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Anestetic [448]
3 years ago
13

Theresa, an outside sales person, uses her car for both business and pleasure. Last year, she traveled 30,000 miles, using 900 g

allons of gasoline. Her car gets 40 mpg on the highway and 25 mpg in the city. She can deduct all highway travel, but no city travel, on her taxes. How many miles should Theresa deduct as a business expense?
Business
1 answer:
notsponge [240]3 years ago
3 0

Answer:

Miles should Theresa deduct as a business expense=20,000 miles

Explanation:

Given:

Total Miles=30,000 miles

Total Gasoline gallons=900

Highway Mileage=40 mpg

City  Mileage=25 mpg

Find:

Miles should Theresa deduct as a business expense=?

Solution:

We are going to make two equations:

Let H be for highway, C for city

Highway Gallons+City Gallons=900

H+C=900                     Eq (1)

Highway Miles+City Miles=30,000

40 H+25 C=30,000     Eq (2)

From Eq (1)

C=900-H  (Put in Eq (2))

40H + 25(900-H)=30,000

H=500 gallons (Gallons use on highway)

Miles should Theresa deduct as a business expense=40*500

Miles should Theresa deduct as a business expense=20,000 miles

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Answer:

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<em>(To record bad debt expense)</em>

(b) If the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, The appropriate journal entries are:

Debit Bad debt expense $9,460

Credit Allowance for doubtful accounts  $9,460

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Explanation:

To arrive at the bad debt expense for Kingbird, Inc., we simply need to calculate 3% of accounts receivable, as follows:

2% of $429,500 = $8,590

Since the allowance for doubtful accounts has a credit balance of $2,950, the bad debt expense will be: $8,590 - $2,950 = $5,640. The appropriate journal entries are as provided above.

However, if the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, the bad debt expense will be: $8,590 + $870 = $9,460. The addition is necessary in order to reinstate the allowance account to $8,590. The appropriate journal entries are as provided above.

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3 years ago
Refer to the financial statements of Flathead Lake Manufacturing Company. The firm's cash flow from operating activities for 201
Helen [10]

The firm's cash flow from operating activities for 2012 was D. $618000.

<h3>What Is the Definition of Cash Flow From Operating Activities (CFO)?</h3>

The cash flow from operating activities formula shows you whether or not your core business activities are successful. If your company generates a positive cash flow from operations, you may be able to fund expansion projects, launch new products, pay dividends, reduce debt, and so on.

The amount of money a company earns from ongoing, regular business activities such as manufacturing and selling goods or providing a service to customers is referred to as cash flow from operating activities (CFO).

It should be noted that the cash flow from operating activities is calculated thus:

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Learn more about cash flow on:

brainly.com/question/735261

#SPJ1

Flathead Lake Manufacturing Company has the following in it's financial statement:

Operating Income = $500000 Depreciation = $140000

Taxes = $50000

Change in Working Capital = $28000

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1 year ago
Explain the utility of statistics as a manegerial tool​
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Answer:

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Explanation:

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Answer:

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