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NemiM [27]
1 year ago
10

Which of the following is a cost of selling merchandise on account? Multiple Choice Uncollectible accounts expense Determining c

ustomers credit worthiness Recording keeping and collection costs All of the answers describe reasons companies accept credit cards from their customers.
Business
1 answer:
puteri [66]1 year ago
8 0

Answer:

Option D is the answer.

Explanation:

All the given options describe the reasons for accepting a credit card from the customers.

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The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances:
anzhelika [568]

Answer:

<u>Journal entries</u>

1. January 24 Provide plumbing services for cash, $18,000, and on account, $63,000.

Dr Cash 18,000

Dr Accounts receivable 63,000

    Cr Service revenue 81,000

2. March 13 Collect on accounts receivable, $51,000.

Dr Cash 51,000

    Cr Accounts receivable 51,000

3. May 6 Issue shares of common stock in exchange for $10,000 cash.

Dr Cash 10,000

    Cr Common stock 10,000

4. June 30 Pay salaries for the current year, $32,600.

Dr Wages expense 32,600

    Cr Cash 32,600

5. September 15 Pay utilities of $6,200 from 2020 (prior year).

Dr Utilities payable 6,200

    Cr Cash 6,200

6. November 24 Receive cash in advance from customers, $9,200.

Dr Cash 9,200

    Cr Unearned revenue 9,2000

7. December 30 Pay $2,600 cash dividends to stockholders.

Dr Dividends 2,600

    Cr Cash 2,600

<u>Adjusting entries</u>

Depreciation for the year on the machinery is $7,200.

Dr Depreciation expense 7,200

    Cr Accumulated depreciation, equipment 7,200

Plumbing supplies remaining on hand at the end of the year equal $1,000.

Dr Supplies expense 2,500

    Cr Supplies 2,500

Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year.

Dr Unearned revenue 6,600

    Cr Service revenue 6,600

Accrued utilities at year-end amounted to $6,400.

Dr Utilities expense 6,400

    Cr Utilities payable 6,400

7 0
2 years ago
Sunland Corporation purchased a limited-life intangible asset for $468000 on May 1, 2019. It has a useful life of 10 years. What
Jobisdone [24]

Answer: $124800

Explanation:

First, we have to calculate the ammortization expense which will be:

= $468000 / 10

= $46800

May 2019 = ($46800 × 8/12)

= $31200

December 2020 = $46800

December 2021 = $46800

Ammortization expense will now be:

= $31200 + $46800 + $46800

= $124800

8 0
1 year ago
Cash received from customers includes all $139,000 of the accounts receivable that were outstanding at November 30, 2017. Accoun
TiliK225 [7]

Answer:

Gross profit from the month of December is $238000

Explanation:

Question is incomplete but the missing part is:

Cash received from customer during december 2017 - 387,000

Cash paid to supplier for inventory during december 2017 - 131,000

Accrual basis revenues

Particulars                                              Amount $

Cash received from customer                387000

during December 2017

Cash received in December  for            -139000

November accounts receivable

December sales made on account         141000

collected in January

Accrual basis revenues                          389000

Accrual basis expenses

Particulars                                              Amount $

Cash paid to suppliers for inventory      131000

during December 2017

Payments for inventory purchased         -19000

and used in November

Inventory purchased in November          39000

but not used in December

Accrual basis expenses                           151000

Gross profit from the month of December=  Accrual basis revenues - Accrual basis expenses

Gross profit = 389000 - 151000

Gross profit =  $238000

8 0
2 years ago
If income increases from $20,000 to $30,000 and $9,000 of the new income is spent on consumption, then the MPC is ___________..
Stells [14]

Answer:

0.90

Explanation:

The propensity to consume refers to how the level of consumption changes with  an increase in income. As with other concepts of this nature, it is necessary to   analyse the propensity to consume in terms of Marginal Propensity to Consume(MPC).

MPC=change in consumption/change in income

In this question

change in consumption=$9,000

change in income=$30,000-$20,000=$10,000

MPC=$9,000/$10,000=0.90

6 0
2 years ago
Marvel decided that since viewers like to binge-watch an entire season of a show in one sitting on netflix it would create a new
seropon [69]

The decision by Marvel to start up a new channel based on what it noticed at Netflix is the <u>Product Development strategy. </u>

<h3>Product Development strategy </h3>
  • Method used by companies to offer new products to customers.
  • Involves looking at current products to develop newer and better ones.

Marvel looked at the product being offered by Netflix and decided to use it to offer an even better product by opening a channel.

In conclusion, this is product development.

Find out more on development strategies at brainly.com/question/24499246.

3 0
1 year ago
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