Answer:
so childhood, is when your learning everything, up to the point where your're an adult, so basically, you're learning, to eat, walk, speak, and basically the important stuff, and an adult is always busy, no matter what, they are always busy, in some way, and don't have much time to make friends like kids do
Answer:
On an income statement, the company would declare c. $21,000 expenses
Explanation:
Wallace Enterprises received $30,000 from customers in exchange for providing electronic components. Income from the exchange was $30,000
During the second quarter of the year, total expense = supplies expense + interest expenses + wages expense = $5,000 + $1,000 + $15,000 = $21,000
Income from the exchange - total expense = $30,000 - $21,000 = $9,000>0
The company recognizes gain $9,000.
On an income statement, the company would declare $21,000 expenses
Explanation:
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Answer:
Inventory turnover= 5.5 times
Explanation:
Current ratio is given as 3
Cost of goods sold = $5,000
Current assets = $1,800
Quick ratio= 1.5
Current ratio= current assets/ current liabilities
3= 1,800/ current liabilities
Current liabilities= 1,800/3
Current liabilities= $600
Quick ratio= Cash and Receivables/ Current liabilities
1.5= Cash and Receivables/600
Cash and Receivables= 600* 1.5= $900
Current asset= Cash and Receivables + Inventory
1,800= 900+ Inventory
Inventory= 1,800-900
Inventory= $900
Inventory turnover= Cost of goods sold/ Inventory
Inventory turnover= 5,000/900
Inventory turnover= 5.5 times
Answer:
Debit : Bad Debts account : $2000 (appearing in the income statement)
Credit : Provision for doubtful debts account : $2000 (appearing in the balance sheet)
Explanation:
This is an example of provision for doubtful debts. Provision for doubtful debts is an estimated amount of bad debts from accounts receivables that has been issues but not yet collected. This is done under the accrual accounting concept where an expense is identified as soon as invoices have been issued rather than waiting long periods to find out which invoice is irrecoverable. It is typically an estimate based on past experience.
In this question, the sales value has not been provided, hence an assumption is made:
Sales : $200,000
If provision for doubtful debts is 1% of sales and all sales is on credit, then the provision for doubtful debts amount is = 1% x $200,000 = $2000
Provision for doubtful debts is an accounts receivable contra account and thus has a credit balance and is recorded in the balance sheet, listed directly under accounts receivables.
The entry is recorded as:
Debit : Bad Debts account : $2000 (appearing in the income statement)
Credit : Provision for doubtful debts account : $2000 (appearing in the balance sheet)