Answer: <u>The answer is A. $60,000 increase.</u>
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Explanation: 1: The actual units sold multiplied by the budgeted sale price is equal to a total of $440000 (40000 x 11 = $ 440000)
2: The actual units sold multiplied by the actual sale price is equal to $500000 (40,000 x 12.5 = $ 500,000)
3:<u> $500000 - $440000 = </u><u>$60000</u><u> increase by the unit price factor.</u>
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Answer: a. Accounts Receivable
Explanation:
The Direct Write-off method is usually used by businesses where Uncollectible Receivables are not common. This way when it does occur, they simply debit the Bad Debts accounts and credit the Accounts Receivables to show the event.
This method of Accounting violates the Matching Principle under the Accrual basis because it usually does not recognize bad debts in the same period that the inventory was sold. It only records bad debts when they are declared which could be periods afterwards.
Answer:
See the journal entry below
Explanation:
Retained earnings A/c Dr $500,000
Dividends payable A/c Cr $500,000
Here, cash dividend is being declared by the board on 100,000 shares hence the account of retained earnings is debited and account of dividends payable is credited.
NB.
Amount = Share × Price per share
Given that;
Share = 100,000
Price per share = $5
Amount
= 100,000 × $5
= $500,000
<u>Solution and Explanation:</u>
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