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3 years ago

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Alco roofing company's beginning accounts receivable were $200,000 and ending accounts receivable were $270,000. during the peri

od, credit sales totaled $570,000, how much cash was collected from customers?

1 answer:

Vesna [10]3 years ago

8 0

Https://quizlet.com/129490981/chapter-7-practice-flash-cards/

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The nominal gdp of the u.s. in 2015 was approximately $17.3 trillion. this means that

Nataly [62]

<span>This means that:

-the value of output in 2015 was around $17.3 trillion
-total income in 2015 was around $17.3 trillion
-total spending in 2015 was around $17.3 trillion

Value of output and total spending has basically similar meaning because they account for the total amount required to produce all output/product within the period.
Assuming that it's all gonna be sold, the total income will be at least close to the amount needed for production because the nominal GDP is evaluated at current market prices.</span>

8 0

3 years ago

On December 31, Year 4, Deal, Inc., failed to accrue the December Year 4 sales salaries that were payable on January 6, Year 5.

Lesechka [4]

Answer:

Deal, Inc. working capital will be overstated while there will be a nil net effect on cash flows from operating activities.

Explanation:

The working capital of an entity is the difference between the entity's current asset and current liabilities at a given time or period. The operating activities of the cash flow statement is where the net income and changes in current liabilities are considered in the cash flow statement.

As such, when a company fails to accrue for sales salaries On December 31, Year 4, and the salaries are payable on January 6, Year 5, the current liabilities of the company would be understated and as such, it's working capital will be overstated.

Also, the net income will be understated as the corresponding entry in the accrual for sales salaries is an expense. Also, the ending balance of accrued sales salaries will be understated result in a nil effect on the operating activities of the cash flow.

5 0

4 years ago

Which of the following statements about taxation is TRUE?

xeze [42]

Answer:

A. There is a tax rate at which tax revenues are maximized.

Explanation:

By Laffer Curve definition we can easily understand the relationship between tax rate and tax revenues. It was developed by Arthur Laffer. The Laffer Curve describes that:

with an optimal tax rate government maximizes total tax revenues

there is no tax revenue collection at the two extreme tax rates of 0% and 100%
at the left side of the curve higher tax rates decrease the incentive to work and invest. As a result this leads to to decrease in total tax revenue.

4 0

3 years ago

A work group _______ may be defined as a standard that is shared by group members and that regulates member behavior within an o

Ludmilka [50]

A work group norms can be defined as a standard shared by the group's members and which regulates the behavior of the members within an organization.

<h3 /><h3>What is the relevance of a company's norms and policies?</h3>

They are instruments that direct the behavior of employees, providing the set of values, attitudes and rules that must be followed in the work environment so that processes flow correctly and create an organizational culture favorable to cooperation and development.

Therefore, norms help in the standardization of organizational actions, generating the regulation and control of the behavior of the members of a company.

Find out more about organizational norms here:

brainly.com/question/26965722

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7 0

2 years ago

A corporation issued 5,000 shares of $20 par value common stock for $120,000 cash. A corporation issued 2,500 shares of no-par c

lapo4ka [179]

Answer:

Journal Entries Transaction

1.

Dr. Cash $120,000

Cr. Common stock $100,000

Cr. Paid-in capital excess of par, Common stock $20,000

2.

Dr. Company expenses $22,000

Cr. Common stock, $1 stated value $2,500

Cr. Paid-in-capital excess of stated value common stock $19,500

3.

Dr. Company expenses $22,000

Cr. Common stock, no-par value $22,000

4.

Dr. Cash $53,250

Cr. Preferred stock, $25 par value $31,250

Cr. Paid-in capital excess of par preferred stock $22,000

Explanation:

1. The Excess of common stock and cash received will be recorded in the Paid in capital in excess of par value, common Stock account.

Common Stock, $20 Par Value = 5,000 shares × $20 per share = $100,000

Paid in capital in excess of par value, common Stock = $120,000 – $100,000 = $20,000

2.The Excess of common stock and cash received will be recorded in the Paid in capital in excess of stated value, common Stock account.

Common stock = $1 x 2,500 = $2,500

Paid-in capital in excess of stated value, common stock = $22,000 - $2,500 = $19,500

4. The Excess of common stock and cash received will be recorded in the Paid in capital in excess of par value, common Stock account.

Preferred Stock, $25 Par Value = 1,250 shares × $25 per share = $31,250

Paid in capital in excess of par value, preferred Stock = $53,250 – $31,250 = $22,000

6 0

3 years ago