Answer:
: $4,610
Explanation:
The allowance for uncollectible accounts should be 2% of accounts receivable. So first we wil find out the 2% of $268,000.
($268,000 x 2%) = $5,360
Then we will subtract the $750 allowance for uncollectible accounts before any adjustments.
$5,360 - $750 = $4,610
The amount of the adjusting entry for uncollectible accounts would be: $4,610.
Explanation:
a) The Company shall have an income of $200 as interest Revenues and $2200 as imputed revenues(i.e. difference between actual income and market value of interest on loans.
Nevertheless the corporation shall also have the right to compensation incurred by the federal tax law at $2200 for wally and shall not be eligible for deduction under Federal Taxation Law.
b) Amount of gross income does Wally recognize if Pay More forgave the loan and interest on December 31:
Loan Amount $ 20000
Interest Foregone $ 200
Imputed Interest $ 2200
Total Amount $22400
Answer:
The credit period is the number of days that a customer is allowed to wait before paying an invoice
Explanation:
This indicates the amount of working capital that a business is willing to invest in its accounts to generate sales
Liberal humanism is a philosophical stance that highlights the agency and value of human beings, both individually and collectively.
Answer:
B. 328,000
Explanation:
The computation of the cost of jobs completed is shown below:
= Direct materials issued to production + Direct labor costs + Manufacturing overhead applied
= $96,000 + $113,000 + $119,000
= $328,000
We simply added the direct material issued, direct labor cost and the manufacturing overhead applied so that the accurate amount can come
All other information which is given is not relevant. Hence, ignored it