Answer:
The statement is: True.
Explanation:
The disposal of assets implies removing assets from a company's accounting books. By doing so, the company must record the gain or loss over the asset when the disposal happens. That is determined by comparing the book value of the disposed asset with the market value of the acquired assets -if any.
Answer:
Please consider the following explanation.
Explanation:
Bob is correct in this case as Penny didn't make a claim that the goods were non-conforming. Penny is incorrect. Since there was no claim of non conformance, Bob doesn't have to refund the $3.000.
Answer:
$10,000
Explanation:
The computation of the increase or decrease of income from operations is shown below
Without Credit
Income from Operations is
= $100,000 - $40,000
= $60,000
And,
With Credit
Income from Operations is
= 2 × ($100,000 - $40,000) -$50,000
= $70,000
So, there is Increase in Income from Operations i.e.
= $70,000 - $60,000
= $10,000
I think that’s a extremely awkward way of telling you he thinks you’re cute
Answer:
Bad Debts Expense 21,550
To Allowance for Doubtful Accounts 21,550
Explanation:
Before passing the adjusting entry, first we have to determine the adjusted amount which is shown below:
= Ending balance of accounts receivable + debit balance of Allowance for Doubtful Accounts
= $21,000 + $550
= $21,550
Now the adjusting entry would be
Bad debt expense A/c Dr $21,550
To Allowance for doubtful debts $21,550
(Being estimated bad debts is recorded)