Answer:
Bad debt expense $11,320 ($283,000 × 4%)
To Allowance for doubtful debts $11,320
(being the bad debt expense is recorded)
Explanation:
The journal entry is shown below:
Bad debt expense $11,320 ($283,000 × 4%)
To Allowance for doubtful debts $11,320
(being the bad debt expense is recorded)
For recording this given transaction, we debited the bad debt expense as it increases the expenses account and at the same time it decreases the account receivable so the allowance would be credited so that the proper posting could be done
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Answer:
Explanation:
We were informed from the question that;
BEFORE; the tax, 30,000 bottles of wine were sold every week at a price of $4 per bottle.
AFTER; After the tax, 25,000 bottles of wine are sold every week; consumers pay $6 per bottle and producers receive $3 per bottle (after paying the tax).
✓✓The amount of tax on wine = $6 - $3 = $3 per bottle
✓✓The tax burden on consumers = The amount paid after tax - The amount paid before tax
= $6 - $4
=$2 per bottle
✓✓The tax burden on Producers = Price received before tax - price received after tax
= $4 - $3
=$1 per bottle
Hence, The amount of the tax on a bottle of wine is $3 per bottle. Of this amount, the burden that falls on consumers is $2 per bottle, and the burden that falls on producers is $1 per bottle.
The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers(FALSE)
This is false, since the The tax burden on Producers is $1 per bottle while that of The tax burden on consumer is $2 per bottle.
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Answer:
$162,520
Explanation:
As per the given question the solution of retained earnings is provided below:-
To reach at retained earning first we need to find out the total expenses and net income which are as follows:-
Total Expenses = Advertising Expense + Income Tax Expense + Rent Expense + Supplies Expense
= $40,000 + $26,000 + $23,400 + $33,800
= $123,200
now,
Net income = Revenue - Expenses
= $200,000 - $123,200
= $76,800
So, the Retained Earnings as of December 31, 2019 = Retained Earnings of January 1, 2019 + Net Income - Dividend
= $115,720 + $76,800 - $30,000
= $192,520 - $30,000
= $162,520
