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3 years ago

Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co.

Business

1 answer:

matrenka [14]3 years ago

6 0

Answer:

signed a 10% note due in three years.

C. Incurred and paid $410,000 in salaries for the year.

D. Purchased $730,000 of merchandise inventory on account during the year.

E. Sold inventory costing $590,000 for a total of $910,000, all on credit.

F. Paid rent of $220,000 on the sales facilities during the first 11 months of the year.

G. Purchased $190,000 of store equipment, paying $52,000 in cash and agreeing to pay the difference within 90 days.

H. Paid the entire $138,000 owed for store equipment and $630,000 feel feel guy guess join

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12.99 + 4.6 = 17.59 / 98

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3 years ago

Should a company alter its marketing campaigns to reflect biases that might be prevalent in various countries in which the compa

nalin [4]

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3 years ago

The December 31, 2020, Allowance account balance includes $3,076 for a past due account that is not likely to be collected. This

Blizzard [7]

Answer:

There will be no effect on working capital upon write off as the entries required would be a credit to receivables and a debit to allowance account.

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The allowance account is the account used to record receivables due that may not be collectible.

When a company has determined that a receivable may be uncollectible, the company credits the allowance for receivables account and debits bad debit expense. This reduces the accounts receivable balance in the balance sheet as the receivables to be reported will be net the allowance given. As such, where on December 31, 2020, Allowance account balance includes $3,076 for a past due account that is not likely to be collected.

There will be no effect on working capital upon write off as the entries required would be a credit to receivables and a debit to allowance account.

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3 years ago

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The answer and procedures of the exercise are attached in the following 3 images.

Explanation

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3 years ago

Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can

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The true statement out of all is

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This is because Absolute advantage is when one firm or a producer is able to produce more of a product using less resources or less time or more of the product in the same resources or same time as the other.

Comparative advantage is found out at the added bonus of having the product be as viable as it is advantageous which means that the producer could also be making another product and would have the advantage in that too so either one of them is equally profitable.

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3 years ago