Answer:
a. Debit to Bad Debts Expense of $26,600
Explanation:
The computation of the bad debt expense is shown below:
= Allowance for uncollectible accounts - credit balance of allowance for uncollectible accounts
= $31,400 - $4,800
= $26,600
Hence, the first option is correct
Answer:
$22,500
Explanation:
Given that,
During the year, Cost of shipping inventory to the Ski Outfit = $92,500
By the end of the year, amount of merchandise sold to customers = $70,000
Mogul will repeat inventory at the year end:
= Cost of inventory sent to consignee - Cost of inventory sold by consignee
= $92,500 - $70,000
= $22,500
Therefore, the amount of inventory will Mogul report at year end is $22,500.
If she sells 3 she's not getting her money back
3×26=78
But if she sells more than 3 then she's getting her money back and more
Answer:
Cash basis accounting (record accounting transactions only when the corresponding cash is received or payments are made)
Revenues (cash receipts) $57,000
<u>Expenses ($27,250+$11,750) $39,000
</u>
Net income $18,000
Accrual basis accounting (record accounting transactions for revenue when earned and expenses when incurred)
Revenues (earned) $65,000
<u>Expenses (incurred) $35,500
</u>
Net Income $29,500
Studying Business can help you develop skills and acquire knowledge to prepare for your future career, regardless of whether you plan to work for a multinational Fortune 500 firm, start your own business, work for a government agency, or manage or volunteer at a nonprofit organization.
Explanation:
A Business is defined as a commercial, industrial or professional organization or business entity. Companies may be profitable organizations or non-profit organizations which operate to carry out a charity mission or a social cause.
Business vary from a single company to an international corporation. Many theories relate to business management, including organizational behaviour, corporate theory and strategic management. The individuals have been engaged in business since ancient times; businesses have historically engaged in commodities, commercial guilds or mutual agricultural production.
