Answer:
balance in bills receivables account = $364000
Explanation:
given data
write off = $32000
balance in accounts receivable = $400000
balance in allowance account = $36000
to find out
net realizable value of accounts receivable
solution
we first find credit balance in allowance that is
credit balance in allowance = $36000 - $32000
credit balance in allowance = $4000
and
so here balance in bills receivables account is
balance in bills receivables account = ( $400000 - $32000 ) - ( $36000 - $32000 )
balance in bills receivables account = $368000 - $4000
balance in bills receivables account = $364000
Answer:
To determine the closing balance of retained earnings
Explanation:
First and foremost, retained earnings are an important part of the shareholders' equity. In a bid to ascertain the correct position of total shareholders' equity at year-end, it is important that a statement of retained earnings reconciling the opening retained with net income and dividends declared during the year is prepared.
The balance at the end of the year is the total accumulated earnings which have not been distributed to shareholders as dividends or which may be used to finance projects that increase shareholders' wealth
The way to do inventory on bottles of liquid is count the bottles by the way they are positioned. See the bottles as if they are in a graph. Maybe a 5x9. then you know you have 45 bottles!
Answer:
Option c is correct
$245,680
Explanation:
The total manufacturing cost = $737,040.
Units produced = 22,200
Cost per unit before adjustment for absorbed overhead=
=$737,040./22,200 units
=$33.2 per unit
Cost of goods sold before adjustment for overheads
= (cost per unit × units sold)
= $33.2 × 7,400
= $245,680
