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miskamm [114]
3 years ago
10

The matching principle

Business
1 answer:
Delicious77 [7]3 years ago
6 0

Answer: The matching principle <u>"d. states that the revenues and related expenses should be reported in the same period".</u>

<u />

Explanation: The application of this principle is a consequence of double entry; In the specific case of the Correspondence Principle we refer to the relationship that exists between an income and expense at the time of registering a transaction. It can be summarized in the following statement:

For every income there is an expense and for every expense there is an income.

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Katherine 35 is married with two children and files as Head of Household. She lived apart from her husband for the last eight mo
Andreyy89

Answer and Explanation:

Since Katherine is under 65 years of age and is the Head of Household. Therefore, in order to file a tax return, her gross income should at least be $13,400.

7 0
3 years ago
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of rec
Gre4nikov [31]

Answer:

a. 5% of $ 650,000=     $ 32,500

b. Required Adjustment  = $ 19,100

c. Required Adjustment  = $ 34,900

Explanation:

             Days Past Due

         Total           0                1 to 30          31 to 60      61 to 90         Over 90

Accounts- $650,000 $412,000 $106,000 $52,000 $34,000 $46,000

receivable

             

Percent-                          2%          3%             6%                8%               11%

uncollectible    22,320    8,240      3180         3120          2720            5060  

a. 5% of $ 650,000=     $ 32,500

B . Unadjusted Balance = $ 13,400 Credit

    Estimated Balance= $ 32,500

Required Adjustment  = $ 19,100

C. Unadjusted Balance = $ 2,400 Debit

        Estimated Balance= $ 32,500

Required Adjustment  = $ 34,900

4 0
3 years ago
In the two-period dynamic monopoly, if the monopolist succeeds in selling a sufficiently high quantity in the first period,A)the
Anton [14]

Answer:

D)the second-period demand curve will shift substantially to the right.

Explanation:

If monopolist succeeds in selling a sufficiently high quantity in the first period, then in the second period it will further increase and will shift the demand curve to right hand.

3 0
3 years ago
James Company began the month of October with inventory of $19,000. The following inventory transactions occurred during the mon
Juli2301 [7.4K]

Answer:

<u>1. Entries using periodic inventory system</u>

October 12

J1

Purchases $28,000 (debit)

Trade Payable$28,000 (credit)

j2

Freight Charges $540 (debit)

Cash $540 (credit)

October 31

Trade Payable $28,000 (debit)

Cash $28,000 (credit)

October 31

Trade Receivable $28,800 (debit)

Revenue $28,800 (credit)

October 31

Inventory $28,100 (debit)

Cost of Goods Sold $28,100 (credit)

<u>2. Entries using periodic inventory system</u>

October 12

J1

Merchandise $28,000 (debit)

Trade Payable$28,000 (credit)

j2

Freight Charges $540 (debit)

Cash $540 (credit)

October 31

Trade Payable $28,000 (debit)

Cash $28,000 (credit)

October 31

J1

Trade Receivable $28,800 (debit)

Revenue $28,800 (credit)

J2

Cost of Sales $18,600 (debit)

Merchandise $18,600 (credit)

October 31

Merchandise $28,100 (debit)

Cost of Goods Sold $28,100 (credit)

Explanation:

<u>1. Entries using periodic inventory system</u>

With periodic system, inventory valuation is done at end of a specific period.

<u>2. Entries using periodic inventory system</u>

Perpetual system is the method of recalculating the value of goods held after each transaction

5 0
3 years ago
1. Gross margin percentage. (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) 2. Net p
V125BC [204]

Answer:

A. 34.2%

B. 4.5%

C. 8.1%

D.10.64%

Explanation:

a) Calculation to determine Gross margin percentage

Using this formula

Gross margin percentage = Gross profit/Net Sales

Let plug in the formula

Gross margin percentage= 27000/79000

Gross margin percentage = 34.2%

b) Calculation to determine Net profit margin

Using this formula

Net profit margin = Net income/Net Sales

Let plug in the formula

Net profit margin = 3540/79000

Net profit margin = 4.5%

c) Calculation to determine Return on assets

Using this formula

Return on assets = (Net income+Interest expense)/Average total assets

Let plug in the formula

Return on assets = (3540+360)/48120

Return on assets= 8.1%

d) Calculation to determine Return on equity

Using this formula

Return on equity

= Net income/Average equity

Let plug in the formula

Return on equity = 3540/33270

Return on equity =10.64%

8 0
3 years ago
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