Answer:
uncollectible ammount expense 47,972 debit
allowance for doubtful account 47,972 credit
Explanation:
Fro mthe talbe we are given the amount of account over-time fro meach customer.
As we are presented with all date we should proceed directly with the journal entry:
the aging method stated an allowance of 60,727
the current balance is for <u> (12,755) </u>
the adjustment will be for: <em> 47,972 </em>
Answer:
The correct answer is letter "C": natural resources.
Explanation:
Factor endowment refers to the factors of production -<em>land, labor, capital, and entrepreneurship</em>- a nation has available for manufacturing. Countries with more factors of production available tend to be richer than those that do not. Possessing more factor endowments available can also play a key role for countries to establish a comparative advantage compared to other nations.
Therefore, <em>American economist Michael E. Porter (born in 1947) is likely to consider natural resources a basic factor endowment while skilled labor force, for instance, would be considered as an advanced factor of production. </em>
Answer:
Hence, The division's return on investment (ROI) is closest to 32.7%
Explanation:
Return on Investment : It show a ratio between net operating income and average operating assets so that company get to know how much the return is available during a period.
The formula to compute return on investment is shown below:
= Net operating income ÷ Average operating assets
= $1,141,700 ÷ $3,495,000
= 32.7%
Since the total sales and require rate of return is irrelevant while computing the ROI. So, it would not be considered in computation part.
Hence, The division's return on investment (ROI) is closest to 32.7%
Answer:
The correct answer is:
$6,998.64 favorable (b)
Explanation:
The direct labor rate/price variance is the difference between the standard cost of production and the actual cost incurred in the production process. If the actual rate of labor is less than the standard labor rate, it is said to be favorable, because lesser time is used in the production process than estimated. The reverse is the case for unfavorable direct labor rate variance.
The formula is given as:
Direct Labor Rate Variance = (SR - AR) × AH
Where
SR = standard rate = $12.88 per hour
AR = actual rate = $12.00 per hour
AH = actual direct labor hours = 7,953 hours
∴ Direct labor rate variance = (12.88 - 12.00) × 7,953 = $6,998.64 favorable
Answer:
I used an excel spreadsheet to record this transactions on an accounting equation.
Practice Makes Perfect, Inc.
Income Statement
For the month ended July 31, 202x
Revenues $2,000
Expenses:
- Advertising expense $500
- Rent expense $1,000
- Wages expense $1,000
- Supplies expense $300
- Depreciation expense $750
- Interest expense $417 <u> ($3,967)</u>
Net income ($1,967)
Practice Makes Perfect, Inc.
Balance Sheet
For the month ended July 31, 202x
Assets:
- Cash $99,783
- Accounts receivables $1,800
- Supplies $1,700
- Pianos $47,250
Total assets $150,533
Liabilities:
- Accounts payable $2,500
- Notes payable $50,000
Total liabilities $52,500
Stockholders' equity
- Common stock $100,000
- Retained earnings ($1,967)
Total stockholders' equity $98,033
Total liabilities + equity $150,533
