People a rude just putting in random letters like “e”
Answer:
- 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations.
Accounts Rec T-Account
$ 306.673 Debit
$ 290.750 Credit
$ 7.059 Credit
$ 8.864 Debit Balance
Allowance for Doubtful Accounts T-Account
$ 7.059 Debit
$ 4.775 Credit
$ 2.284 Debit Balance
- 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year.
$ 4.775 Dr Bad Debt Expense
- 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
$ 2.284 Dr (Debit) Allowance for Uncollectible Accounts
$ 8.864 Dr (Debit) Accounts Receivable
Explanation:
Dr Accounts Receivable $ 306.673
Cash $ 290.750
Cr Accounts Receivable $ 290.750
Dr Allowance for Uncollectible Accounts $ 7.059
Cr Accounts Receivable $ 7.059
- Bad debt expense adjustment
Dr Bad Debt Expense $ 4.775
Cr Allowance for Uncollectible Accounts $ 4.775
- 1-b. Complete the amounts related to Accounts Receivable and
Bad Debt Expense that would be reported on the INCOME STATEMENT for the current year
Dr Bad Debt Expense $ 4.775
- 1-c. Complete the amounts related to Accounts Receivable and
Bad Debt Expense that would be reported on the BALANCE SHEET for the current year.
Dr Allowance for Uncollectible Accounts $ 2.284
Dr Accounts Receivable $ 8.864
Answer:
Wyzard Corporation
The revenue variance in the Revenue and Spending Variances column of a performance report comparing actual results to the flexible budget for July would have been closest to: ________
$1,800 F
Explanation:
a) Data and Calculations:
Fixed Element Variable Element Actual Total
per Month per Container for February
Refurbished
Revenue $3,800 $123,400
Employee salaries and wages $40,000 $1,100 $73,800
Refurbishing materials $700 $21,800
Other expenses $29,700 $28,800
Revenue variance
Budgeted revenue (flexible) = $121,600 ($3,800 * 32)
Actual revenue 123,400
Variance $1,800
Output and input levels always tend to an equilibrium point it the long run, meaning they are inelastic in the long run.
Elasticity refers to how much supply and/or demand changes with changes in pricing. The more elastic, the more change there is.
In the short-term, output and and supply can change dramatically, but in the long run things tend back to the middle (equilibrium).
