Answer:
d. $249,000
Explanation:
cost of goods available for sale
= $45,000 + $195,000 - $6,000 + $15,000
= $249000
Therefore, The cost of goods available for sale was $249000.
<u>Explanation:</u>
Maria may not be able to retire at an earlier age. This is because she sacrifices here years of employment by not being economically productive. Her husband has to meet the family expenses single-handedly through his income. Lot of money is spent on child care so they will not be able to save money for their retirement.
To take an early retirement one should have saved quite an amount of money. This will increase the working years for her and her husband.
Answer: $15,500
Explanation:
First we calculate the estimated Uncollecteble debt,
= 6% of 310,000
= 0.06 (310,000)
= $18,600
We will then subtract the existing $3,100 to find out how much we will send to the Bad Debt Expense account because the amount already in the account needs to be included in the $18,600.
= 18,600 - 3,100
= $15,500
We will therefore Debit the Bad Debt Expense account with $15,500 and Credit the Allowance for Doubtful Accounts with the same amount.
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Answer:
When a note is exchanged for property, goods, or services, the value placed on the note: i. If it bears interest at a reasonable rate and is issued in a bargained transaction entered into at arm's length should be the outstanding principal balance of such note.
Explanation:
Business transactions often involve the exchange of property, goods, or services for notes on similar instruments that may stipulate no interest rate or an interest rate that varies from prevailing rates
In certain cases, a supplier will require a note payable instead of terms such as net 30 days.
The value placed on notes the fair market value of a note will be the outstanding principal balance of such note, provided that such note bears interest at a rate no less than the applicable federal rate at the time of valuation.
For most companies the amounts in Notes Payable and Interest Payable are reported on the balance sheet as the amount due within one year of the balance sheet date.