"C is correct answer." Gloria's flower shop is an example of a proprietorship. "Hope it helped you!" "Have a great day!" "Thank you so much!"
The profit and loss account is used to determine the net profit of the business. The starting point for the profit and loss account is the balance carries down from the trading account which is the gross profit of business. Hope this helped you out...
Answer:
The 9,300 should Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement
Explanation:
The non-collectible accounts expenses on its Year 2 income statement is shown below:
= Ending balance + write off balance - opening balance
= $6,000 + $7,200 - $3,900
=$9,300
The accounts receivable is not to be considered because we have to find out the uncollectible accounts expense, so the account receivable balance should not be taken in the computation part.
Hence, the 9,300 should Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement
Answer:
Kurt will have a smaller account value than Jeff will
Explanation:
The formula for calculating future value = A (B / r)
B = [(1 + r)^n] - 1
Jeff : $3000 x [(1.05^3 - 1 ) / 0.05] = $9457.50
Kurt :$3000 x [(1.03^3 - 1 ) / 0.03] = $9272.70
Jeff would have a higher account value than Kurt
Answer:
The correct answer is letter "D": when the actual price is less than the standard price.
Explanation:
Direct labor rate variance compares the existing direct labor costs and normal direct labor costs over the same operating period. Favorable variance in the labor rate can be caused by hiring more unskilled employees, reducing the minimum wage, and incorrectly setting indirect labor costs. Favorable variance takes place when the <em>costs of direct labor are efficient or lower compared to the standard</em>.
