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4 years ago

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

Business

1 answer:

Firdavs [7]4 years ago

3 0

Answer:

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

Cash Accounts receivable

Debit Credit Debit Credit

22,500 32,600

6,000 22,500

40,500 45,600

69,000 6,000

4,100

40,500

5,100

Allowance for doubtful accounts

Debit Credit

2,525

4,100

2,850

1,275

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

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Which of the following rules affected hedge funds as a result of the Dodd-Frank Act of 2010? A. Investors are allowed to make

sveta [45]

Answer:

The correct answer is C. Large hedge funds must register with the SEC.

Explanation:

Due to their investment volume, they need to be registered in the database established by the SEC. This guarantees a tracking of each one of the hedging operations that are carried out, since they have a great impact on the markets in the event of a sharp drop. The other funds were not affected in the same way, because they do not need to report or file their information with the SEC.

6 0

3 years ago

Tom and Lynda also inform you that the monthly individual membership fee is $100and that the monthly family membership fee is $1

shepuryov [24]

Answer:

Net Cash $2,170

Explanation:

Cash Budget for September:

Beginning Balance $6,000

Individual membership fee revenue $1,350

Family membership fee revenue $720

Less:Variable Cost Individual ($25 * 15) $375

Less:Variable Cost Family ($25 * 5) $125

Less:Purchase of Machine $20,000

Less:Fixed cost $41,000

Net Cash $2,170

Individual membership fee revenue

$100 * 90% * 180 = 16,200 per year

16,200 / 12 = 1,350 per month.

Memberships per month = 180/12 = 15

Family membership fee revenue

$160 * 90% * 60 = 8,640 per year

8,640 / 12 = 720 per month.

Memberships per month = 60/12 = 5

5 0

3 years ago

your investment has a 20% chance of earning 30% rate of return, a 50% chance of earning a 10% rate of return, and a 30% chance o

emmainna [20.7K]

Answer:

8.9%

Explanation:

From the question above

- The investment has 20% chance of earning 30% rate of return

= 20/100

Number or chances= 0.2

- The investment has a 50% chance of earning 10% rate of return

= 50/100

Number of chances = 0.5

- The investment has 30% chance of losing 7%

= 30/100

Number of chances= 0.3

Therefore, the expected return on investment can be calculated as follows

=0.2(30) + 0.5(10) + 0.3(-7)

=6 + 5 - 2.1

= 11-2.1

= 8.9%

Hence the expected return on investment is 8.9%

7 0

3 years ago

Horizontal Analysis Total assets were $1,000,000 in 2019, $900,000 in 2018, and $950,000 in 2017. What was the percentage change

Sergeeva-Olga [200]

Answer:

(a) Decreases by 5.3%.

(b) Increases by 11%.

Explanation:

Given that,

Total assets in 2019 = $1,000,000

Total assets in 2018 = $900,000

Total assets in 2017 = $950,000

Percentage change from 2017 to 2018:

= [(Total assets in 2018 - Total assets in 2017) ÷ Total assets in 2017] × 100

= [($900,000 - $950,000) ÷ $950,000] × 100

= (-$50,000 ÷ $950,000) × 100

= -0.053

= -5.3%

Therefore, the total assets from 2017 to 2018 decreases by 5.3 percent.

Percentage change from 2018 to 2019:

= [(Total assets in 2019 - Total assets in 2018) ÷ Total assets in 2018] × 100

= [($1,000,000 - $900,000) ÷ $900,000] × 100

= ($100,000 ÷ $900,000) × 100

= 0.11

= 11%

Therefore, the total assets from 2018 to 2019 increases by 11 percent.

7 0

3 years ago

Effective internal control activities over the payroll function may include Reconciliation of totals on job time tickets with jo

Svet_ta [14]

Answer:

Verification of agreement of job time tickets with employee clock card hours by a payroll department employee.

Explanation:

An effective internal control system

This simply aim to give adequate hope that the policies, processes, tasks, behaviours etc, of an organisation, when complied, helps its effective and efficient operation of the organisation etc.

It is very essential in the payroll and personnel cycle to prevent over payments and payments to nonexistent employees. Proper authorization by the human resources department should add and delete employees from the payroll or change pay rates and deductions. The number of hours, overtime, must be approved by employees supervisor.

Payroll computations should be separately verified. A member of management should review the payroll output for any obvious errors or unusual amounts.

7 0

3 years ago