Answer:
1) $141,000
2) $198,000
3) $ 61,000
4) $122,000
Explanation:
1) we sum ($80,000+$42,000+$19,000)= $141,00,0 according to the cost’s theory
2) we sum all amounts (80,000+42,000+19,000+22,000+35,00)= 198,000 we sum all amounts because those are the cost that the company incurred In the period.
3) Conversion cost we obtain summing direct labor+ manufacturing overhead ( 42,000+19,000)= $61,000
4) Prime costs we obtain summing direct materiales+ direct labor ( 42,000+80,000)= $122,000
Yes, Sue has made the appropriate action.
Since the target of the volunteer activities are the one that does not necessarily understand taxation process (Such as elderly), it is important to report potential volunteers who are under suspicion for criminality. Both the code and the email address for this report is already appropriate
Answer: Option (C) is correct.
Explanation:
Correct Option: Third-degree price discrimination.
When the different price is charged for every unit of consumption is called asfirst-degree price discrimination. It is also known as perfect price discrimination. In this type of discrimination, seller charge prices according to the consumers willingness to pay.
In second-degree price discrimination, different price is charged for different quantity of goods.
In third-degree price discrimination, different price is charged from different groups but the same price will be charged within the group. For example: the caste categories, SC, ST, OBC and general; here different fees is charged from different category.
In our question, Charging higher prices to residential customers than to industrial customers is an example of third-degree price discrimination.
The journal entry to close out a debit balance in rent expense of $200 for the period would be: accounts income summary debit 200
rent expense credit 200.
In order to shut out your expense accounts, you may have to debit the income summary account, and credit each point expense listed within the balance, which reduces the travel and entertainment account balances to zero.
Close these accounts by debiting income summary for an amount adequate to the combined debit balances of all eight accounts and by crediting each expense account for an amount adequate to its own debit balance. The four closing entries are, generally speaking, revenue accounts to income summary, expense accounts to income summary, income summary to retained earnings, and dividend accounts to retained earnings.
In making closing entries, all profit-and-loss statement accounts like revenues and expenses should be closed. Expense accounts like cost of products sold and prepaid rent expense should be credited in closing entries because their normal balances are debit.
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Answer:
The required journal are as follows:
On December 31, 2019:
Debit Bad debt expense (2% x $450,000) $9,000
Credit Allowance for doubtful accounts $9,000
<em>(To record estimated bad debt expense)</em>
On May 11, 2020:
Debit Allowance for doubtful accounts $1,100
Credit Accounts receivable $1,100
<em>(To write-off accounts receivable from Jeff Shoemaker)</em>
On June 12, 2020:
Debit Accounts receivable $1,100
Credit Allowance for doubtful accounts $1,100
<em>(Reversal of accounts receivable from Jeff Shoemaker)</em>
On June 12, 2020:
Debit Cash $1,100
Credit Accounts receivable $1,100
<em>(Recognition of payment from Jeff Shoemaker)</em>
Explanation:
- On December 31, 2019, the bad debt expense was determined as a percentage of the net accounts receivable, that is 2% x $450,000 = $9,000. This amount serves as opening balance for Year 2020 although Year 2019 had zero opening balance.
- On May 11, 2020, there was a write-off to the tune of $1,100. This means the accounts receivable would be reduced against the allowance account.
- On June 12, 2020, the initially written-off amount was collected. Therefore, there would be a reversal of the initial adjustment as a result of this. The would set the effect on the allowance account to be zero.
