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2 years ago

Which statement is true about reporting receivables on the balance sheet?

Business

1 answer:

MAVERICK [17]2 years ago

3 0

<h3>Answer:</h3>

D. Allowance for Doubtful Accounts is shown as a deduction from Accounts Receivable on the balance sheet.

<h3>Explanation:</h3>

Balance sheet is a statement of account that shows the number of assets, liabilities, capital and net profit or loss in an organisation.
Receivables refers to the amount that the seller ios owed by the customers or buyers.
Therefore, receivables are current assets in a business and are listed on the left side of the balance sheet.
Allowance for doubtful accounts is listed as a deduction below the accounts receivable as it is a reduction of the total amounts on accounts receivable.

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According to the circular flow model, which of the following is notprovided by consumers?

andreev551 [17]

consumers don’t provide land

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2 years ago

Quinlan has ample E & P to cover any distributions made during the year. One distribution made to a shareholder consists of

stepladder [879]

Answer:

1.Quinlan distribution has realized a loss of

$214,480 of which $0 is recognized.

2. The shareholder received property with a basis of $321,720

Explanation:

When property is been said to be distributed to shareholders the amount of dividend equal to the fair value of the said property which is $321,720 on the date of the distribution. Therefore the amount of taxable dividend is $321,720 which is before the dividends received deduction.

Therefore;

Net loss which shall not be allowed ($536,200-$321,720)

=$214,480

Quinlan distribution has realized a loss of

$214,480 which is not allowed to be recognized

2. Adjusted basis of the property distributed is $321,720

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3 years ago

Question: 1 of 37: Alice earned $622.50 in interest on her savings in the bank. Before interest, the account had $12,450. What i

SpyIntel [72]

<span>Alice had original amount = $12,450. She earned an interest of $622.50 on the original amount. To find the percent, say, $622.50 = x% of $12,450, we get x% = 0.05 or x = 5%. Thus, Alice earned approximately 5% of the interest.</span>

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3 years ago

Bayside, Inc. 2017 Income Statement ($ in thousands) Net sales $ 6,620 Cost of goods sold 4,240 Depreciation 355 Earnings before

Mademuasel [1]

Answer:

1.59 times

Explanation:

Average total assets = Beginning total assets + Ending Total assets / 2

Average total assets = 6,470 + 6,705 / 2

Average total assets = $6,587.5

Beginning Total equity = Common stock + Retained earnings

Beginning Total equity = $3,240 + $3,080

Beginning Total equity = $6,320

Ending Total equity = Common stock + Retained earnings

Ending Total equity= $880 + $1,130

Ending Total equity = $2,010

Average total equity = Beginning Total equity + Ending Total equity / 2

Average total equity = $6,320 + $2,010 / 2

Average total equity = $4,165

Equity multiplier for 2017 = Average total assets / Average total equity

Equity multiplier for 2017 = $6,587.5 / $4,165

Equity multiplier for 2017 = 1.581632653061224

Equity multiplier for 2017 = 1.5816 times

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3 years ago

Mike wants to purchase an $11,350 car with a loan from a credit union that requires a 20% down payment. what amount will Mike bo

djyliett [7]

He will borrow 80% of the cost of the car.
80/100*11350= <span>$ 9080</span>

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3 years ago