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3 years ago

The following transactions occur for the Panther Detective Agency during the month of July:

Business

1 answer:

My name is Ann [436]3 years ago

6 0

Answer:

The question is incomplete find the complete question below;

The following transactions occur for the Panther Detective Agency during the month of July. a....

Question:

The following transactions occur for the Panther Detective Agency during the month of July.

a. Purchase a truck and sign a note payable, $14,100.

b. Purchase office supplies for cash, $510

c. Pay $710 in rent for the current month.

Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense.

Purchase of truck

DR Equipment $14,100

CR Notes Payable $14,100

Office supplies

DR Office supllies $510

CR Cash $510

Rent

DR Rent expense $710

CR Cash $710

Explanation:

I have summarized the above transactions by a way of journal entries above,pay particular attention to the accounting headings used as stated in revised question.

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The Fabricating Department started the current month with a beginning Work in Process inventory of $10,000. During the month, it

Natalka [10]

Answer:

$13,000

Explanation:

Calculation for what The ending balance of the Work in Process Inventory account for the Fabricating Department is:

Beginning Balance 10,000

Add Direct Materials 76,000

Add Direct Labor 24,000

Add Factory Overheads 12,000

(50% *24,000)

Less Work Transferred (109,000)

Ending Balance $13,000

Therefore The ending balance of the Work in Process Inventory account for the Fabricating Department is:$13,000

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3 years ago

2. How could you assess whether new office designs are improving the organizational culture

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Answer:A proper office layout is the key to a high performance office. This means both good performance from your employees but also your business. Companies that have a great culture are highly sought after by prospective employees and can provide a competitive advantage in both hiring and retaining staff.

Explanation:

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2 years ago

Based on the spreadsheet below, which of the following is a true statement? a. The net cash flow is negative. b. The net cash fl

Afina-wow [57]

Answer:

c. The net cash flow is positive.

Explanation:

A net positive balance occurs when the total cash inflow exceeds total cash outflows. Inflow is cash coming in, while outflow is cash leaving the business. In a business, sales represent cash inflows, while expenditure represents cash outflows.

In this case, the sales total to $1,600 while expenses are $1,490. The net cash flow is the difference between the inflows and the outflows. Here, the difference is a positive $110.

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3 years ago

Read 2 more answers

Using the following information: 12/31/17 Accounts receivable $526000 Allowance (35700 ) Cash realizable value $490300 During 20

yawa3891 [41]

Answer:

The change in the cash realizable value from the balance 12/31/17 to 12/31/18 was $37,840 increase.

Explanation:

Cash realizable value of accounts receivable is simply the amount that is deemed recoverable after factoring the portion that is uncollectible.

The effects of the transactions during the year are as follows:

Sales on account:

Debit Accounts receivable $145,400

Credit Sales revenue $145,400

(To recognize the sales on account)

Collections on account:

Debit Cash $100,000

Credit Accounts receivable $100,000

(To recognize collections on account)

Write-off:

Debit Allowance for doubtful accounts $3,960

Credit Accounts receivable $3,960

(To recognize write-off of outstanding accounts receivable)

Therefore, the effects of the foregoing journals on Accounts receivable are: $526,000 + $145,400 - $100,000 - $3,960 = $567,440.

As at 12/31/18, cash realizable value would be $567,440 - $39,300 = $528,140. The change in the cash realizable value from the balance at 12/31/17 to 12/31/18 was therefore $528,140 - $490,300 = $37,840 (increase).

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3 years ago

- QI- State 2 reasons why it is necessary to prepare financial statements at regular intervals

Liono4ka [1.6K]

Answer:

-Better decision making

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3 years ago