Answer: $19020
Explanation:
From the question, we are informed that a company has $317,000 in credit sales and that the company uses the allowance method of determining uncollectible accounts expense.
We are further told that the allowance for doubtful accounts now has an $8,150 debit balance and that the company uses the allowance method based on 6% of credit sales.
Thee amount of the journal entry credited to allowance for uncollectible accounts will be:
=$317000 × 6%
= $317,000 × 0.06
=$19020
Answer:
Explanation:
a. In this transaction, the cash balance is reduced by ($120) and no impact on the net income as the purchase is made so there is an outflow of cash
b. In this transaction, the cash balance has no impact and the net income balance is reduced by ($30) as it is treated as an expense
c. In this transaction, the cash balance has no impact and the net income balance is increased by $1,400 as the revenue is made
d. In this transaction, the cash balance is increased by $750 and no impact on the net income as there is an inflow of cash
e. In this transaction, the cash balance is reduced by ($2,900) and no impact on the net income as there is an outflow of cash
f. In this transaction, the cash balance has no impact and the net income balance is decreased by ($580) as depreciation is a non-cash expense
THE QUESTION:
You have been put in charge of the taxation of the Mars colony. You need to decide how to tax the citizens of the colony.Will you institute a progressive, regressive, or a flat tax on income? Will you institute excise taxes? If yes, what goods and services will you tax and why? Will you institute sales taxes, property taxes, or VAT on goods?
Explanation:
I am not good at these terms, but
I would not use a flat tax, as I know that it would make lot's of people's life harder, from the middle class, to lower class, that might put people in financial struggles. Instead, I would charge different taxes on people, judged on their income. That would help lot's, and would be a good deed. Also, I will also use property taxes, because most of the time, if you didn't have money to spare, you wouldn't spend it on a house, right? I might have sale taxes, which I would say depends on how much I need as a government on MaRs! :|)
Answer:
To entice customers to use it's credit card
Explanation:
Credit Card companies use tactics like this because it sounds more appealing then having to start paying immediately. This gives them an advantage over other companies that don't offer this making more people want to use their credit card.
Total Asset Turnover -Net sales / Revenue divided by Average Total Cost
Explanation:
Total Asset turnover helps to know :-
1. Financial Condition - Which means how much profit the company has earned and what are there Retained Earnings.
2. Desirable Ratios - Depending upon the company type and size ratios are decided which helps them to make a standard comparison.
Total Asset turnover helps to compare the efficiency of the company through figures which would give them a direction to increase there sales volume.
