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3 years ago

A customer paying $100 for a service with a credit card would be a debit to which account?

Business

2 answers:

balandron [24]3 years ago

6 0

Answer:

Answer is Accounts receivable.

Explanation:

A customer paying $100 for a service with a credit card will be a debit to Accounts receivable.

Fed [463]3 years ago

5 0

Answer:

Accounts receivable

Explanation:

The $100 is a debit from the credit card of the customer and would be debited to accounts receivable.

Account receivable is basically the money owed to a seller by the buyer and they are created by the company when the credit purchase is made.

The company will receive their $100 owed to them from accounts receivable because it shows on the balance sheet the amount owed the company and can be retrieved on short term basis.

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When teaching new vocabulary, how many times should you encourage the student to repeat the word back to you?

hram777 [196]

Answer: Repeat little and often. It's alarming how quickly students can forget vocabulary. Encouraging students to focus on new vocabulary daily is the best way to make it stick. It doesn't have to involve sitting down for hours; little and often will help get vocabulary into students long term memory.

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3 years ago

HD had reported a deferred tax asset of $130 million with no valuation allowance. At December 31, 2021, the account balances of

oksano4ka [1.4K]

Answer:

$101 million income tax expense

Explanation:

The income tax of HD can be computed by beginning with income tax payable less the increase in deferred tax asset in the year and finally by deducting the portion of current deferred tax asset that cannot be realized as shown below:

Current income tax payable $90 million

increase in deferred tax asset($170-$130) ($40 million)

unrealized deferred tax asset ($170*30%) $51 million

income tax expense in income statement $101 million

The HD income tax expense in income statement in 2021 is $101 million as computed due to the fact that prior payment in tax ha been paid in the year

7 0

3 years ago

If labor in mexico is less productive than labor in the united states in all areas of production:____.

Fudgin [204]

If labor in Mexico is less productive than labor in the united states in all areas of production then both Mexico and us still can benefit from trade.

Labor is the amount of physical, mental and social effort spent to produce goods and services in the economy. We provide the know-how, human resources, and services necessary to turn raw materials into finished products and services.

A business that requires more people and fewer machines is known as a labor-intensive business. The beauty, home construction, education and fashion industries are examples of labor-intensive industries.

Learn more about labor here:brainly.com/question/453055

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6 0

1 year ago

The following data are for the Akron Division of Consolidated Rubber, Inc.: Sales $ 820,000 Net operating income $ 59,000 Averag

VladimirAG [237]

Answer:

11.56%

Explanation:

The computation of the minimum required rate of return is shown below:

Residual income = Net operating income - (Average operating assets × minimum required rate of return)

$22,000 = $59,000 - ($320,000 × minimum required rate of return)

After solving this the minimum required rate of return is 11.56%

By applying the above formula we can find out the minimum required rate of return

7 0

3 years ago

Garden Sales, Inc, sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has

muminat

Answer:

Garden Sales, Inc.

April May June Total

1. Cash Collections:

Cash sales (20%) $92,000 $198,000 $88,000 $378,000

Credit sales:

10% month of sale 36,800 79,200 35,200 151,200

70% month following sale 123,200 257,600 554,400 935,200

20% second month following 25,600 35,200 73,600 134,400

Total cash collections $277,600 $570,000 $751,200 $1,598,800

2. Merchandise Inventory:

a. Purchases Budget April May June

Cost of goods sold 322,000 693,000 308,000

Ending inventory (15%) 103,950 46,200 35,700

Goods available for sale 425,950 739,200 343,700

Beginning inventory 84,000 103,950 46,200

Purchases 341,950 635,250 297,500

b. Cash payment for purchases:

50% month of purchase 170,975 317,625 148,750 637,350

50% month following purchase 126,000 170,975 317,625 614,600

Total payment for purchases $296,975 $488,600 $466,375 $1,251,950

3. Cash Budget

April May June Total

Beginning cash balance $46,000 $40,225 $40,425 $46,000

Total cash collections 311,200 652,800 727,600 $1,691,600

Cash available $357,200 $693,025 $768,025 $1,737,600

Payment for purchases $296,975 $488,600 $466,375 $1,251,950

Other payments:

