Consumer protection is the movement to protect the valid interests of consumers and is a major force in small business today
Answer:
Collection from Customers =$487,000
Explanation:
Collection from Customers=account receivable beginning balance+sales revenue-account receivable ending balance
=97000+$519,000-$65,000
=$487,000
Answer: Option B
Explanation: Semi variable cost or semi fixed cost are the expenses which are composed of both fixed and variable cost. In such type of costs, the nature of the cost remains fixed till a certain level of production or consumption and becomes variable when the production level exceeds that stage.
For example :- A state charge its residents a fixed amount of electricity bill till 300 units of consumption and after 300 units the residents must pay $1 for every additional unit consumed.
Answer:
$300
Explanation:
When insurance is paid in advance, the entries required are
Debit Prepaid Insurance
Credit Cash account
As time elapses and the insurance expires,
Debit Insurance expense
Credit Prepaid Insurance
Amount of insurance expense as at 31 December (6 months between 1 July and 31 December)
= 6/12 * $600
= $300
The insurance expense on the annual income statement for the first year ended December 31 is $300.
