Amount of dividends per share to be received each year
When the patient make the appointment with the insurance company
In order for the insurance company to process the claim, they have to be aware that the clause have been made. After the patient make the appointment, they will send an agent to lookout and took care all the paperwork that is needed for the claom
Answer:
- If the allowance method had been used, net income would have been $81,900.
- With 1.75% of sales, if the write-off above had been recorded against the allowance account, it would have been in debit, so the bad debt expense would be $10,400 + $11,375 = $21,775. Otherwise, bad debt expense would be $11,375. The required journals would be a debit to bad debt expense and credit to allowance for doubtful accounts.
Explanation:
The following journals would have been recorded for write-off of the accounts receivables:
Debit Bad debt expense $10,400
Credit Accounts receivable $10,400
<em>(To write-off accounts receivable)</em>
This journal would have negatively affected the net income by reducing it. If it was recorded against the allowance for doubtful accounts, net income would have increased by $10,400 ($71,500 + $10,400).
1.75% of sales is $11,375; so, if the write-off above had been recorded against the allowance account, it would have been in debit, so the bad debt expense would be $10,400 + $11,375 = $21,775. Otherwise, bad debt expense would be $11,375. The required journals would be a debit to bad debt expense and credit to allowance for doubtful accounts.
Answer:
$280
Explanation:
FIFO stands for First in First Out. FIFO method assumes that the first goods received will be the first goods sold. Therefore, Costs of Goods Sold will be valued at the earlier prices.
Calculation of the Cost of Goods Sold will be as follows :
Step 1
Establish first the units sold
Units Sold = 45
Step 2
Then Calculate the cost of those units keeping in mind to start with the earlier units
Cost of Goods Sold = 16 × $3 + 29 × $8
= $280
