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xxMikexx [17]
3 years ago
5

On June ​1, 2018​, High Performance Cell Phones sold $ 25 comma 000 of merchandise to Ackerman Trucking Company on account. Acke

rman fell on hard times and on July 15 paid only $ 6 comma 500 of the account receivable. After repeated attempts to​ collect, High Performance finally wrote off its accounts receivable from Ackerman on September 5. Six months​ later, March ​5, 2019​, High Performance received Ackerman's check for $ 18 comma 500 with a note apologizing for the late payment. Read the requirementsLOADING.... Requirement 1. Journalize the transactions for High Performance Cell Phones using the direct​ write-off method. Ignore Cost of Goods Sold.
Business
1 answer:
Aleks04 [339]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

On June 1

Anthony Trucking Company   $25,000

  To  Merchandise   $25,000

(Being the sale of merchandise is recorded)

On July 15

Cash  Dr $6,000

   To Account Receivable   $6,000

(Being the cash received is recorded)

On September 5

Bad debt Expense  $18,000

      To Account Receivable Expense  $18,000

(Being the bad debt expense is recorded)

On March 5

Cash  $18,000

     To Account Receivable  $18,000

(Being the cash received is recorded)

Only these journal entries are required

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Jonah and Cathy were sure that they had correctly answered most of their exam questions. However, they each scored less than 60
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Explanation:nevermind

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3 years ago
Define asset-backed security in your own words.​
Bezzdna [24]

Answer:

Asset-backed securities, also called ABS, are pools of loans that are packaged and sold to investors as securities

Explanation:

there you go

7 0
3 years ago
A firm plans to begin production of a new small appliance. The manager must decide whether to purchase the motors for the applia
blondinia [14]

Answer:

If the firm is going to need less than 50,000 motors, they should purchase them from the outside vendor.

If the firm is going to use between 50,000 to 59,999 motors, it should use process A.

If the firm expects to use 60,000 or more motors per year, it should use process B.

Explanation:

Process A:

contribution margin per unit = $11 - $7 = $4

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Process B:

contribution margin per unit = $11 - $8 = $3

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8 0
3 years ago
The General Chemical Company uses 150,000 gallons of hydrochloric acid per month. The cost of carrying the chemical in inventory
galina1969 [7]

Answer:

ROQ will be 32863 gallons

So option (a) will be the correct answer

Explanation:

We have given that company uses 150000 gallons of hydrochloric acid per month

Ordering cost = $150

And the holding cost = $0.5

We know that 1 year = 12 month

So annual demand = 12 ×150000 = 1800000

We have to fond the economic order quantity EOQ

We know that EOQ is give by

EOQ=\frac{2\times annual\ demand\ \times ordering\ cost}{holding\ cost}=\frac{2\times 1800000\times 150}{0.5}=32863.35=3286gallons

So option (a) will be correct answer

8 0
3 years ago
Charles Schwab Corporation is one of the more innovative brokerage and financial service companies in the United States. The com
anyanavicka [17]

Answer and Explanation:

a. The estimation of the contribution margin for each segment is shown below:

                                                     (in millions)

<u>Particulars            Investor Advisor             Services Services   </u>

Income from

operations              $1,681                                  $1,660

Add:

Depreciation           $171                                     $154

Contribution

Margin                    $1,852                                  $1,814

2. Now the estimation of decline in operating income is

                                                   (in millions)

<u>Particulars         Combined services          Institutional Services   </u>

Revenues          $9,368                                $4,771

Less:

Variable cost    $5,702                                 $2,919

                    ($2,919 + $2,783)

Contribution

margin               $3,666                                 $1,852

Less:

Fixed cost         -$325                                    -$171

Net income        $3,341                                  $1,681

So according to the above calculations, the net operating income is declined by

= $3,341 - $1,681

= $1,660 million

The variable cost is come from

= Service revenues - income from operations - depreciation expense

7 0
3 years ago
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