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taurus [48]
3 years ago
7

If sales are $1,150,000 in 2016 and this represents a 15% increase over sales in 2015, what were sales in 2015?

Business
1 answer:
frutty [35]3 years ago
5 0
Take $1,150,000 multiply by 15% to get the money increase between 1 years which is $172500 then take $1,150,000 subtract by $172,500 to get the final sales in 2015 which is $977,500
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Which is not a task of the bankruptcy trustee?
klio [65]

Answer:

The option which is not a task of the bankruptcy trustee is;

Represent the debtor when meeting with creditors

Explanation:

In a case of bankruptcy a bankruptcy trustee is assigned by the court and to whom the case information is handed to perform the following tasks

1) Converts the collected company assets to money

2) Assess the creditors (owed by the debtor) proof of claims

3) Allocate monetary refunds to the creditors

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2 years ago
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Compute the uncollectible account expense, and make the appropriate journal entry, for the current year assuming the uncollectib
Gnoma [55]

Question Completion:

Johnson Corporation’s Unadjusted Trial Balance at year-end included the following accounts:

Debit Credit

Sales (75% represent credit sales) (credit) $1,152.000

Accounts Receivable(debit) $288,000

Allowance for Doubtful Accounts (credit) $2,184

Answer:

<h2>Johnson Corporation</h2>

a. Without considering the balance in the Allowance for Doubtful Accounts, income statement approach, 1% of total sale:

Journal Entry:

Debit Uncollectible Accounts Expense $11,520

Credit Allowance for Doubtful Accounts $11,520

To record the uncollectible accounts expense for the year.

b. Without considering the balance in the Allowance for Doubtful Accounts, income statement approach, 1.5% of credit sales:

Journal Entry:

Debit Uncollectible Accounts Expense $12,960

Credit Allowance for Doubtful Accounts $12,960

To record the uncollectible accounts expense for the year.

c. Considering the balance in the Allowance for Doubtful Accounts, balance sheet approach

Journal Entry:

Debit Uncollectible Accounts Expense $9,816

Credit Allowance for Doubtful Accounts $9,816

To record the uncollectible accounts expense for the year.

Explanation:

a) Data and Determination of Uncollectible Expenses and Allowances:

Sales (75% represent credit sales) (credit) $1,152,000

Accounts Receivable(debit) $288,000

Allowance for Doubtful Accounts (credit) $2,184

1. Uncollectible Accounts Expense = 1% of Sales:

= 1% of $1,152,000

= $11,520

2. Uncollectible Accounts Expense = 1.5% of Credit Sales:

= 1.5% of $864,000 (75% of $1,152.000 )

= $12,960

3. Allowance for Doubtful Accounts based on an aging of accounts receivable of $12,000:

Adjustment required to bring the Allowance for Doubtful Accounts to $12,000 is $9,816 ($12,000 - 2,184).

4 0
3 years ago
Which button in the Print Preview tab allows users to set specific margins on the page of a report?
Irina-Kira [14]

Answer:

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2 years ago
The computation and interpretation of the degree of combined leverage (DCL)You and your colleague, Malik, are currently particip
erastova [34]

Answer:

1. expected to be the same

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3. Degree of total leverage = Contribution margin ÷ Earning before tax

= $48,000,000 ÷ $16,000,000

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The repayment 50% of bank loan

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3. Degree of total leverage = $48,000,000 ÷ $18,000,000 = 2.67

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3 years ago
A corporation reports the following year-end balance sheet data. The company's acid-test ratio equals:
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