Answer:
The Best 5 Reasons For Businesses to Extend Credit
Additional Cash Flow. If customers can put off payment without consequences, they will. ...
Additional Sales
Additional sales will come in the form of customers spending more money on your products and services. ...
Higher Customer Loyalty. ...
Leverage During Negotiations. ...
Simple Technique For Extending Credit.
When selling on credit, there is a chance that the customer may go bankrupt and fail to pay you. The company will lose revenue. The company will also have to write off the debt as bad debt
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Answer:
$155,000
Explanation:
Calculation to determine the book value of the investment that should be reported at year end by All Good Company
Initial investment (6,000* $10.00 per share) $60,000
Add: Net income ($450,000*30%) $135,000
Less: Dividend ($40,000)
Ending balance of investment $155,000
($60,000+$135,000-$40,000)
Therefore the book value of the investment that should be reported at year end by All Good Company is $155,000
Answer:
a. Computer - fixed asset
b. Patent - intangible asset
c. Oil reserve - natural resource
d. Goodwill - intangible asset
e. U. S. Treasury note - none of these (N)
f. Land used for employee parking - fixed asset
g. Gold mine - natural resource
Explanation:
Intangible assets are the assets of a company that cannot be seen or they are not physical in nature. They are usually difficult to evaluate. They include:
- Goodwill
- Patent
- Trademarks
- copyrights
a fixed asset is a long term tangible piece of property or equipment that a company has and uses it to generate income. they include plant, property and equipment.
A natural resource is a substance that occurs in nature that can be used to generate economic profit.
The accounting entries for Rippen Corporation is recorded as follows:
December 3,
DR Accounts Receivable (Burnen Corp.) $480,000
CR Sales $480,000
DR Cost of Goods Sold $320,000
CR Inventory $320,000
December 8,
DR Sales Return $30,000
CR Accounts Receivable $30,000
DR Inventory $20,000
CR Cost of Goods Sold $20,000
December 12,
DR Cash $441,000
DR Credit Discount $9,000
CR Accounts Receivable $450,000
<h3>What is Journal Entry?</h3>
A journal entry is recorded for the transactions of a company in the relevant period, the entry that is recorded is also known as the double entry. These journal entries are then used to prepare T-Accounts, an then trial balance is made and ultimately income statement and balance sheet are made.
The transaction includes a discount of 2% as credit discount for the payment being made within 10 days.
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The entry to record the transaction for materials requisitioned by the production department is to
Debit WIP $156,000
Credit Materials $156,000
Organization accountants should account for direct and indirect materials one after the other. The magazine entry for direct substances, this is, substances that can be without delay traced to merchandise, is a debit to the paintings in technique and a credit to the raw materials inventory accounts.
To file materials used in manufacturing, a debit for the value of raw substances is made to the WIP inventory account and a credit score is made to the raw substances account. Exertion fees are spilt between direct and indirect labor.
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