Answer:
Explanation:
Before passing the journal entry, we have to find out the bad debt expense amount which is shown below:
Bad debt expense = Account receivable balance × uncollectible percentage + debit uncollectible account balance
= $130,000 × 20% + $2,100
= $26,000 + $2,100
= $28,100
So, the journal entry would be
Bad debts expense A/c Dr $28,100
To Allowance for uncollectible accounts $28,100
(Being uncollectible accounts is adjusted)
Answer:
Explanation:
in this scenario, Kate is practicing a form of leadership which is called the Free-Rein leadership; in this type of leadership,the leaders take a hands-off approach and allow the group members to make the decisions. this type of leadership is characterized by very little or non-existential guidance from the leaders. This form of leadership is bad in a scenario where the group members are lacking in skills or experience that allow them to make the perfect decisions.
Answer:
at any level of units sold, net income will be higher if more higher contribution margin units are sold than lower contribution margin units.
Explanation:
When products with high margins are sold, profit is made and net income becomes higher. For lower contribution margin units sold to make an impact on the net income, many more units must be sold. However, in cases where units with higher contribution margin are sold, net income is positively affected.
Answer:
$105,000
Explanation:
Given that,
Sales budget for next month = $250,000
Cost of goods sold is expected to be 40% of sales.
Beginning inventory = $20,000
Desired ending inventory = $25,000
Beginning accounts payable = $52,000
Purchases for next month;
= Cost of goods sold + Desired ending inventory - Beginning inventory
= (40% × $250,000) + $25,000 - $20,000
= $100,000 + $25,000 - $20,000
= $105,000
Answer:
$75,260
Explanation:
Calculation for What should Pharoah Company report as other comprehensive income and as a separate component of stockholders' equity
Using this formula
Comprehensive income/separate component of stockholders' equity=Fair value-(Sales of bonds-July 1, 2021 Amortized premiums-December 31, 2021 Amortized premiums)
Let plug in the formula
Comprehensive income/separate component of stockholders' equity=$2,780,000 - ($2,724,740 - $9,820 - $10,180)
Comprehensive income/separate component of stockholders' equity=$2,780,000-$2,704,740
Comprehensive income/separate component of stockholders' equity= $75,260
Therefore What should Pharoah Company report as other comprehensive income and as a separate component of stockholders' equity is $75,260
