No i DON'T..................................
Answer:
Debit Salaries payable $31,000; credit Cash $31,000
Explanation:
As we know that
The journal entry to record the payment is
Salary payable $31,000
To Cash $31,000
(being the cash is paid)
For accrual of salary we debited the salaries expense and credited the salary payable as it increased the both expenses and liabilities account
But since we have to pass the journal entry on Jan 3 so we pass the journal entry which is shown above
Answer:
The amount of Uncollectible Account Expense reported on the income statement will be: $ 64,800
Explanation:
Jumpin Corporation
Percent of Sales method
Net credit sales $ 2 100 000,
Un collectible estimated 3%
Un collectibles Accounts = 3% of $ 2 100,000, = $ 63,000
Unadjusted Allowance for Un collectible Accounts $ 1, 800 Dr.
Required Adjustment = $ 64,800
The amount of Un collectible Account Expense reported on the income statement will be: $ 64,800
In the percent of sales method emphasis is laid on the matching principle in the income statement and amount of bad debts expense is subtracted from the accounts receivables.
<u>Solution and Explanation:</u>
<u>The following method will be used
</u>
The total cost of the firm = 10 multiply with 200 = $2,000
The Profit per client = $400
Let x be the no of clients required for break even. At break-even point,
The total profit = The total cost
400x = 2,000, The value of x is to be calculated
We get, x = 2,000 divided by 400 = 5 clients
Hence, secretary should arrange 5 clients to break even.
Answer:
Break-even point in units= 12,900 units
Explanation:
Giving the following information:
Total fixed cost (per period) $ 851,400
Variable cost per unit $ 120
Sales price per unit $ 186
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 851,400 / (186 - 120)
Break-even point in units= 12,900 units