Answer:
J1
Cash $540 (debit)
Cost of Goods Sold $240 (debit)
Sales Revenue $540 (debit)
Inventory $240 (credit)
J2
Warranty Provision $38 (debit)
Direct Materials $38 (credit)
Explanation:
September 1 entries to record the cost and sale of the mower are :
Cash $540 (debit)
Cost of Goods Sold $240 (debit)
Sales Revenue $540 (debit)
Inventory $240 (credit)
The Warranty Expenses is recorded as :
Warranty Expense $32.40 (debit)
Warranty Provision $32.40 (credit)
Warranty = $540 × 6% = $32.40
When the mower is brought i for repairs, the amount of Provision is used as follows :
Warranty Provision $38 (debit)
Direct Materials $38 (credit)
Answer:
restore the equilibrium of the economy
Explanation:
According to Adam Smith, if market forces are allowed to move freely, they will work for the common benefit of everyone, and it will lead to an equilibrium in the market. The invisible hand moves the supply and demand in such a way to restore the natural balance. Sellers and buyers look for their self-interest and in doing that they efficient allocation of the resources
Answer:
$213,250
Explanation:
The calculation of cash inflow is shown below:-
Expected cash collections
For the month of June
Months Sales Percentage Expected collections
April $282,500 5% $14,125
May $213,750 30% $64,125
June $225,000 60% $135,000
Total collection in the month of June $213,250
Here we assume Sales for April$282,500, May $213,750 and June $225,000.
Please ignore the last value as it is not relevant to the question
Answer:
1) For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash received from the sale.
- original cost = $9,800
- accumulated depreciation = $1,020
- cash received = $5,980
2) Sanchez Company uses the indirect method for the Operating Activities section of the cash flow statement. What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Operating Activities?
- the loss on sale of equipment ($2,800) should be added to the cash flows from operating activities.
3) What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Investing Activities?
- the cash received ($5,980) should be added to the cash flow from investing activities
Explanation:
equipment cost = beginning equipment - ending equipment = $20,000 - $10,200 = $9,800
equipment's accumulated depreciation = beginning accumulated depreciation + depreciation expense - ending depreciation = $1,950 + $860 - $1,790 = $1,020
book value = $9,800 - $1,020 = $8,780
cash received = book value - loss = $8,780 - $2,800 = $5,980
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