Answer:
<em>Incomplete question is "2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021?"</em>
1. Gross accounts Receivable = Allowance Account balance at beginning / 10%
= $30,000 / 10%
= $300,000
2. Year Account Title Debit Credit
2021 Bad debt expense $105,000
($500,000*10% + $55,000)
To Allowance for Doubtful Accounts $105,000
3. Accounts receivable written off = Beginning balance of Allowance Account - Ending Balance of Allowance account
= $30,000 - (- $50,000)
= $30,000 + $50,000
= $80,000
4. Bad debt expense for 2021 (direct write off method) = Amount written off = $80,000
Answer:
Total materials variance = (Actual quantity * Actual price) - (Standard quantity * Standard price)
= 2,850 - (230 * 14.4)
= 462 (Favourable)
Materials price variance = (Standard price - Actual price) * Actual quantity
= [1.8 - (2,850/1,500)] * 1,500
= 150 Unfavourable
Materials quantity variance = (Standard quantity - Actual quantity) * Standard price
= [(230 * 8) - 1,500] * 1.8
= 612 Favourable
Total labour variance = (Actual hours * Actual rate) - (Standard hours * Standard rate)
= 19,458 - (230 * 84)
= 138 Unfavourable
Labour price variance = (Standard rate - Actual rate) * Actual hours
= [14 - (19,458/1,410)] * 1,410
= 282 Favourable
Labour quantity variance = (Standard hours - Actual hours) * Standard rate
= [(230 * 6) - 1,410] * 14
= 420 Unfavourable
Answer:
The answer Is below
Explanation:
The households sector is a sector that consists of people such as consumers or end-users and entrepreneurs that are not into a corporation
Also, this sector has producers and consumers because consumers are the individuals that consume the goods and services produced.
Similarly, there are producers in the household sectors as some individuals produce goods and services for themselves and their immediate environment without going into a corporation. For example, Street food vendors, Cobblers, carpenters, and many more.
0.05
To find the required reserve ratio, we need to know the total deposits and the required reserves amount.
Next, we divide the required reserve amount by the total deposits.
$10,000 / $200,000 = 0.05
The 0.05 is the required reserve ratio for First Bank of Commerce.
<u>Solution and Explanation:</u>
a.<u>Compute Firm A’s net cash flow attributable to the asset purchase in each year.Year 2011:
</u>
Cost of Asset = ($50,000)
Tax Savings (Annual Depreciation x Tax Rate) 
= $1,099
Net Cash Flow = ($48,901)
Year 2012:
Cost of Asset = N/A
Tax Savings (Annual Depreciation x Tax Rate) (
) = $2,520
Net Cash Flow = $2,520
b. <u>Compute Firm A’s adjusted basis in the asset at the end of each year.
</u>
INITIAL COST OF ASSET = $50000
DEPRECIATION YEAR 1 = (3140)
ADJUSTED BASIS AT END OF YEAR 1 = $46860
YEAR 2 DEPRECIATION = (7200)
ADJUSTED BASIS AT END OF YEAR 2 = $39660
