Key assets represent knowledge that your business has that is critical to the operation of your business. ... Basically, anything about your business that is essential to its core operation would be considered a knowledge asset.
Answer: $15,500
Explanation:
First we calculate the estimated Uncollecteble debt,
= 6% of 310,000
= 0.06 (310,000)
= $18,600
We will then subtract the existing $3,100 to find out how much we will send to the Bad Debt Expense account because the amount already in the account needs to be included in the $18,600.
= 18,600 - 3,100
= $15,500
We will therefore Debit the Bad Debt Expense account with $15,500 and Credit the Allowance for Doubtful Accounts with the same amount.
If you need any clarification do react or comment.
Answer:
C. $454,000.
Explanation:
We know that
The ending balance of retained earnings = Opening balance of retained earnings + net income - dividend paid
$375,000 = $0 + net income - $79,000
So, the net income would be
= $375,000 + $79,000
= $454,000
The ending balance of retained earnings - Opening balance of retained earnings is also known as increase in retained earning
Answer:
$243,900
Explanation:
Calip corporation reported the following results for the month of October
Sales= $413,000
Cost of goods sold= $169,100
Total variable sling expenditure= $20,700
Total fixed selling expense= $17,900
Total variable administrative expense= $13,100
Total fixed administrative expense= $30,400
The contribution margin can be calculated by subtracting the total cost of goods sold from the sales
= $413,000-$169,100
= $243,900
Hence the contribution margin for October is $243,900
Answer:
1. Dr Accounts Receivable $6
Cr Fees Earned $6
2. Dr Supplies Expense $3
Cr Supplies $3
3. Dr Insurance Expense $12
Cr Prepaid Insurance $12
4. Dr Depreciation Expense $5
Cr Accumulated Depreciation—Equipment $5
5. Dr Wages Expense $2
Cr Wages Payable $2
Explanation:
Preparation of the five journal entries that adjusted the accounts at October 31, 2018.
1. Dr Accounts Receivable $6
Cr Fees Earned $6
($44-$38)
(To Accrued fees earned)
2. Dr Supplies Expense $3
Cr Supplies $3
($10-$7)
(To record Supplies used)
3. Dr Insurance Expense $12
Cr Prepaid Insurance $12
($22-$10)
(To record Insurance expired)
4. Dr Depreciation Expense $5
Cr Accumulated Depreciation—Equipment $5
($12-$7)
(To record Equipment depreciation)
5. Dr Wages Expense $2
Cr Wages Payable $2
($2-$0)
(To record Accrued wages)
