There are 4 jacks in the deck.
13 are clubs and 26 are all red cards.
The computation for the following problems are shown below:
a.
All are jacks
Computation: 4/52 * 3/51 * 2/50 = 1/5525
b.
All are clubs
Computation: 13/52 * 12/51 * 11/50 = 11/850
c.
All are red card
Computation: 26/52 * 25/51 * 24/50 = 2/17
Answer: B. $892.1 million
Explanation:
The Revenue was $939,393 million
When calculating how much cash was generated any increase to the Accounts Receivables is removed from the revenue because it signifies that more sales were made on credit and so have not given the business cash yet.
Any increase in Deferred Revenue must be added because this is Cash that has been given to the business but for accrual purposes cannot be recognized yet. Bottomline however, the Cash has been received.
Increase in Receivables = 309,196 - 221,504
= $87,692 million
Increase in Deferred Revenue= 374,730 - 334,358
= $40,372 million
The Cash generated is therefore;
= 939,393 - 87,692 + 40,372
= $892,073
= $892.1 million
I have attached the Financial Statements of Acme Corporation.
The answer to your question is false
Answer:
The adjusting entries are as below:
Dr bad debt expense $4000
Cr Allowance for doubtful accounts $4000
Explanation:
The new allowance for doubtful accounts should be calculated as 10% of the closing balance of accounts receivable,i,e 10% of $400000=$40000
The new $40000 estimates of allowance for doubtful accounts means that the closing balance in allowance for doubtful accounts should be $40000 credit balance.
Since the opening balance was $36000 credit, the extra amount to top it up to $40000 is $4000($40000-$36000)
Hence,the required adjustment to the allowance for doubtful accounts is shown below
Dr bad debt expense $4000
Cr Allowance for doubtful accounts $4000