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Darya [45]
2 years ago
8

On October 1, the accounts receivable account balance was $115,020. During October, $449,350 was collected from customers on acc

ount. Assuming the October 31 balance was $130,050 determine the fees billed to customers on account during October.
Business
1 answer:
natita [175]2 years ago
6 0

Answer:

$464,380

Explanation:

The fees billed to customer during the month of the October can be determined using the following formula:

Fees billed to customer=Closing balance of accounts receivables+amount collected from customers-opening balance of accounts receivables

In this question:

closing balance of accounts receivables=$130,050

amount collected from customers=$449,350

opening balance of accounts receivables= $115,020

Fees billed to customers=$130,050+$449,350-$115,020=$464,380

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In which document can the project manager (pm) find guidance for implementing earned value management (evm) contract management
Hoochie [10]
Guidance for implementing earned value management contract can be obtained from EARNED VALUE MANAGEMENT IMPLEMENTATION GUIDE.
Earned value management is a project management method for quantifying project performance. <span />
8 0
2 years ago
Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below
Paha777 [63]

Answer:

d.$1,685

Explanation:

Though many jobs were completed, but only Job 356 and 357 were sold.

Cost of Goods Sold = cost of job 356 +cost of job 357

= $450 + $1,235

= $1,685

5 0
2 years ago
A firm sells a product in a perfectly competitive market. The marginal cost of the product at the current output level of 500 un
amid [387]

Answer:

The correct answer is the third statement which says to maximize profits, the firm should produce less than 500 units.

Explanation:

The quantity of output produced is 500 units.

The marginal cost of producing 500 units is $1.50.

The minimum average variable cost is $1.

The price of the product is $1.25.  

The firm will be at equilibrium when the price is equal to marginal cost. To maximize profits firm should decrease output to the extent that marginal cost comes to $1.25. At that point, the firm will earn profits as average variable cost is lower than the price.

3 0
3 years ago
The purpose of the Splish Brothers Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated
Ber [7]

Answer: Please refer to Explanation.

Explanation:

Your question was incomplete so I attached the missing details.

The Carrying Amount of the Division has to be ascertained to move forward as it is needed in calculating the loss on Impairment. It is calculated by subtracting Goodwill from the Net Assets.

= 496 - 214

= $282 million

Calculating the Loss on impairment is done by the following formula,

= Market Price - Carrying Amount of the Division (net of Goodwill) - carrying value of Goodwill

= 335 - 282 - 214

= -$161 million.

Journal Entry

DR Loss on Impairment $161 million

CR Goodwill $161 million

(To record the loss on Impairment)

8 0
2 years ago
A company reported the following financial information: Taxable income for current year $120,000 Deferred income tax liability,
Inessa05 [86]

Answer:

$41,000

Explanation:

Calculation to determine The current-year's income tax expense amount

First step is to calculate the current tax expense

Current tax expense=$120,000 taxable income × 35% tax rate

Current tax expense=$42,000

Second step is to calculate the deferred income tax liability increased

Deferred income tax liability=$55,000-$50,000

Deferred income tax liability=$5,000

Third step is to calculate the deferred income tax asset increased

Deferred income tax asset=$16,000-$10,000

Deferred income tax asset=$6,000

Now let calculate the current year's income tax expense

Current year's income tax expense = $42,000 + $5,000 - $6,000

Current year's income tax expense=$41,000

Therefore Current year's income tax expense is $41,000

3 0
3 years ago
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