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SIZIF [17.4K]
3 years ago
9

Below are several amounts reported at the end of the year. Currency located at the company $ 675 Supplies 1,700 Short-term inves

tments that mature within three months 1,575 Accounts receivable 2,000 Balance in savings account 7,000 Checks received from customers but not yet deposited 275 Prepaid rent 1,075 Coins located at the company 100 Equipment 7,900 Balance in checking account 4,700 Required: Calculate the amount of cash to report in the balance sheet.
Business
1 answer:
anastassius [24]3 years ago
8 0

Answer:

The total amount of cash to report in the balance sheet is $14,325  

Explanation:

The amount of cash to report in the balance sheet is computed below

  Items                                                  Amount

Currency located at the company      $675

Short-term investments that                $1,575

mature within three months

Balance in savings account                 $7,000

Checks received from customers        $275

but not yet deposited

Coins located at the company              $100

Balance in checking account                <u>$4,700</u>

Total Cash                                              <u>$14,325</u>

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otato Company began the period with an accounts receivable balance of $2,693 and a balance in the allowance for doubtful account
Sphinxa [80]

Answer:

Potato Company

Balance in Allowance for Doubtful Accounts is $575 (Credit).

Explanation:

We can use a T-account for the Allowance for Doubtful Accounts to determine the balance:

                                      Allowance for Doubtful Accounts

a. Accounts Receivable         $668     Beginning Balance   $494

 Ending Balance                     <u>$575</u>  b. Bad Debt Expense  <u>$749</u>

                                              <u>$1,243</u>                                    <u>$1,243</u>

                                                                Ending Balance     $575

The allowance for doubtful accounts is a contra account to the Accounts Receivable account.  Its purpose to provide some estimation of the uncollectibles as a way of managing the credit risk involved in trade sales.

7 0
2 years ago
Whose responsibility is it to provide and pay for Personal Protective Equipment (PPE)?
algol [13]
Whose responsibility is it to provide and pay for Personal Protective Equipment (PPE)? The company/organization is required by OSHA that they purchase PPE and protect their employees. Personal protective equipment is equipment that protects people while working on the job. These items can be, but not limited to, gloves, safety glasses, shoes, earplugs, vests and much more. PPE includes items that are worn to limit hazardous materials being exposed to workers. 
5 0
3 years ago
Jeff Heun,president of Concrete Always, agrees to construct a concrete cartpath at Dakota Golf Club. Concrete Always enters into
nataly862011 [7]

Answer:

a. $234,000

b. $239,000

Explanation:

a. The transaction price is

= Construction cost + Performance bonus on the time of completion × project complete on time percentage + performance bonus after one week × one week late percentage + performance bonus after two week × two week late percentage

= $200,000 + $40,000 × 0.55 + $30,000 × 0.30 + $20,000 × 0.15

= $200,000 + $22,000 + $9,000 + $3,000

= $234,000

b. The transaction price is

= Construction cost + Performance bonus on the time of completion × project complete on time probability + performance bonus after one week × one week late probability

= $200,000 + $40,000 × 90% + $30,000 × 10%

= $200,000 + $36,000 + $3,000

= $239,000

The after one week is

= $40,000 - $10,000

= $30,000

The after two week is

= $40,000 - $10,000 - $10,000

= $20,000

5 0
3 years ago
Organizing as a corporation makes it easier for the firm to raise capital. This is because corporations' stock-holders are not s
My name is Ann [436]

Answer:

A) True

Explanation:

Organizing a partnership has several advantages; it is much faster, simpler and easy, start up costs are very low, etc.

But it has one huge disadvantage over a corporation, the partners are completely liable for the partnership's debts and obligations. That means that if the partnership goes bankrupt, the partners must pay all the debts and obligations. While a corporation's stockholders are only liable for the amount they invested in stock, i.e. you buy $10,000 in stock, then all you can lose is $10,000.

Also a corporations stocks are easily traded while a it is very complicated to transfer partnerships' rights.

3 0
3 years ago
A local car dealership's average customer comes in once every 10 years, and spends $30,000 on each purchase. An average customer
Papessa [141]

The lifetime value of a local car dealership for an average customer is $120,000.

<h3>What is meant by a lifetime value?</h3>

A lifetime value is an average amount that is being earned by the customer over the time period till its being a customer of a particular service.

Given values:

Amount spent by customer: $30,000

The average number of years: 40 years

Computation of lifetime value (LTV):

\rm\ LTV=\rm\ Average \rm\ number \rm\ of \rm\ years \times\ \rm\ Amount \rm\ spent \rm\ by \rm\ a \rm\ customer\\\rm\ LTV= 40 \times\ \$30,000\\\rm\ LTV=\$120,000

Therefore, when a customer spends $30,000 on a car dealership for 40 years of average time then its lifetime value would be $120,000.

Learn more about the lifetime value in the related link:

brainly.com/question/16926291

#SPJ1

5 0
1 year ago
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