Answer:
Answer A = $9,000
Answer B = $6,400
Answer C = $7,632
Answer D = $54,000
Answer E = $71,063
Explanation:
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Answer:
1. Using the percent-of-sales method, calculate the amount of Uncollectible-Account Expense if Summer Corporation estimates its uncollectible-account expense using a rate of 3% of credit sales. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario?
14100
Summer Corporation has $ of uncollectible-account expense using the percent-of-sales method.
3100
Calculate the amount of its Uncollectible-Account Expense. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario?
15000
The ending balance of the Allowance for Uncollectible Accounts is $ under this scenario.
Dont have enough information.
Explanation:
Account receivable 88000
Allowance for uncollectible -11000
Service revenue 470000
Estimate uncollectible 3%
Ending balance of the allowance 14100
Expense 3100
Allowance for Uncollectible 26000
Uncollectible expense account 15000
The adjusted cost of goods sold that would appear on income statement for November is $247,900.
<h3>
What is an income statement?</h3>
One of a company's financial statements, an income statement or profit and loss account (also known as a profit and loss statement (P&L), statement of profit or loss, revenue declaration, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) lists the company's income and outgoings for a given time period. It explains how the revenues, commonly referred to as the "top line," are converted into net income or net profit (the result after all revenues and expenses have accounted for). The income statement's goal is to demonstrate to managers and investors whether the business gained money (profit) or lost money during the reporting period.
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Answer:
(a) $4.08
(b) $51.03
Explanation:
Constant growth rate for earnings:
= (EPS for any year ÷ EPS for the previous year) - 1
= (8.40 ÷ 8.00) - 1
= 0.05
= 5%
(a) EPS for 2016 = EPS for 2015 × (1 + 5%)
= 9.72 × 1.05
= $10.21
Dividend for 2016 = 40% × EPS for 2016
= 40% × 10.206
= $4.08
(b) Stock Price at the beginning of 2016:
= Dividend for 2016 ÷ (Required rate of return - Constant growth rate)
= 4.0824 ÷ (0.13 - 0.05)
= $51.03
Answer:
a debit to Accounts Payable for $1,400 and a $1,400 credit to Purchase Returns allowances
Explanation:
Periodic inventory system is one that updates information on inventory on a periodic basis. This is opposite of perpetual inventory system that requires update of inventory system at all times.
In the scenario the merchandiser bought the goods on account. That means he did not pay cash but rather bought on credit.
On purchasing the items accounts payable will be credited thereby increasing the account balance.
Since the items are being returned a debit will be applied to accounts payable resulting in a decrease in the account balance.
A credit will now be posted to purchase returns allowances to show that products have been returned by a buyer
