Answer:
break even is when an organisation doesn't make profit nor loss.
Sometimes they don’t want loose change in their wallets, pockets, etc. Coins are pretty heavy as well.
Answer:
Their total assets next year has to be $124,725
Explanation:
<em>Step 1: Determine the initial assets and liabilities</em>
The total assets can be expressed as;
A=C+E
where;
A=total assets
C=common stock
E=retained earnings
In our case;
A=unknown
C=$12,173
E=$91,949
replacing;
A=12,173+91,949=$104,122
<em>Step 2: Determine total liabilities</em>
Total liabilities=initial liability+dividends
where;
Initial liability=$73,225
dividends=$15,000
replacing;
Total liabilities=73,225+15,000=$88,225
<em>Step 3: Determine new assets</em>
Using the formula;
Net profit=new assets-total liabilities
where;
Net profit=$36,500
new assets=unknown=n
total liabilities=$88,225
replacing;
36,500=n-88,225
n=36,500+88,225=$124,725
n=$124,725
Their total assets next year has to be $124,725
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Answer:
Debit Bad Debts Expense $2,939; Credit Allowance for Doubtful Accounts $2,939
Explanation:
Estimated Uncollectibles based on the past experience = $803,000 * 0.3%
=$2,409
Debit balance in allowance for doubtful accounts = $530
The total amount of Bad Debts Expense to be provided in the adjusting entry = $2,409 + $530
= $2,939
