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faltersainse [42]

2 years ago

12

Journalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Check your spelling

carefully and do not abbreviate. Use account names exactly as given in the Chart of Accounts. Rent for the year was prepaid on January 1 in the amount of $5,280. Record the transaction for December's rent that has expired. Rent for the year was prepaid on January 1 in the amount of $5,280. Record the transaction for December's rent that has expired. Date Accounts and Explanation Debit Credit Rent Expense 440 Prepaid Rent 440 Depreciation for the current year includes Equipment, $2,200.

1 answer:

11Alexandr11 [23.1K]2 years ago

7 0

Answer:

1

dr Rent expenses 440

cr Prepaid rent 440

Rent december

2

dr Depreciation expenses 183,33

cr Accumulate depreciation 183,33

Depreciation december

Explanation:

1

dr Rent expenses 440

cr Prepaid rent 440

Rent december

2

dr Depreciation expenses 183,33

cr Accumulate depreciation 183,33

Depreciation december

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Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis.

kkurt [141]

Answer:

Net Zero Products

a) The balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method is $4,300.

b) Adjusting Entry to record bad debt expense:

Debit Bad Debt Expense $1,700

Credit Allowance for Doubtful Accounts $1,700

To record the bad debt expense for the period and bring the allowance to $4,300 credit balance.

Explanation:

a) Data and Calculations:

Aging of receivables analysis:

Total (days) 0 1 to 30 31 to 60 61 to 90 above 90

Accounts receivable $171,000 $96,000 $34,000 $15,000 $12,000

Percent uncollectible 1% 4% 6% 9%

Allowance for doubtful 0 $960 $1,360 $900 $1,080

Total allowance for doubtful = $4,300 (960 + 1,360 + 900 + 1,080)

b) The adjustment in the Allowance for Doubtful Accounts needed for the current period is $1,700 ($4,300 - $2,600). This amount will be debited to the Bad Debts Expense account and credited to the Allowance for Doubtful Accounts. It will bring the total for the Allowance for Doubtful Accounts to $4,300 from $2,600.

3 0

2 years ago

Following are financial data from year-end financial statements of Portland Company for 2017, 2016 and 2015.

denpristay [2]

Answer:

Answers are calculated below

Explanation:

Financial ratios can be calculated according to their formulas. Both formulas and calculation are as follows

CURRENT RATIO

Current ratio = Current assets/current liabilities

Current ratio (2016) = $360,000/$250,000

Current ratio (2016) = 1.44

Current ratio (2017) = $450,000 / $300,000

Current ratio (2017) = 1.50

ACID RATIO

Acid ratio = (Current asset - inventory)/current liabilities

Acid ratio (2016) = (360,000 - 165,000)/250,000

Acid ratio (2016) = 0.78

Acid ratio (2017) = (450,000-225,000)/300,000

Acid ratio (2017) = 225,000/300,000

Acid ratio (2017) = 0.75

INVENTORY TURNOVER RATIO

Inventory turnover ratio = cost of good Sold / Average inventory

Inventory turnover ratio (2016) = 864,000/(360,000 ÷2)

Inventory turnover ratio (2016) = 864,000/180,000

Inventory turnover ratio (2016) = 4.80

Inventory turnover ratio (2017) = 1,023,750 / ( 390,000 ÷ 2)

Inventory turnover ratio (2017) = 1,023,750 / 195,000

Inventory turnover ratio (2017) = 5.25

DAYS SALE IN RECEIVABLE

Days sale in receivable = 365/Average receivable turnover ratio

Days sale in receivable (2016) = 365/ 12.67(w1)

Days sale in receivable (2016) = 28.81 days

Days sale in receivable (2017) =365/11.7(w1)

Days sale in receivable (2017) = 31.20 days

Working 1

Account receivable turnover ratio = Sales/ Average receivable

Account receivable turnover ratio (2016) = 1,752,000/138,288(w2)

Account receivable turnover ratio = 12.67 times

Account receivable turnover ratio (2017) = 1,642,500/140,351(w2)

Account receivable turnover ratio (2017) = 11.7 times

Working 2

Average receivable = (Opening + Closing) /2

Average receivable (2016) = (132,000 + 144,576) /2

Average receivable (2016) = 138,288

Average receivable (2017) = (144,576 +136,125 ) /2

Average receivable (2017) = 140,351

7 0

3 years ago

Typically, most work-study jobs are located:A. at a satellite campus.B. within 10 miles of campus.C. on the college campus.D. on

Darina [25.2K]

On the college campus lllllllllll

7 0

3 years ago

Read 2 more answers

If a good that generates positive externalities were produced and priced to take into account these spillover benefits, then its

Morgarella [4.7K]

If a good that generates positive externalities were produced and priced to take into account these spillover benefits, then its: price and output would increase.

Definition of Positive Externality: this happens when the consumption or production of a decent causes a benefit to a 3rd party. For example: once you consume education you get a non-public benefit. But there also are benefits to the remainder of society.

When a positive externality is present, the market produces the socially optimal quantity of the great or service, since there's a benefit to society that's not captured by the individual.

When products that make positive externalities are produced, at the market equilibrium output, the social benefit Positive Externality generated by consuming the merchandise exceeds the private benefit. A. people that sleep in one country have the benefit of the assembly of an honest or service that happens in another country.

This occurs when the assembly of an honest person causes a 3rd party benefit. As a result there's a Positive Externality nonstop benefit where the assembly of an honest or service positively impacts a 3rd party. The benefit to the individual or firm is a smaller amount than the benefit to society.

learn more about Positive Externality: brainly.com/question/10743687

#SPJ4

3 0

1 year ago

Coca-Cola spent $102 million through The Coca-Cola Campaign focusing on water stewardship, healthy and active lifestyles, commun

olga_2 [115]

Answer:

True

Explanation:

The concept of corporate social responsibility refers to acting socially responsible via discharge of social obligations by a corporate. The concept recognizes the fact that a business derives it's resources, manpower and other needs from the society.

Thus, it is essential for a business to act socially responsible via judicial use of the resources, acting in the interests of the society by contributing towards education and other amenities such as drinking water and sanitation services.

In the given case, Coca cola spending $102 million towards water stewardship, healthy and active lifestyle, community recycling and education is an example of it's CSR program. Since the activities do not form part of the company's business activities and are separate.

6 0

3 years ago