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Snowcat [4.5K]
4 years ago
5

Task 1: At December 31, 2019, House Co. reported the following information on its balance sheet. Accounts receivable $960,000 Le

ss: Allowance for doubtful accounts 80,000 During 2020, the company had the following transactions related to receivables: Sales on account $3,700,000 Sales returns and allowances 50,000 Collections of accounts receivable 2,810,000 Write-off s of accounts receivable deemed uncollectible 90,000 Recovery of bad debts previously written off as uncollectible 29,000 Instructions Prepare the journal entries to record each of these fi ve transactions. Assume that no cash discounts were taken on the collections of accounts receivable. Enter the January 1, 2020, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expected bad debts are $115,000. Compute the accounts receivable turnover for 2020 assuming the expected bad debt information provided in c. Task II: Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Nike and adidas. Nike adidas Sales revenue $19,176.1 $10,381 Allowance for doubtful accounts, beginning 78.4 119 Allowance for doubtful accounts, ending 110.8 124 Accounts receivable balance (gross), beginning 2,873.7 1,743 Accounts receivable balance (gross), ending 2,994.7 1,553 Instructions: Calculate the accounts receivable turnover and average collection period for both companies. Comment on the difference in their collection experiences
Business
1 answer:
Alekssandra [29.7K]4 years ago
6 0

Answer

The answer is 22

Explanation:

because its so mad

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The<u> statement of stockholders' equity</u> lists the beginning and ending balances of key equity accounts and describes the changes that occur during the period.

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A statement of stockholders’ equity is also referred to as the statement of stockholders’ equity.

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4 0
2 years ago
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tiny-mole [99]

Answer:

The correct answer is: a 10% increase in the price of cantaloupes will increase the quantity demanded of water melons by 11%.

Explanation:

The produce manager of a large grocery store is informed that the cross-price elasticity of demand between cantaloupes and water melons is 1.10.  

The cross-price elasticity of demand is a measure to calculate the change in demand for a commodity due to a change in the price of another commodity.  

It is calculated as a ratio of the percentage change in demand and percentage change in price.  

A positive price elasticity implies that the two goods are substitutes. An increase in the price of one good leads to an increase in the demand for another.  

The cross elasticity can be calculated as,

= \frac{\% \Delta Qy}{\% \Delta Px}

Let's assume that the price of cantaloupes increases by 10%.

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So we see that a 10% increase in the price of cantaloupes will cause the demand for water melons to increase by 11%.

7 0
3 years ago
g Westvaco Inc. manufactures two different sizes of monitors: small and large. Currently, its total manufacturing overhead cost
umka2103 [35]

Answer:

Allocated overhead= $30,000

Explanation:

<h3>First, we need to calculate the plantwide predetermined overhead rate:</h3>

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5 0
3 years ago
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BARSIC [14]

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6 0
3 years ago
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6 0
3 years ago
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