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3 years ago

Profit motive and a sense of __________ act as powerful incentives for many entrepreneurs. A. power

Business

1 answer:

dimaraw [331]3 years ago

7 0

Is there anymore answers so i can help u? but i feel like it would be sense of humor.

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At the beginning of 2016, EZ Tech Company's Accounts Receivable balance was $140,000, and the balance in Allowance for Doubtful

meriva

Answer:

EZ Tech Company

Journal Entries:

Debit Cash Account $210,000

Credit Sales Revenue $210,000

To record sale of goods for cash.

Debit Accounts Receivable $840,000

Credit Sales Revenue $840,000

To record sale of goods on account.

Debit Cash Account $670,000

Credit Accounts Receivable $670,000

To record the receipt of cash on account.

Debit Uncollectible Expense $4,000

Credit Accounts Receivable $4,000

To record direct write-off of uncollectibles.

Explanation:

a) Accounts Receivable:

Beginning balance $140,000

Sales on credit 840,000

Cash receipts -670,000

Uncollectible -4,000

Ending balance $306,000

b) The direct write-off of the uncollectible accounts could have also been treated through the Allowance for Doubtful Accounts by debiting the account before crediting it with the Uncollectible Expense account. Since there is no instruction to the contrary, we have used the direct method instead, for simplicity.

3 0

3 years ago

3. Which statement about Lillie's mortgage is false

irinina [24]

Answer:

where are the options?

Explanation:

3 0

2 years ago

Read 2 more answers

Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the mo

shepuryov [24]

Answer: Incomplete question.

a. The cash balance on Dec 1 is $47,600.

b. Actual sales for October and November and expected sales for December are as follows:

Oct. Nov. Dec

Cash sales $65k. $70k. $83k

Sales on acc $400k $525k $600k

Explanation:

1. Calculate the expected cash collections for December.

Total cash sales= $85,000

Sales on account= 18% x $400,000 + 60% x $525,000 + 20% x $600,000

= $72,000 + $315,000 + $120,000

= $507,000

Cash collection for Dec.

= $85,000 + 507,000

= $592,000

2. Calculate the expected cash disbursements for merchandise purchases for December.

= purchases in Nov of $194,500 + 30% of $351,000

= 194,500+105,300

= $299,800

3. Prepare a cash budget for December.

Opening cash bal. $ 47,600

Add:

Expected cash coll. $ 592,000

Bank loan( balance). $ 226,300

Less:

Expected cash pmt. $ 299,800

Expected selling exp. $ 430,600

Web server. $104,000

Dividend. $11,500

Balance. $20,000

7 0

3 years ago

The _______________ is the idea that we place higher value on things we build or invest time in.

Thepotemich [5.8K]

A, The Endowment Effect

5 0

3 years ago

A city receives notice of a S150,000 grant from the state to purchase vans to transport challenged individuals. Although the cit

mestny [16]

Answer:

d.$150,000

Explanation:

The grant is given for purchase of vans for challenged individuals. It means grant is given subject to purchase of vans.

As the vans have been purchased, therefore whole amount is recognized as accrued revenue as it is probable that amount will be received and amount of revenue is also certain/determinable.

5 0

3 years ago