <u>the purchases is not the value we need, it is irrelevant.</u>
Answer:
<em>c. someone who initiates and assumes the financial risk of a new business enterprise.</em>
Explanation:
<em>From the following OPTION, the OPTION which best describes Francine as a entrepreneur is OPTION (C).
</em>
Because firstly the scenario which is presented, describes her as an entrepreneur as she wants to mange the investments and want to lead the company. And secondly, that she also assumes the financial risk of the new company which is been inaugurated by her.
Answer:
broker
Explanation:
Based on the information provided about Tim it seems that Tim's description shows that he is most likely a broker. This term refers to an individual that arranges specific transactions, usually between a buyer and a seller. Which in this situation it seems that he has brokered a lot of deals with people in the food industry which is why he has a lot of connections in this market and is able to help Lyle find buyers for his salsa.
A high level of industrialization.
