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4 years ago

Gekko, Inc. reported the following balances (after adjustment) at the end of 2008 and 2007.

Business

1 answer:

nevsk [136]4 years ago

6 0

Answer:

Correct answer is D, P3,900

Explanation:

Begging Allowance for doubtful account is P1,500 (96,000 - 94,500). Ending balance of Allowance for doubtful account is P3,000 (P108,000 -P105,000). We can now work back the provision for doubtful accounts that the company has made during 2008.

Beginning P1,500

Add:

Collection of written off accounts 800

Total P2,300

Less:

Written off 3,200

Total (P900)

Therefore, in order for the company to have an ending inventory of P3,000, They must have set up a provision for doubtful accounts in the amount of P3,900. Attached herewith is the T-account of allowance for doubtful accounts

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Drag each label to the correct location on the image.

Mademuasel [1]

Answer:

The Answer Is C

Explanation:

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4 years ago

Read 2 more answers

PA12.

Elan Coil [88]

Answer:

$\left[\begin{array}{cccc}$unit sale&100000&90000&80000\\$sales revenue&3500000&3150000&2800000\\$COGS&&&\\$Material&900000&810000&720000\\$Labor&1000000&900000&800000\\$VMO&250000&225000&200000\\$FMO&80000&80000&80000\\$total&2230000&2015000&1800000\\$gross profit&1270000&1135000&1000000\\$V S and A&100000&90000&80000\\$F S and A&950000&950000&950000\\$operating income&220000&95000&-30000\\$tax expense&66000&28500&\\$net income&154000&66500&-30000\\\end{array}\right]$

Explanation:

We will cross-multiply the variables concept like sales revenues materials, labor and other

I.G

sales revenues for 90,000:

3,500,000 / 100,000 x 90,000 = 3,150,000

for 80,000:

3,500,000 / 100,000 x 80,000 = 2,800,000

The fixed will remain at the same value between the relevant range so we do not change them.

For the tax expense we will have to check which is the rate

for 220,000 operating income the tax expense is 66,000

we can solve for rate: 66,000/220,000 = 0.3 = 30%

Now we will determinate the tax expense with that rate.

NOTE attached missing information

6 0

3 years ago

Sales to customers who use bank credit cards such as mastercard and visa are usually recorded by:a. Debit to Cash and a credit t

algol13

Answer:

c. Debit to Bank Credit Card Sales, debit to Credit Card Expense, and a credit to Sales

Explanation:

The journal entry is shown below:

Bank credit card sales A/c Dr XXXXX

Credit card expense A/c Dr XXXXX

To Sales A/c XXXXX

(Being the sales is recorded via bank credit cards)

As the credit card has some expense so we debited the credit card expense along with the bank credit card sales and credited the sales as it is revenue which is to be credited

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4 years ago

As the chart completion supervisor, you are to meet with the him director to discuss documentation requirements among various ag

maw [93]

It is important that u have all current info

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4 years ago

ASSETS Cash $ 20,000 Accounts receivable 80,000 Inventory 50,000 Net plant and equipment 250,000 Total assets $ 400,000 LIABILIT

Dahasolnce [82]

Answer:

The firm's receivable turnover is 20 times

Explanation:

The computation is shown below:

Accounts receivable turnover ratio = (Credit sales ÷ average accounts) receivable

where,

Average accounts receivable = (Opening balance of Accounts receivable + ending balance of Accounts receivable) ÷ 2

= ($0 + $50,000) ÷ 2

= $25,000

And, the net credit sale is $500,000

Now put these values to the above formula

So, the answer would be equal to

= ($500,000 ÷ $25,000)

= 20 times

And, the average collection period in days = Total number of days in a year ÷ accounts receivable turnover ratio

= 360 days ÷ 20

= 18 days

7 0

3 years ago