1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Helen [10]
3 years ago
8

Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $70,000 of its accounts

receivable from its customer, P. Moore. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. Record Solstice’s entries for recovery of this bad debt.
Business
1 answer:
lukranit [14]3 years ago
8 0

Answer:

<u>Oct 1</u>

Dr Accounts receivable 70,000

Cr Bed debts expense 70,000

(Accounts receivable is an asset and when it increases, they are debited. When expenses increase, they are credited.)

<u>Oct 30</u>

Dr Cash 70,000

Cr Accounts receivable 70,000

(Cash is an asset and when it increases, it is debited. Accounts receivable is an asset and when it decreases, they are credited)

You might be interested in
During Heaton Company's first two years of operations, the company reported absorption costing net operating income as follows:
const2013 [10]

The unit product cost under variable costing is computed as follows:

Direct materials                                    $ 4

Direct labor                                               7

Variable manufacturing overhead           1

Variable costing unit product cost      $12

With this figure, the variable costing income statements can be prepared:

                                                                  Year 1                          Year 2

Unit sales                                                40,000 units             50,000 units            

Sales                                                       $1,000,000               $1,250,000

Variable expenses:

The variable cost of goods sold

($12 per unit)                                        480,000                   600,000

Variable selling and administrative

expenses ( $2 per unit)                        80,000                    100,000

Total variable expenses                         560,000                   700,000

 

Contribution margin                               440,000                     550,000

 

Fixed expenses:

 Fixed manufacturing overhead            270,000                    270,000

Fixed selling and administrative             130,000                     130,000

expenses

Total fixed expenses                               400,000                    400,000

Net operating income                            $40,000                     $150,000.

An annual record is a record that public organizations must provide annually to shareholders that describes their operations and economic situations. a report that gives unique information approximately what a corporation has completed and how successful it has been.

Learn more about Income statements here:-brainly.com/question/21851842

#SPJ4

7 0
1 year ago
A marketing manager decides what combination of variables is needed to satisfy customers' needs for a general type of product. W
VMariaS [17]

Answer:

a. ​Product, price, distribution, and promotion variables

Explanation:

As a customer requires various attributes of the product, that is for which the customer will not compromise in, these include:

The product needed, as for the customer is hungry he shall ask for a pizza, now pizza is a product.

The price of the product, if the price is in the budget of the customer he shall buy it else he shall not buy it.

Distribution associated with it basically the method in which it will be distributed, the packaging extracts.

Promotion variables includes extra benefits like offered with the product, cash backs as for example, etc:

8 0
3 years ago
If a hotel wishes to determine where to spend resources on renovations - on interior decor or on curb appeal or on recreational
creativ13 [48]

Answer:

The correct answer is True.

Explanation:

The term Business Intelligence (BI) refers to technologies, applications and practices for the collection, integration, analysis and presentation of commercial information. The objective of Business Intelligence is to support better business decision making.

The automatic aspect of Business Intelligence should not go unnoticed. Daily information monitoring allows you to evaluate performance, monitor inventory and track expenses in real time.

Planning strategies without a thorough data analysis is like aiming in the dark. Business intelligence lights the way to make the best decisions in the management of your hotel.

The usefulness of technology to take data from the environment for strategic knowledge is evident as soon as it is launched. By extracting essential data from the environment and presenting it on dashboards, business intelligence allows managers and managers to make informed strategic decisions.

------

NOTE: If you need to extend the explanation given, you can make a comment or add a new question. I will be very pleased to help you.

4 0
3 years ago
Early in 2022, Stevenson Incorporated switched to a JIT (just-in-time) inventory system. Financial information for the two most
gregori [183]

Answer:

3.8 times

Explanation:

Inventory turnover indicates how many times a company sells and replaces its stock of goods during a particular period. The formula for inventory turnover ratio is the cost of goods sold divided by the average inventory for the same period.

$ 320,000 / 63,000 = 5.1 times in 2022

$283,500 / 32,000 = 8.9 times in 2023

Therefore inventory turnover increase as a result of the switch to the JIT system by 8.9 times - 5.1 times = 3.8 times

5 0
3 years ago
The manager at Vertical Wire Productions reported total sales revenue of $800,000. The variable expenses were $600,000, and ther
Brilliant_brown [7]

Answer:

BEP_{dollars} = 500,000

Explanation:

<u>The first step</u> will be  get the contribtuion margin:

Sales\: Revenue - Variable \:Cost = Contribution \:Margin

800,000 - 6000,000 = 200,000

This is the amount after variables cost used to pay the fixed cost and make a gain.

Second, we calcualte the contribution margin ratio

\frac{Contribution \:Margin}{Sales\: Revenue} = Contribution\: Margin\: Ratio

200,000/800,000 = 0.25

Per dollar of sales 25 cents are available to pay the fixed cost.

Now, we calculate the break even point in dollars

\frac{Fixed\:Cost}{Contribution\: Margin \:Ratio} = Break\: Even\: Point_{dollars}

\frac{125,000}{.025} = 500,000

5 0
3 years ago
Other questions:
  • Which professionals would most likely use heavy equipment and specialized tools in their line of work?
    14·2 answers
  • The demand and supply schedules for sunscreen at a small beach are shown below. Market for sunscreen price (dollars per bottle)
    10·1 answer
  • A firm underwriting of a municipal bond issue usually has a number of different broker-dealers involved. Those who earn the tota
    8·1 answer
  • A ______ is a written statement that promises a product will work for a set amount of time.
    12·2 answers
  • Assume that the company expects sales of each product to decline to 25,000 units next year with no change in unit selling price.
    11·1 answer
  • The data preparation technique used in market segmentation to divide consumers into different homogeneous groups is
    13·1 answer
  • Assume that effective forecasting requires a combination of technique, system support, and administration.
    6·1 answer
  • In order to search the internet you need to use software referred to as a__?
    5·1 answer
  • The natural rate of unemployment is best defined as A. the state of the economy when there is zero unemployment. B. the rate of
    8·1 answer
  • Which type of borrowing option would most likely result in the borrower
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!