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uranmaximum [27]
3 years ago
10

The following events occur for Morris Engineering during 2018 and 2019, its first two years of operations.

Business
1 answer:
Firdavs [7]3 years ago
3 0

Answer:

1)

February 2, 2018 Provide services to customers on account for $32,600.

Dr Accounts receivable 32,600

    Cr Service revenue 32,600

July 23, 2018 Receive $22,500 from customers on account.

Dr Cash 22,500

    Cr Accounts receivable 22,500

December 31, 2018 Estimate that 25% of uncollected accounts will not be received.

Dr Dad debt expense 2,525

    Cr Allowance for doubtful accounts 2,525

April 12, 2019 Provide services to customers on account for $45,600.

Dr Accounts receivable 45,600

    Cr Service revenue 45,600

June 28, 2019 Receive $6,000 from customers for services provided in 2018.

Dr Cash 6,000

    Cr Accounts receivable 6,000

September 13, 2019 Write off the remaining amounts owed from services provided in 2018.

Dr Allowance for doubtful accounts 4,100

    Cr Accounts receivable 4,100

October 5, 2019 Receive $40,500 from customers for services provided in 2019.

Dr Cash 40,500

    Cr Accounts receivable 40,500

December 31, 2019 Estimate that 25% of uncollected accounts will not be received.

Dr Dad debt expense 2,850

    Cr Allowance for doubtful accounts 2,850

Allowance for doubtful accounts = $1,575 (to cancel debit balance) + [($45,600 - $40,500) x 25%] = $1,575 + $1,275 = $2,850

2)

            Cash                                Accounts receivable

Debit               Credit                   Debit               Credit

22,500                                         32,600

6,000                                                                   22,500

<u>40,500                      </u>                   45,600

69,000                                                                 6,000

                                                                             4,100

                                                     <u>                        40,500</u>

                                                     5,100

Allowance for doubtful accounts

Debit               Credit  

                       2,525

4,100

<u>                        2,850</u>

                       1,275

3) net realizable value of accounts receivable = $5,100 - $1,275 = $3,825

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guapka [62]

Answer:

find answer in the explanation below

Explanation:

Koby is 16 and that means he is under age for a start. That initial statement makes Fastfood liable.

As it can be seen from the question, the golden rule applies to Koby's case as it is clear he has other things to do with his time.

Primarily, he is a student and that means he has school work to do alongside putting in some hours at Fastfood. But then, he still has the right to be treated right which in this case means him getting some rest. It is therefore safe to say that the manager of Fastfood is trying to take advantage of Koby and should have given him rest.

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2 years ago
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Answer:

The answer is D

Explanation:

Solution:

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Since the values 100 and  90 is greater than 18000 cubic feet available for storage, what is required would be 100 big shelves and 100 medium shelves

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Which of the following statements about depreciation is correct? When depreciation expense is incurred, cash balances are reduce
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Answer:

The correct answer is letter "B": Depreciation reduces the book value of assets .

Explanation:

Depreciation shows how much and the value of the assets was used up. This also aims to balance an asset's cost to the revenue that the asset has helped the business gain. Used as an income tax deduction, depreciation calculations offer businesses an annual allowance for the use and deterioration of tangible (physical) assets.

<em>Depreciation reduces the book value of assets because, after the depreciation calculation is done, the amount computed decreases the current value of the asset it represents.</em>

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Suppose an unlevered firm issues $1000 in debt at a cost of debt of 10%. If the corporate tax rate is 20%, $200 t is the change in the firm's value.

Due to the issue of the corporate tax rate is entitled to Interest Tax Shield assuming Debt issued by the firm is perpetual and ignoring financial distress costs

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Answer:

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