Answer:
See explanation
Explanation:
Since X-Mart company uses perpetual inventory system, the inventory system shows the real-time selling of inventories. Purchasing merchandise on account means no cash has been paid and a liability is existed. To record the transaction, the following journal entry will require in the book of X-Mart-
Debit Merchandise Inventory $300
Credit Accounts payable $300
A typical transition moment one could use to implement a new savings plan is when we get an increment in salary or wages.
<h3>What is a Transition moment?</h3>
A transition moment is used to described a moment between an initial state and a final state.
<h3>What is
savings plan?</h3>
A saving plan is any type of financial plan which aims to encourage saving of money or value for future use.
Hence, a typical transition moment one could use to implement a new savings plan is when we get an increment in salary or wages.
Read more about saving plan
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It is something with a circle
Answer:
both income from operations and gross profit.
Explanation:
As we know that
The income statement recognized the revenues earned and the expenses incurred for a particular period
And the multiple-step income statement refers to the classification of expenses like
The format is shown below:
Sales XXXXX
Less: Cost of goods sold XXXXX
Gross profit XXXXX
Less: Operating expenses
Administrative expenses XXXXX
Selling expenses XXXXX
Operating income XXXXX
Non operating income or others
Less: Interest expense XXXXX
Rent revenue XXXXX
Net income XXXXX
Therefore, the third option is correct
Answer:
the amount of bad debt expense for the year 2020 is $36,000
Explanation:
The computation of the amount of bad debt expense is shown below:
= Estimation of 3% net sales that would be uncollectible
= 3% of ($1,500,000 - $300,000)
= 3% of $1,200,000
= $36,000
Hence, the amount of bad debt expense for the year 2020 is $36,000
The same is to be considered