Dividends 24,000 24,000

Land purchase 32,000 32,000

Selling & administrative exp. 115,000 134,000 73,400 322,400

Total cash payments $435,975 $654,600 $539,775 $1,630,350

Cash Balance (78,775) 38,425 228,250 228,250

Minimum Cash balance (40,000) (40,000)

Cash required $118,775 $1,575 0 0

Cash borrowed $119,000 $2,000 (123,400) (123,400)

Ending balance 40,225 40,425 104,850 104,850

4. To: The President

From: FC

Subject: Revised Estimates and the Cash Budget

Date: April 26, 2021

The revised estimates will ensure that the company has the ability to pay off its borrowings in April and May by the end of the second quarter.

It should be maintained.

Regards,

Explanation:

a) Data and Calculations:

Budgeted monthly absorption costing income statements for April-July are:

April May June July

Sales $460,000 $990,000 $440,000 $340,000

Cost of goods sold 322,000 693,000 308,000 238,000

Gross margin 138,000 297,000 132,000 102,000

Selling and administrative expenses *

Selling expense 89,000 94,000 55,000 34,000

Administrative expense 42,000 56,000 34,400 32,000

Total selling and administrative

expenses 131,000 150,000 89,400 66,000

Net operating income $7,000 $147,000 $42,600 $36,000

April May June July

Sales $460,000 $990,000 $440,000 $340,000

Credit sales (80%) 368,000 792,000 352,000 272,000

Cash collections

Cash sales (20%) $92,000 $198,000 $88,000 $68,000

Credit sales:

10% month of sale 36,800 79,200 35,200 27,200

70% month following sale 123,200 257,600 554,400 246,400

20% second month following 25,600 35,200 73,600 158,400

Total cash collections $277,600 $570,000 $751,200 $500,000

April May June July

Cost of goods sold 322,000 693,000 308,000 238,000

Ending inventory (20%) 138,600 61,600 47,600

Goods available for sale 460,600 754,600 355,600

Beginning inventory 64,400 138,600 61,600 47,600

Purchases 396,200 616,000 294,000

Cash payment for purchases:

50% month of purchase 198,100 308,000 147,000

50% month following purchase 93,800 198,100 308,000

Total payment for purchases $291,800 $506,100 $455,000

Other payments:

Dividends 24,000

Land purchase 32,000

Selling & administrative exp. 115,000 134,000 73,400

Total cash payments $430,800 $672,100 $528,400

Principal debt to bank at the end of the quarter = $121,000

+ Interests: 1% of $119,000 = $1,190

1% of $121,000 1,210

Total interest owed $2,400 2,400

Total debt to the bank at the end of the quarter = $123,400

Revised Estimates:

Credit sales (80%) 368,000 792,000 352,000 272,000

Cash collections

Cash sales (20%) $92,000 $198,000 $88,000 $378,000

Credit sales:

25% month of sale 92,000 198,000 88,000 378,000

65% month following sale 114,400 239,200 514,800 868,400

10% second month following 12,800 17,600 36,800 67,200

Total cash collections $311,200 $652,800 $727,600 $1,691,600

April May June July

Cost of goods sold 322,000 693,000 308,000 238,000

Ending inventory (15%) 103,950 46,200 35,700

Goods available for sale 425,950 739,200 343,700

Beginning inventory 84,000 103,950 46,200

Purchases 341,950 635,250 297,500

Cash payment for purchases:

50% month of purchase 170,975 317,625 148,750

50% month following purchase 126,000 170,975 317,625

Total payment for purchases $296,975 $488,600 $466,375

Other payments:

Dividends 24,000

Land purchase 32,000

Selling & administrative exp. 115,000 134,000 73,400

Total cash payments $435,975 $654,600 $539,775

5 0

3 years ago