The financial statement that shows the state of the firms assets, liabilities and owners equity on a specific date is called:

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una

ollegr [7]

Answer:

Bad debt expense A/c Dr $4,900

To Allowance for doubtful debts $4,900

(Being bad debt expense is recorded)

Explanation:

The journal entry is shown below;

Bad debt expense A/c Dr $4,900

To Allowance for doubtful debts $4,900

(Being bad debt expense is recorded)

The computation of the bad debt expense is shown below:

= Net Credit sales × estimated percentage given - credit balance of allowance for doubtful debts

= $920,000 × 0.6% - $620

= $5,520 - $620

= $4,900

6 0

3 years ago

Peking Palace Company reported the following: Standard quantity per unit 3 lbs. Standard price per pound $2.75 Actual pounds use

SCORPION-xisa [38]

Answer:

$577.5 favorable

Explanation:

Data provided in the question:

Standard quantity per unit 3 lbs

Standard price per pound = $2.75

Actual pounds used = 15,000 lbs

Actual price per pound = $2.90

Number of units produced = 5,070

Now,

The direct materials quantity variance is given as;

= | ( Actual quantity - Standard quantity ) | × Standard price

= ( 15,000 lbs - {Standard quantity per unit × units produced}) × $2.75

= ( 15,000 lbs - { 3 × 5,070}) × $2.75

= | ( 15,000 lbs - 15,210 ) | × $2.75

= $577.5

Since,

Standard quantity is higher than the actual quantity

thus,

$577.5 favorable

7 0

3 years ago

a plant asset trade-in with commercial substance means that it changes the company's: multiple choice question. current cash flo

stellarik [79]

We can actually deduce here that a plant asset trade-in with commercial substance means that it changes the company's: Future cash flows.

In Business, cash flows actually refers to the amount of the net cash and its equivalent that is actually being moved or transferred in and out of the company.

When cash is received by the company or organization, it is said to be cash inflow while the cash that is being spent to run the daily to day activities of the company are known as cash outflow.

Thus, we see that a plant asset trade-in with commercial substance means that it changes the company's future cash flows. The future cash flow is the expected inflow and outflow of cash in the future.

Learn more about cash flow on brainly.com/question/735261

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3 0

1 year ago

luebke incorporated has provided the following data for the month of november. the balance in the finished goods inventory accou

umka21 [38]

The adjusted cost of goods sold that would appear on income statement for November is $247,900.

<h3>What is an income statement?</h3>

One of a company's financial statements, an income statement or profit and loss account (also known as a profit and loss statement (P&L), statement of profit or loss, revenue declaration, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) lists the company's income and outgoings for a given time period. It explains how the revenues, commonly referred to as the "top line," are converted into net income or net profit (the result after all revenues and expenses have accounted for). The income statement's goal is to demonstrate to managers and investors whether the business gained money (profit) or lost money during the reporting period.

To learn more about income statement, visit:

brainly.com/question/14308954

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8 0

1 year ago

The best way to learn what people will like or dislike abought your products

AveGali [126]

To bring in a test group to try out the products before they are released to the general public so that you can work out any issues that the product may contain.

3 0

2 years ago

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