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valina [46]
2 years ago
9

Rita has just received a major order from Northrop Corporation for her firm's hydraulic lift equipment. After reviewing the orde

r information, Rita willA. send an acknowledgment that the order has been received.B. proceed to vendor analysis.C. submit a competitive bid.D. rewrite her firm's proposal.E. evaluate performance.
Business
1 answer:
laila [671]2 years ago
3 0

Answer:

A) send an acknowledgment that the order has been received.

Explanation:

Under UCC rules, contracts for the sale of products or services worth $500 or more have to be in writing and signed. Instead of a signed contract, a company can accept a written offer (e.g. by email), but it should send a written acknowledgment that the order has been received and accepted (or rejected). This way, both parties have a duty to perform.

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Answer:

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Explanation:

Transferring energy into or out of a substance changes its temperature, which changes the molecules' freedom of movement. Claim 2: Transferring energy into or out of a substance changes the molecules' kinetic energy, which changes their freedom of movement.

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Which of the following is not allowed as an itemized deduction?
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D) magazines can only be deducted if purchased for a business.
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Factory labor charges that cannot be easily traced to a job are treated as ______.
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Answer:

Manufacturing overhead

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1 year ago
ndicate whether each of the following costs should be classified as a product cost or as an SG&A cost in accordance with GAA
Leokris [45]

Answer:

 

Explanation:

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So, the categorization is shown below:

Direct materials used in a manufacturing company. = Product cost

Indirect materials used in a manufacturing company. = Product cost

Salaries of employees working in the accounting department. = sales, general ,and admin costs

Commissions paid to sales staff. = sales, general ,and admin costs

Interest on the mortgage for the company’s corporate headquarters. = sales, general ,and admin costs

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Attorney’s fees paid to protect the company from frivolous law suits. = sales, general ,and admin costs

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4 0
3 years ago
Wrote off an uncollectible account for $650. Provided $88,000 of services on account. Provided $32,000 of services and collected
Anarel [89]

Answer:

This question is incomplete. Since it is missing most of the information, I looked for a similar question and found this:

2018:

  • Issued $10,000 of common stock for cash.
  • Provided $78,000 of services on account.
  • Provided $36,000 of services and received cash.
  • Collected $69,000 cash from accounts receivable.
  • Paid $38,000 of salaries expense for the year.
  • Adjusted the accounting records to reflect uncollectible accounts expense for the year.
  • Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.
  • Closed the revenue account. Closed the expense account.

2019:

  • Wrote off an uncollectible account for $650.
  • Provided $88,000 of services on account.
  • Provided $32,000 of services and collected cash.
  • Collected $81,000 cash from accounts receivable.
  • Paid $65,000 of salaries expense for the year.
  • Adjusted the accounts to reflect uncollectible accounts expense for the year.
  • Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

<h2>journal entries 2018 </h2>

Issued $10,000 of common stock for cash.

Dr cash 10,000

   Cr common stock 10,000

Provided $78,000 of services on account.

Dr accounts receivable 78,000

    Cr service revenue 78,000

Provided $36,000 of services and received cash.

Dr cash 36,000

    Cr service revenue 36,000

Collected $69,000 cash from accounts receivable.

Dr cash 69,000

    Cr accounts receivable 69,000

Paid $38,000 of salaries expense for the year.

Dr wages expense 38,000

    Cr cash 38,000

Adjusted the accounting records to reflect uncollectible accounts expense for the year.  Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

Dr bad debt expense 450

    Cr accounts receivable 450

Closed the revenue account. Closed the expense account.

Dr service revenue 114,000

    Cr income summary 114,000

Dr income summary 38,450

    Cr wages expense 38,000

    Cr bad debt expense 450

Dr income summary 75,550

    Cr retained earnings 75,550

<h2>income statement 2018</h2>

Service revenue           $114,000

Expenses:

  • Wages $38,000
  • Bad debt $450    <u>($38,450) </u>

Net income                   $75,550

<h2>balance sheet 2018 </h2>

Assets:

Cash $77,000

Accounts receivable $8,550

total assets                                           $85,550

Equity:

Common stock $10,000

Retained earnings $75,550

total equity                                            $85,550

<h2>statement of cash flows 2018</h2>

Cash flows form operating activities:

Net income                                      $75,550

adjustments:

Increase in accounts receivable     <u>($8,550) </u>

net cash from operating activities  $67,000

Cash flow from financing activities:

Common stocks issued                   $10,000

Net cash increase                           $77,000

beginning cash balance                <u>          $0 </u>

Ending cash balance                      $87,000

<h2>journal entries 2019</h2>

Wrote off an uncollectible account for $650.

Dr bad debt expense 650

    Cr accounts receivable 650

Provided $88,000 of services on account.

Dr accounts receivable 88,000

    Cr service revenue 88,000

Provided $32,000 of services and collected cash.

Dr cash 32,000

    Cr service revenue 32,000

Collected $81,000 cash from accounts receivable.

Dr cash 81,000

    Cr accounts receivable 81,000

Paid $65,000 of salaries expense for the year.

Dr wages expense 65,000

    Cr cash 65,000

Adjusted the accounts to reflect uncollectible accounts expense for the year.  Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

Dr bad debt expense 745

    Cr accounts receivable 745

<h2>income statement 2019</h2>

Service revenue             $120,000

Expenses:

  • Wages $65,000
  • Bad debt $1,395    <u>($38,450) </u>

Net income                      $53,605

<h2>balance sheet 2019</h2>

Assets:

Cash $125,000

Accounts receivable $14,155

total assets                                           $139,155

Equity:

Common stock $10,000

Retained earnings $129,155

total equity                                            $139,155

<h2>statement of cash flows 2019</h2>

Cash flows form operating activities:

Net income                                      $53,605

adjustments:

Increase in accounts receivable     <u>($5,605) </u>

net cash from operating activities  $48,000

Net cash increase                           $48,000

beginning cash balance                 <u>$77,000 </u>

Ending cash balance                    $125,000

<h2>net realizable value accounts receivable</h2>

net realizable value of accounts receivable 2018 = $8,550

net realizable value of accounts receivable 2019 = $14,155

4 0
2 years ago
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