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MariettaO [177]
3 years ago
7

Harbert, Inc. had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance of Accounts Receivable w

as $10,500. During the period, Harbert collects $72,000 of its accounts receivable. Harbert incurred $63,000 of cash expenses during the accounting period.
Required
a. Based on the information provided, determine the amount of revenue recognized during the accounting period.
b. Based on the information provided, determine the amount of net income earned during the accounting period.
c. Based on the information provided, determine the amount of cash flow from operating activities.
Business
1 answer:
irakobra [83]3 years ago
4 0

Answer:

a. $70,500

b. $7,500

c. $9,000

Explanation:

a. The computation of the amount of revenue is shown below:-

Amount of revenue = Ending balance of accounts receivable + Cash collected - Beginning balance of accounts receivable

= $10,500 + $72,000 - $12,000

= $70,500

b. The computation of net income earned during the accounting period is shown below:-

Net income = Revenue generated - Expenses

= $70,500 - $63,000

= $7,500

c. The computation of amount of cash flow from operating activities is shown below:-

Net cash flow from operating activities = Cash collection - Amount paid for operating expenses

= $72,000 - $63,000

= $9,000

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Answer:

Cognitive reappraisal

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Thus, from the above we can conclude that the correct answer is cognitive reappraisal.

7 0
2 years ago
What is a saturated market like for sellers? A. Consumer demand is higher. B. It contains more available consumers. C. It is mor
mestny [16]
Hello,

The answer should be option D "<span>It encourages companies to produce more of the product".

Reason:

A saturated market is a product that is distributed which means companies would have to make more of that product in order to make money, and to have more consumers buy their products. The answer is not option A because the consumer will demand more of the product but not to be higher. Its not option B because the product is being distributed among people but not different consumers. Its also not option C because its not against other markets. Therefore the answer is option D.

If you need anymore help feel free to ask me!

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4 0
3 years ago
Read 2 more answers
Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) $139,000 Allowance for doubtful acco
dezoksy [38]

Answer:

Prepare journal entries of sales, collections, write offs of accounts receivable, and reverse entries:

Date        Account details and explanations      Debit          Credit

                 Accounts receivable                          944,000  

                sales revenue                                                        944,000

                 Allowance for doubtful accounts      5300

                Accounts receivable                                                    5300

                Accounts receivable                            1800

                 Allowance for doubtful accounts                                1800

                cash                                                        1800

                 Accounts receivable                                                    1800

Calculating the ending balance of accounts receivable and unadjusted ending balance of allowance for doubtful accounts:

                  particulars                                                             Amount ($)

                 beginning balance of accounts receivable           139,000

                 Add: Net credit sales                                               944,000

                 less :  Collections                                                     908,000

                 Write-offs                                                                       5,300

                  Add: Reinstated amount                                              1800

                 less:  Collections                                                            1800

                  Ending  balance of accounts receivable                169700

                   particulars                                                             Amount ($)

                 beginning balance of doubtful accounts               11,370

                 less :  Write-offs                                                        5300

                 Add: Reinstated amount                                           1800

                 Ending  balance of unadjusted  balance                 7870

                 allowance of  doubtful accounts

Preparing journal entry to record bad debt

Date    Account details and explanations         Debit          Credit

           Bad debt expense ( 169700*8%) - 7870  12789

               allowance of  doubtful accounts                            12789

7 0
3 years ago
Bibby Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Bibby
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Answer and Explanation:

The journal entry is shown below:

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   Cost of goods sold $4,700

(Being overapplied overhead is closed)

Here the overhead is debited as it increased the expenses and credited the cost of goods sold as it decreased the expense

8 0
3 years ago
Is it ethical for a Realtor to represent buyer and seller?
Korolek [52]

<u>Yes, that's allowed</u> to ethical for a Realtor to represent buyer and seller.

<h3>Briefing:</h3>

Transaction brokerage describes the circumstance to which you're referring. When your real estate professional represents a buyer client who is interested in buying the property in which you are the seller client, this service option is known as transaction brokerage.

<h3>Who is a called buyer?</h3>

In a buyer's call, a buyer and seller agree to purchase a commodity at a set price that is higher than the price of a futures contract for the same grade and quantity.

<h3>Who is called a seller?</h3>

Any person or organization that makes any kind of good, service, or financial asset available for purchase is a seller. Short selling is obtaining securities that are not one's own to sell in order to purchase them back at a cheaper cost. The term "writer" refers to a person who sells options and receives the premium from the buyer.

To know more about buyer and seller visit:

brainly.com/question/17217405

#SPJ4

4 0
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