Answer:
The correct answer is All of the options are true.
Explanation:
Proforma financial statements are projected statements. Generally, the data is forecast one year in advance, for example, in a transformation company the proforma status obtained based on the master budget is very complete, all projections are seen starting with the sales forecast and from this They make the other projections.
The Proforma Financial Statements are states that contain, in whole or in part, one or more assumptions or hypotheses in order to show what the financial situation or the results of the operations would be if they occurred.
Answer:
Total cash collection= $530,000
Explanation:
Giving the following information:
<u>Sales:</u>
February $500,000
March $400,000
April $600,000
60% of the credit sales are collected in the month of sale, 30% in the month following sale, and 10% in the second month following the sale.
<u>Cash collection April:</u>
Cash collection credit sales from April= (600,000*0.6)= 360,000
Cash collection credit sales from March= (400,000*0.3)= 120,000
Cash collection credit sales from February= (500,000*0.1)= 50,000
Total cash collection= $530,000
Answer:
i think the answer is true
Explanation:
Answer:
The correct answer is option A.
Explanation:
Normal goods have positive income elasticity, so when there is an increase in the income of the consumer, the quantity demanded of the normal goods will increase.
On the other hand, the inferior goods have a negative income elasticity. So when the income of the consumer increases the demand for inferior goods decline. This is because as income increases, the consumers will prefer normal goods.
The adjusted balance in the Accumulated Depreciation account at the end of 2019 is <u>$14,000</u>.
<u>
Explanation</u>:
<em><u>Given</u></em>:
Cost of van= $32,000
Estimated residual value= $3,200
Straight-line Depreciation Rate= 1/8
= 0.125
Straight-line Depreciation Rate= 12.5%
Declining Balance Rate = 2 ×12.5%
= 25%
Double declining balance can be calculated with the following formula:
2 x basic depreciation rate x book value
By applying the values,
The adjusted balance in the Accumulated Depreciation account= $14,000.
