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LekaFEV [45]
3 years ago
9

Crocetti Corporation makes one product and has provided the following information to help prepare the master budget for the next

four months of operations: Budgeted selling price per unit $ 121 Budgeted unit sales (all on credit): January 7,000 February 7,500 March 11,900 April 14,900Credit sales are collected: 40% in the month of the sale 60% in the following month The budgeted accounts receivable balance at the end of February is closest to:_________.
a) $544,500
b) $907,500
c) $605,000
d) $363,000
Business
1 answer:
Montano1993 [528]3 years ago
4 0

Answer:

a) $544,500

Explanation:

Account receivable represents sales on credit or account yet to be collected.

Considering the company's cash collection system; 40% in the month of the sale 60% in the following month , it means that the accounts receivable balance (amount of credit sales yet to be collected) at the end of February would be the 60% portion of credit sales for February. This is

= 60% * $121 * 7500

= $544,500

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Answer:

A.

Explanation:

Appreciation means that something increases in value therefore it is A.

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3 years ago
accounts receivable had a debit balance of $10,000 at the beginning of the period, and a debit balance of $6,000 at the end of t
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If accounts receivable had a debit balance of $10,000 at the beginning of the period, and a debit balance of $6,000 at the end of the period. based on this information, the adjustment to net income for the period will be reported as: a decrease of $4,000 which will be added to net income.

<h3>How to find the adjustment to net income?</h3>

Using this formula to determine the adjustment to net income

Adjustment to net income = accounts receivable had a debit balance - Beginning debit balance

Where:

Accounts receivable had a debit balance = $10,000

Beginning debt balance = $6,000

Let plug in the formula

Adjustment to net income = $10,000 - $6,000

Adjustment to net income = $4,000


Therefore we can conclude that the adjustment to net income for the period will be reported as a decrease of $4,000 which will be added to net income.

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7 0
1 year ago
During 2020, Sam and Libby, a married couple, decided to sell their residence, which had a basis of $200,000. They had owned and
baherus [9]

Answer:

$50,000:$400,000

Explanation:

Based on the information given we were told that the Broker's commissions and other selling expenses was the amount of $50,000 in which They as well made purchased of a new residence in July for the amount of $400,000 which means that the recognized gain will be $50,000 the amount of Broker's commissions and other selling expenses and the adjusted basis of the new residence will be $400,000 which is the cost of purchasing a new residence.

6 0
3 years ago
What is the most important duty of a firm's financial officer? to ensure that the firm has enough cash on hand to meet its commi
4vir4ik [10]
<span>What is the most important duty of a firm's financial officer? to ensure that the firm has enough cash on hand to meet its commitments at any given time to decide how to pay for investments to manage working capital to make investment decisions?</span>
8 0
4 years ago
The Box Manufacturing Division of the Allied Paper Company reported the following results from the past year. Shareholders requi
Galina-37 [17]

Answer:

Return n investment = 11.67%

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Return on Investment is the proportion investment that is earned as operating income.

For the division, the return on investment would be the proportion of te investment in assets that is earned as  net income.

This would be determined as follows;

Return n investment = (Net income÷ Operating assets) × 100

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Return n investment = 11.67%

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3 years ago
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