1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
slavikrds [6]
2 years ago
5

On January 1, Year 5, customers owed Eagle $40,000. On December 31, Year 5, customers owed Eagle $30,000. Eagle uses the direct

write‐off method for bad debts. No bad debts were recorded in Year 5. Under the cash basis of accounting, what amount of net revenue should Eagle report for Year 5?
Business
1 answer:
irinina [24]2 years ago
3 0

Answer:

$200,000

Explanation:

The computation of the net revenue is shown below:

= Cash sales gross - Returns and allowances + credit sales gross - discounts + beginning balance of account receivable - ending balance of account receivable  

= $80,000 - $4,000 + $120,000 - $6,000 + $40,000 - $30,000

= $200,000

We simply first compute the net cash sales after considering the returns and allowances, and net credit sales after considering the discounts, and deduct the ending balance of account receivable

You might be interested in
Susan recently quit working for a local firm and has yet to find a new job. She knows she can maintain her health insurance from
PtichkaEL [24]

Answer:

Susan will have to pay $525 for her health insurance.

Explanation:

The total amount paid to the health insurance is $200 by Susan and $325 by the employer which summed up to $525.

As now the employer is no longer paying the amount for the health insurance, so now Susan has to pay $525 herself for the health insurance.

7 0
3 years ago
If the liabilities of a business are Rs.7,50,000 and the capital is Rs. 8,50,000. Find the total assets.
Jlenok [28]

Rs 1600000

Explanation:

accounting equation= asset= liability+capital

3 0
3 years ago
Global Company makes a product that is expected to use 2.2 pounds of material per unit of product. The material has a standard c
avanturin [10]

Answer:

Favorable for price and unfavorable for usage.

Explanation:

Provided Information,

Standard Material = 2.2 pounds per unit

Standard cost = $2 per pound

Actual Quantity = 2.3 pounds per unit

Actual cost = $1.95 per pound

In Material Price variance we have = (Standard Price - Actual Price) \times Actual Quantity

Since Standard Price $2 is more than actual price = $1.95 the variance is favorable.

In material quantity variance we have = (Standard Quantity - Actual Quantity) \times Standard Rate

Since actual quantity used = 2.3 pounds is more than standard 2.2 pounds the variance will be unfavorable

Therefore, Price Variance = Favorable, and Quantity Variance = Unfavorable.

7 0
3 years ago
Price discrimination is possible when a firm is able to​ ______.
irina1246 [14]

Answer:

d. identify and separate different types of​ buyers, and sell a product that cannot be resold

Explanation:

Segmenting the market into different groups is a way to charge varying prices. Each group has their own demand curve.

4 0
3 years ago
Read 2 more answers
Turkey Corp., a cash basis calendar year C corporation in Savannah, Georgia, has $100,000 of accounts receivable on the date of
Viefleur [7K]

Answer:

The correct answer is $24,500.

Explanation:

According to the scenario, the given data are as follows:

Total Account receivable = $100,000

Amount collected = $70,000

So, if there is sufficient taxable income, then assume tax rate to be 35%.

So, we can calculate the Gains tax by using following formula:

Gain tax = Amount collected × Tax rate

By putting the value, we get

Gain tax = $70,000 × 35%

= $24,500.

5 0
3 years ago
Other questions:
  • Byron runs a business cleaning gutters. lance, who is in a wheelchair, applies for a job working for byron as a cleaner. byron d
    6·1 answer
  • A monopoly:
    7·1 answer
  • Suppose you wanted to start an animal-breeding business. for most of the following animals, you could start out with just a sing
    13·1 answer
  • A(n) ________ represents a condensed version of the registration statement that enables prospective investors to evaluate a stoc
    9·2 answers
  • Life, Inc. experienced the following events in Year 1, its first year of operation: Performed counseling services for $31,600 ca
    15·1 answer
  • Cameron is the sales director for his Northeast company’s region. This is an example of
    14·1 answer
  • Which of the following types of insurance do businesses frequently offer as part
    14·2 answers
  • Belkin co provides medical care and insurance benefits to its retireees in the current year belkin agrees to contribute 5% of th
    6·1 answer
  • A bond's coupon payment is:______.
    10·1 answer
  • A bond that has a face value of $150 maturing in one year is available for purchase for $134 . What is the interest rate offered
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!