Answer:
Option D $1,190 is correct
Explanation:
Total units available 400 =200+100+100
Less: Ending inventory 160
Units sold 240
Sales revenue 2400 =240*10
Less: Cost of goods sold 1210 =(200*5)+(240-200)*5.25
Gross profit for the month 1190
Option D $1,190 is correct
Answer:
The answer of the exercise is attached.
Explanation:
Bad debt expense is an expense account and expense accounts have debit balance. Whenever an expense account is to be increased, it is debited.
Allowance for doubtful debts is a contra asset account and contra asset accounts have credit balance. Whenever a contra asset accounts balance is to be increased, it is credited.
Therefore, to record the estimated uncollectibles, bad debt expense account is debited to book the expense and allowance for doubtful accounts is credited to reduce the balance of accounts receivable.
<span>Under agency law, Michelle can work as Kim's agent in the purchase of the contract. Kim would be the principle under the contract, Michelle would be the agent, and the gallery would be the 3rd party. Kim needs to authorize Michelle to complete a contract on his behalf and he will in turn be bound, just as the gallery will be bound.</span>
Answer:
Consider the following calculations
Explanation:
- PMT(Interest_Rate/Num_Pmt_Per_Year,Loan_Years*Num_Pmt_Per_Year,Loan_Amount)
- If you input these values on a financial calculator, PMT = 2011.56
- Balance of the loan at the end of 13 years = 209798.54
- Interest paid in the 6th year = 21464.51
- 224th Payment Principal = 722.70
$10 million should be added to net income.
<h3><u>
What is Accounting?</u></h3>
- Accounting is the process of documenting a business's financial transactions. These transactions are compiled, examined, and reported to oversight organizations, regulatory bodies, and tax collection organizations as part of the accounting process.
- A company's operations, financial condition, and cash flows are summarized in the financial statements that are used in accounting.
- They provide a succinct summary of financial transactions across an accounting period. One of the most important aspects of practically every firm is accounting.
- Small businesses may have a bookkeeper or accountant manage it, whereas larger corporations may have vast finance departments with many people.
- Management can make wise business decisions thanks to the information produced by many streams of accounting, including cost accounting and managerial accounting.
Know more about Accounting with the help of the given link:
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