The type of cover letter written to request assistance and support from the author’s job network:

Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer pu

Serjik [45]

Explanation:

1. The journal entry is as follows:

On March 1

Prepaid insurance A/c Dr $36,000

To Cash A/c $36,000

(Being the prepaid insurance is recorded for cash)

For recording the advance purchase of insurance, we debited the prepaid insurance and credited the cash account. Both the accounts are recorded at $36,000 so that the proper posting could be done.

4 0

3 years ago

Rylan Corporation received an offer from an exporter for 25,000 units of product at $16 per unit. The acceptance of the offer wi

hammer [34]

Answer: a.$275,000

Explanation:

Let us assume local production sales of 0 for simplicity of analysis.

At 0 there will be no Variable Costs and no fixed costs because they are dependant on the amount of units produced.

If then Rylan Corporation receives 25,000 units at $16 per unit this will change the Variable costs as it will have to incorporate the new units.

The question however says that normal production continues. This means that Fixed costs do not change. That means fixed costs remain at $0.

That means the only change will be the Variable costs of selling 25,000 units.

At a rate of $11 per unit we then have,

= 11 * 25,000

= $275,000

The costs have increased by $275,000 from 0 which means that $275,000 is the Incremental cost.

Note that Fixed and Variable costs of 0 are improbable and we're only used for simpler analysis. Feel free to try the question with other number of units for your own practice. You will arrive at the same answer regardless.

8 0

3 years ago

The Securities and Exchange Commission was a New Deal program designed to regulate __________. importing quotas farming practice

Softa [21]

The Securities and Exchange Commission was a New Deal program designed to regulate stock market.

<h3><u>Explanation:</u></h3>

The place where the trading of the public listed companies takes place refers to the stock market. This is a method that is used by the companies to raise the capital. Those companies that wishes to raise capital would be offering the shares to the public in general as an initial public offering. This is the place of meeting of the stock sellers and buyers.

The buyers of the stock market will try to get stocks at a reduced rate so that they can sell that for profits at later stages. The stocks can be considered as a smaller portion of ownership that a buyer can enjoy in a public company. A new deal program that is being designed for the regulation of the stock market is the Securities and Exchange Commission.

8 0

3 years ago

Read 2 more answers

Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.

tamaranim1 [39]

Answer:

two (a) asset accounts

Cash and cash equivalents, which is the most liquid asset.
Inventory, which are the goods that the company buys or produces, to sell later on, and make a profit.

two libability accounts

Acconts payable, which is the money that the company owes.
Unearned revenue, which are revenues for goods or services that have not been delived yet.

two equity accounts

Common stock, the most typical form of equity.
Retained earnings, income that is left after paying dividends.

Explanation:

3 0

3 years ago

At the beginning of the year, accounts receivable were $146,000 and the allowance for bad debts was $11,700. During the year, sa

Julli [10]

Answer:

Ending balance Accounts Receivable $153,800 Ending balance Allowance for Bad Debts $14,300

Net Accounts Receivable at end of year $139,500

Explanation:

Calculation for the balances at the end of the year for both Accounts Receivable and Allowance for Bad Debts accounts

T ACCOUNT

ACCOUNT RECEIVABLE

DEBIT SIDE

Beginning balance $146,000

Sales on account $602,000

Total $748,000

Ending balance $153,800

($748,000-$594,200)

CREDIT SIDE

Cash collections $582,000

Bad Debts written off $12,200

Total $594,200

T ACCOUNT

ALLOWANCE FOR BAD DEBT

DEBIT SIDE

Bad Debts written off $12,200

Total $12,200

CREDIT SIDE

Beginning balance $11,700

Bad debts expense $14,800

Total $26,500

Ending balance $14,300

($26,500-$12,200)

Calculation for Net Accounts Receivable at end of year:

Net Accounts Receivable at end of year = ($153,800-$14,300)

Net Accounts Receivable at end of year=$139,500

Therefore the Ending balance for Accounts Receivable is $153,800 and Allowance for Bad Debts is $14,300 while the Net Accounts Receivable at end of year is $139,500

4 0

3 years ago