Answer:
Balance of Accounts Receivable in the end of January = Beginning balance + Revenue from earned services - Collections during the period
= 70000 + 14300 - 18400
= $65900
At the end of January, the balance in the accounts receivable account should be $65900
Answer:
D. Credit to Salaries Payable for $8,100.
Explanation:
As we know Accrued expenses are those incurred but not yet recorded in the books. Accrued expenses are represented as a liability in the balance sheet.
So we have the year-end adjusting entry as following:
Account Debit Credit
Salaries Expense $8,100
Salaries Payable $8,100
Answer:
<u>Yes</u>
Explanation:
Remember, number of sales is also a determiner of a company's performance. Since it is a fact that $ 140,000 would increase sales to 200,000 goggles and in turn Implying more profit for the company over competitors.
Therefore, management has taken the right course of action.
Answer:
wholesalers, distributors and manufacturers.
Explanation:
Answer:
$2,560,000
Explanation:
impairment loss = division's book value - division's fair market value = $3,080,000 - $2,320,000 = $760,000
Assets held for sale are no longer depreciated, but they must be recorded at lower value between carrying cost and fair market value. Since the fair market value is lower than carrying value, then an impairment loss results.
loss on discontinued operations = loss from operations 2019 + impairment loss = $1,800,000 + $760,000 = $2,560,000