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Leno4ka [110]
2 years ago
6

During the​ year, credit sales amounted to $ 840,000. Cash collected on credit sales amounted to $ 790,000​, and $ 18,000 has be

en written off. At the end of the​ year, the company adjusted for bad debts expense using the percent-of-sales method and applied a​ rate, based on past​ history, of 2.5​%. The amount of bad debts expense for 2019 is __________.
Business
1 answer:
Murrr4er [49]2 years ago
5 0

Answer:

$21,000

Explanation:

During the​ year, credit sales amounted to $ 840,000.

Cash collected on credit sales amounted to $ 790,000​, and $ 18,000 has been written off.

At the end of the​ year, the company adjusted for bad debts expense using the percent-of-sales method and applied a​ rate, based on past​ history, of 2.5%.

The amount of bad debts expense for 2019 is 2.5% x 840,000 = $21,000

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The following costs are included in a recent summary of data for a company: advertising expense, $85,000; depreciation expense -
vladimir1956 [14]

Answer:

Conversion costs= $488,000

Explanation:

Giving the following information:

depreciation expense - factory building, $133,000

direct labor, $250,000

factory utilities, $105,000

<u>The conversion costs are the sum of direct labor and manufacturing overhead.</u>

<u></u>

Manufacturing overhead= 133,000 + 105,000= 238,000

Direct labor= 250,000

Conversion costs= $488,000

7 0
3 years ago
In an enterprise resource planning (ERP) system, the _____ component provides information on production costs and pricing.
posledela

Answer: manufacturing

Explanation:

In an enterprise resource planning (ERP) system, the manufacturing component provides information on production costs and pricing.

Enterprise Resource Planning is the gathering and organization of business data by using an integrated software suite.

It should be noted that ERP software typically contains applications that helps in automating certain business functions such as sales quoting, production, accounting etc

5 0
3 years ago
Household​ production, such as baking bread at​ home, is not included in GDP because it
Mariulka [41]

Answer:

The correct answer is option D.

Explanation:

GDP can be defined as a measure to calculate the economic growth of a nation. It includes the production of final goods and services in the geographical boundaries of a nation.

It does not include home production of goods and services, this is because such goods and services do not involve a market transaction. For instance, if a person is baking bread at home he/she is not being paid for it by anyone.

6 0
3 years ago
g The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $
poizon [28]

Answer:

200% of direct labor cost

Explanation:

The computation of the company overhead application rate is shown below;

But before that overhead cost would be determined

GIP = Direct material + Direct labor + Overhead

$4,400 = $2,000 + $800 + Overhead

So,

Overhead = $4,400 - $2,000 - $800

= $1,600

Now the overhead application rate is

= overhead ÷ direct labor cost

= $1,600 ÷ $800 × 100

= 200%

6 0
2 years ago
1. Assume a closed economy, perfectly elastic labor supply, and linear technol-ogy. Suppose the incremental capital-output ratio
Vera_Pavlovna [14]

Answer:

<u>Using the Harrod-Domar growth equation</u>

Growth rate = Saving rate / Capital output ratio

Growth rate = 0.01 / 3

Growth rate = 0.003

Growth rate = 0.3%

Thus, the value of growth rate is 0.3%

When the incremental capital-output ratio is 3, to achieve the 5% growth rate, the gross saving rate is 0.24 or 24%

Exogenous growth: When the labor supply is perfectly elastic, then the exogenous does not allow any factor to substitute

Endogenous growth: When the labor supply is perfectly elastic, theem the exogenous does not lead to address the savings decision or sources of productivity growth.

8 0
3 years ago
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