The price index was 136 in one year and 142 in the next year. what was the inflation rate between the two years?

Dearborn owns a department store that has a $45,700 balance in Accounts Receivable and a $3,000 credit balance in Allowance for

Monica [59]

Answer:

1. realizable value = accounts receivable - allowance for doubtful accounts = $45,700 - $3,000 = $42,700

2. the journal entry used to write off the account is:

Dr Allowance for doubtful accounts 420

Cr Accounts receivable 420

Since both accounts receivable and the allowance account are decreased in the same amount, the net realizable value doesn't change (still is $42,700).

6 0

3 years ago

Link Company uses a process cost system and the weighted average method. During the year the company completed 1,300 units of pr

Bumek [7]

Answer:

Cost per equivalent unit: $60

Explanation:

Cost per equivalent unit = (Cost of Beginning Work in Progress Inventory + Total production cost during the period) / Equivalent Units of Production (EUP)

Total Production Cost = $90,000

Equivalent Units of production (EUP) = 1,300 + 400 x 50% = 1,500 units

Cost per equivalent unit: $90,000 / 1,500 units = $60

7 0

3 years ago

Explain how this external force is currently influencing the internal functional area(s) of the organization. For example, expla

Ede4ka [16]

Influence of External factors in the organisation which ask for the change in the business function:

Explanation:

Big firms like Apple, Intel and other organisations o not work in Vacuum. Due to the changes in various sectors like - economy, market trends, consumer trends, government rules. Every organisation has to change the way of functioning. Below are few scenarios where quick decisions are made due to external changes:

1. Pay Parity : Recently law has been passed bu government where equal pay has to be distributed among male an female employees.

2.Strict Working Hours : No employee should be asked to work for more then 45 hours a week.

3. Maternity leave of 6 months: All organisation to grant 6 months of maternity leaves to the employees.

Above, examples are the decisions which company is following which is inline with the government rules and regulations.

6 0

3 years ago

Why do the us government intervene in the economy during the finanacial crisis in 2008

Ad libitum [116K]

The US government intervened during the subprime mortgage crisis (significant declines in home prices and mortgage deliquencies and foreclosures) because of numerous government bailouts. Thus, the US government tried to stabilize the their economic system during 2007-2009. It's a sad story because many American people were forced to file bankruptcy and foreclosure :(

4 0

3 years ago

On January 1, 2017, Sheridan Company had Accounts Receivable of $57,400 and Allowance for Doubtful Accounts of $3,400. Sheridan

nekit [7.7K]

Answer:

Following are the generalized transactions, and only general entries are recorded

Explanation

1. On jan, 5 sold merchandise to Rian company for $4500

Accounts Receivable are debited by 4,500

Sales are credited by 4,500

2. Feb. 2 accepted a $4,500, 4-month, 10% promissory note from Rian Company for the balance due.

Notes Receivable are debited by 4,500

Accounts Receivable are credited by 4,500

3. 12 sold $10,000 of merchandise to Cato Company and accepted Cato's $10,000, 2-month, 9% note for the balance due.

Notes Receivable are debited by 10,000

Sales are credited by 10,000

4. 26 Sold $11,900 of merchandise to Malcolm Co., terms n/10.

Accounts Receivable are debited by 11,900

Sales are credited by 11,900

5. Apr. 5 accepted an $11,900, 3-month, 8% notes from Malcolm Co. for balance due.

Notes Receivable are debited by 11,900

Accounts Receivable are credited by 11,900

6. 12 collected Cato Company note in full.

Cash is debited by 10,150

Interest Income is credited by 150

Notes Receivable are credited by 10,000

7. June 2 collected Rian Company note in full.

Cash is debited by 4,650

Interest Income is credited by 150

Notes Receivable is credited by 4,500

8. 15 sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month, 11% notes for the amount due.

Notes Receivable is debited by 2,000

Sales are credited by 2,000

Note: Aforementioned entries are also shown in T-account format in the attached word file.

Download docx

7 0

3 years ago