Answer:
cash collections from credit sales that the company will include in its cash budget for the second month is $55,500
Explanation:
Second Month Cash Collections will include the following Cash flows:
(1) 60% of the 2nd month`s sales
(2) 35 % of the 1st month`s sales
<u>Therefore cash collections from credit sales :</u>
(1) 60% of the 2nd month`s sales ( $68,000×60%) = $40,800
(2) 35 % of the 1st month`s sales ( $42,000× 35 %) = $14,700
Total cash collections = $55,500
Answer:
Professional career typists
Explanation:
People that can type fast usually use a type of keyboarding known as touch typing. Basically the person typing knows the location of each key by muscle memory. This increases the speed of typing. But only professional career typists are the ones that can type or exceed 100 words per minute.
Answer:
D. $12,000
Explanation:
Allowance for Doubtful accounts = Credit sales * Rate
Allowance for Doubtful accounts = $200,000 * 6%
Allowance for Doubtful accounts = $12,000
Allowance for doubtful account
Particulars Particulars
Balance brought forward $9,000 Bad debts $12,000
Balance carried forward $3,000
Total $12,000 Total $12,000
Therefore, the amount to be debited to Bad debts and credited to Allowance for Doubtful accounts is $12,000.
B) did not acquire the instrument in good faith
Answer:
Explanation:
Available for sale securities are required to be reported at fair value.
Hence the difference between amortized cost and fair value is required to be transferred to other comprehensive income.
The amount of credit loss that Marin should report on this available for sale security at 31-12-2020
= $52,000 - $44,000
= $8,000