You can always makeup work that you got a low grade on. You can do extra credit or finish the work you haven’t turned in (if you have anything) :)
Answer:
S/n Account Title and Explanation Debit Credit
a. Bad Debt Expense $5,460
($182,000 sales x 3%)
Allowance for Doubtful Accounts $5,460
(To record bad debt expense)
b. Bad Debt Expense $5,460
($182,000 sales x 3%)
Allowance for Doubtful Accounts $5,460
(To record bad debt expense)
Answer:
B, net income for the year was $1,200,000, average assets were $20 million, ROI was 6%
Explanation:
net income is calculated by multiplying the percentage margin by the sales. We have,
(2 ÷ 100) × $60,000,000
= 0.02 × $60,000,000
= $1,200,000
To calculate the average assets, sales is divided by the turnover.
we have, ($60,000,000 ÷ 3.0)
= $20,000,000.
To calculate the ROI, margin and turnover are multiplied.
we have,
(2% × 3.0) = 6%
Cheers.
Answer:B
Explanation: The WEXS Channel 10 wanted to see how well the candidates would perform with a story that was given to them.
Answer:
1.23
Explanation:
Inventory turnover is a ratio showing how many times a company has sold and replaced inventory during a given period.
Cost of Sales=Opening Inventory+Purchases-Closing Inventory
=5,500+4,000-3,800= 5,700
Average Inventory= Opening + Closing/2
= 5,500+3,800/2= 4,650
Inventory Turnover Ratio= <u>Cost of Sales</u>
Avg Inventory
= 5,700/4,650=1.23
