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3 years ago

11

One step in the financial planning process is to establish financial control procedures that allow managers to monitor the organ

ization's performance. T/F?

1 answer:

otez555 [7]3 years ago

6 0

The answer is true, hope this helped!

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On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:Accounts Debit CreditCash

MariettaO [177]

Answer:

3D Family Fireworks

1. Journal Entries for Transactions:

Jan. 2 Debit Cash $49,100

Credit Service Revenue $49,100

To record services rendered for cash.

Jan. 6 Debit Accounts Receivable $86,400

Credit Service Revenue $86,400

To record services rendered on account.

Jan. 15 Debit Allowance for Uncollectible Accounts $3,300

Credit Accounts Receivable $3,300

To record uncollectible written off.

Jan. 20 Debit Salaries Expense $32,800

Credit Cash $32,800

To record payment for salaries expense.

Jan. 22 Debit Cash $84,000

Credit Accounts Receivable $84,000

To record cash collected on accounted.

Jan. 25 Debit Accounts Payable $6,900

Credit Cash $6,900

To record payment on account.

Jan. 30 Debit Utilities Expense $15,100

Credit Cash $15,100

To record utilities expense paid.

Income Statement for the month ended January 31, 2021:

Service Revenue $135,500

Interest Revenue 1,080

Total Revenue $136,580

Salaries Expense $32,800

Utilities Expense 15,100

Bad Debts Expense 1,060 48,960

Net Income $87,620

Explanation:

a) Data and Calculations:

Trial Balance as of January 1, 2021:

Debit Credit

Cash $26,700

Accounts Receivable 15,000

Allowance for Uncollectible Accounts $3,600

Supplies 3,900

Notes Receivable (6%, due in 2 years) 18,000

Land 80,300

Accounts Payable 8,500

Common Stock 98,000

Retained Earnings 33,800

Totals $ 143,900 $ 143,900

Transaction Analysis:

Jan. 2 Cash $49,100 Service Revenue $49,100

Jan. 6 Accounts Receivable $86,400 Service Revenue $86,400

Jan. 15 Allowance for Uncollectible Accounts $3,300 Accounts Receivable $3,300

Jan. 20 Salaries Expense $32,800 Cash $32,800

Jan. 22 Cash $84,000 Accounts Receivable $84,000

Jan. 25 Accounts Payable $6,900 Cash $6,900

Jan. 30 Utilities Expense $15,100 Cash $15,100

Jan. 31 Adjustments:

Allowance for Uncollectibles:

$4,300 Allowance for Uncollectibles $860 ($4,300 * 20%)

$9,800: Allowance for Uncollectible $490 ($9,800 * 5%)

$14,100 Allowance for Uncollectible $1,350

Allowance for Uncollectibles

Account Titles Debit Credit

Beginning balance $3,600

Accounts receivable $3,300

Bad Debts Expense 1,060

Ending balance 1,350

Interest Receivable $1,080

Interest Revenue $1,080

Service Revenue:

Service Revenue $49,100

Service Revenue $86,400

Service Revenue $135,500

5 0

3 years ago

When quantity demanded exceeds quantity supplied at the current market price, the market has a shortage, and market price will l

Alik [6]

True.

However, the question should be clear it is a free market where market forces rule, therefore a shortage will cause some consumers to be willing to pay higher prices and producers will see benefit and revenue, thus producing more and resolving the shortage.

8 0

3 years ago

The Cameron Corporation manufactures custom-made purses. The following data pertains to Job XY5: Direct materials placed into pr

ch4aika [34]

Answer:

Total cost assigned to Job XY5:

Direct material cost 4,000

Direct labour cost (50 hrs x $15 x 50 units) 37,500

Overhead applied (50 hrs x $4 x 50 units) 10,000

Total cost of the job 51,500

Overhead absorption rate

= <u>Budgeted overhead</u>

Budgeted direct labour hours

=<u> $80,000</u>

20,000 hrs

= $4 per direct labour hour

Explanation:

The total cost of the job is the aggregate of direct material cost, direct labour cost and overhead. Overhead is absorbed based on direct labour hours. We need to calculate overhead absorption rate by dividing the budgeted overhead by budgeted direct labour hours. The overhead absorption rate is used to multiply the direct labour hours of the job in order to obtain the overhead applied to the job.

5 0

4 years ago

what are some advice you would tell a friend or family member about managing their own money? is the advice that follow yourself

Jobisdone [24]

Answer: I would speak to my friend or family member about the importance of saving.

Explanation:

The conversation would be about how to save since many times people tend to buy and spend on many things and do not think long term. They think that money will always be there and that the bad times will never come. When we think of saving as something fundamental, we are thinking of our future, of having security.

is the advice that follow yourself?

This kind of advice and talk about money is something I apply to myself and have done for many years. I understand the importance of saving and try to be someone who puts what he preaches into practice.

why or why not?

For many years I have thought about the importance of saving. Before he was a person who spent and did not think about the future. Nowadays I put this advice into practice as I know how important it is to have money saved, which can be used for any emergency that arises. Saving money is something for wise people, it helps to have something to lean on. I always carry this financial advice with me, apply it to the measure and try to teach it to the people around me

8 0

3 years ago

In 1679 new hamisphere was

weqwewe [10]

In 1679 , New hemisphere was separated from Massachusetts.
New hemisphere become a royal colony of the british crown.

3 0

3 years ago