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satela [25.4K]
3 years ago
15

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer,

C. Green. On March 9, it receives a $300 payment from Green. 1. Prepare the journal entry for January 31. 2. Prepare the journal entries for March 9; assume no additional money is expected from Green.
Business
1 answer:
saul85 [17]3 years ago
7 0

Answer:

Explanation:

The journal entries are shown below:

On January 31

Allowance for doubtful accounts A/c Dr $800

         To Account receivable A/c $800

(Being the written off amount is recorded)

On January 31

Account receivable A/c Dr $300

           To Allowance for doubtful accounts A/c $300

(Being the reverse entry is made)

On March 9

Cash A/c Dr $300

      To Accounts receivable A/c $300

(Being the amount is collected)

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Answer:

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Joe should produce using the new equipment.

Explanation:

a) Costs incurred using the old equipment:

Variable costs = $45,000 ($50 x 900)

Fixed costs = $40,000

Total costs = $85,000

Operating Loss = $22,000 ($63,000 - 85,000)

b) Costs incurred using the new equipment:

Variable costs = $22,500 ($25 x 900)

Fixed costs = $60,000

Total costs = $82,500

Operating Loss = $19,500 ($63,000 - 82,500)

Production using the new equipment would reduce the operating loss by $2,500.

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3 years ago
A company purchases equipment for $32,000 cash. This transaction should be shown on the statement of cash flows under:________
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Answer:

b. investing activities

Explanation:

Cash flow can be defined as the net amount of cash and cash-equivalents that is flowing into (received) and out (given) of a business. There are three components of the cash flow;

1. Operating cash flow: all cash generated from the business activities of an organization.

2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.

3. Investing cash flow: costs associated with purchasing of capital assets and investments of cash resources in other businesses.

A company purchases equipment for $32,000 cash. This transaction should be shown on the statement of cash flows under investing activities.

Generally, investing activities comprises of purchasing physical assets, investing in securities and the sale of assets or securities associated with the company.

<em>Hence, a company that purchases equipment for $32,000 cash should show the transaction on the statement of cash flows under investing activities.</em>

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3 years ago
Look at the table supply of lemonade. if the price of lemonade is $1 per cup, the total quantity of lemonade supplied will be:
yan [13]
We'd need the table to be sure.
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3 years ago
Powder room mess. for $300,000, willis agrees to build a new home for robert, who is very picky. willis builds the home to rober
irga5000 [103]

These types of damages are called “Compensatory damages”.

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3 years ago
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A company purchases shipments of machine components and uses this acceptance sampling plan: Randomly select and test 26 componen
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Answer: 0.7973

Explanation:

Binomial probability formula :-

P(x)=^nC_x\ p^x(1-p)^{n-x}, where P(x) is the probability of getting success in x trials , p is the probability of success in one trial and n is the number of trials.

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