Answer:
bad debt expense 885 debit
allowance for doubtful accounts 885 credit
Explanation:
expected uncollectibles
1.5% of AR = 99,000 x 1.5% = 1,485
current balance credit (600)
Adjustment 885
When calculating over account receivable, we stimated the allowance so we have to adjsut for the diference.
Answer:
$484.11
Explanation:
Calculation to determine How much money does Bridget have in her checking account?
Previous balance of $181.36
Add Total deposits $475.00
Less Total checks written $165.25
Less service charge $7.00
Checking account balance $484.11
Therefore How much money does Bridget have in her checking account is $484.11
Answer:
1. Companies using FIFO will report the highest gross profit and net income.
2. Companies using FIFO will report the smallest cost of goods sold.
3. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.
4. Companies using FIFO will pay higher taxes than companies using LIFO, assuming all else being equal.
Explanation:
If costs are rising, companies using FIFO will report higher profits simply because they calculate cost of goods sold based on the oldest products which were purchased at a lower cost.
FIFO and LIFO costs will be the extreme points, FIFO showing lowest costs while LIFO will result in the highest costs, while the weighted average will be in between.
Since companies using FIFO report higher profits, they will have to pay more taxes.
Answer and Explanation:
The journal entries are shown below:
A. Equipment $24,500 ($25,000 × 98%)
To Accounts Payable $24,500
(Being the equipment is purchase on account)
B. