Answer:
Under the accrual basis of accounting the Flyer should record the revenue in January.
Explanation:
Under accrual basis of reporting revenue or income is recorded when earned. For example in case of manufacturing companies sales are recorded when the product is delivered.
Revenue is recorded on basis of performance obligation. The company shall record revenue on satisfcation of his performance obligation. If the payment is not received the company can record revenue against receivable.
EXPLANATION:
Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due $285,000; estimated uncollectible 5 % . 2. Accounts 1-45 days past due $39,600; estimated uncollectible 10 % 3. Accounts more than 45 days past due $15,800; estimated uncollectible 15 % Before recording any adjustments, Dhaliwal has a debit balance of $71,100 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2021 balance for Dhaliwal's allowance for uncollectible accounts. 2. What journal entry should Dhaliwal record to adjust its allowance for uncollectible accounts? Required 1 Required 2 Estimate the appropriate 12/31/2021 balance for Dhaliwal's allowance for uncollectible accounts. Balance in allowance for uncollectible accounts Required 2
Dhallwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due $285,000; estimated uncollectible 5 %. 2. Accounts 1-45 days past due $39,600; estimated uncollectible 10 %. 3. Accounts more than 45 days past due $15,800; estimated uncollectible 15 % Before recording any adjustments, Dhaliwal has a debit balance of $71,100 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2021 balance for Dhalwal's allowance for uncollectible accounts. 2. What journal entry should Dhallwal record to adjust its allowance for uncollectible accounts? Required 1| Required 2 What journal entry should Dhaliwal record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No jounal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment to allowance for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal
Answer:
$1.02 or 102 cents
Explanation:
According to given information
Total consumption Time = 120 Hours
Cost Saving per hour = Cost per hour x Saving in kilowatts per hour
Cost Saving per hour = Cost per hour x ((100 watts - 15 watts) / 1000)
Cost Saving per hour = $0.1 x (100-15)/1000 = $0.0085 kwh
Total Cost Saving = 120 x 0.0085 kwh = $1.02 or 102 cents
Answer:
a) 6,730.40
b) 418
c) 131.10
Explanation:
price after trade discount:
printer = 500 x (1 - 12%) = 440
toner = 150 x (1 - 8%) = 138
since the invoice was paid during the discount period, the total amount paid on December 30 was [(440 x 10) + (20 x 138)] x (1 - 5%) = 6,730.40
net price per unit:
printer = 440 x 0.95 = 418
toner = 138 x 0.95 = 131.10
d) total cost including operating expenses = (6,730.40 x 1.15) = 7,739.96
selling price = 7,739.96 / 0.75 = 10,319.95 ≈ 10,320
e) (printer + toner) x 1.15 = (418 + 131.10) x 1.15 = 631.465
selling price of 1 printer and 1 toner = 631.465 / 0.75 = 841.95 ≈ 842
f) yes, a profit was made since the original selling price was calculated assuming a 25% net profit, and the discount was only 15%