Answer:
Journal Entry
May 3
Dr. Allowance for doubtful accounts $2,800
Cr. Account Receivable $2,800
Explanation:
When a receivable of the business is considered to be non-collectible from a customer, it is written off from the accounts. This event will decrease the account receivable balance and allowance for the doubtful accounts too. a Debit entry in the Allowance for doubtful account and a credit entry in accounts receivable is made to incorporate the effect of this transaction.
Answer:
Profit margin = net profit / total sales = $78 / $5,200 = 1.5%
Asset turnover = total sales / average total assets = $5,200 / ($2,990 + $3,510) = 1.6
Return on assets = net income / average total assets = $78 / $3,250 = 2.4%
Return on common stockholders’ equity = net income / average stockholders' equity = $78 / ($992 + $1,031) = 7.71%
Gross profit rate = gross profit / total sales = $1,716 / $5,200 = 33%
It should be noted that contract or event profile is usually stipulated in writing all the client's requirements and gives all of the relevant information.
An event profile can be regarded as set of event scripts, which helps to give description about an event.
This profile or contract do list out all the requirements that is needed by a company from the client in executing their services.
Therefore, contract or event profile serves all the client's requirements and gives all of the relevant information.
Learn more about contract or event profile at:
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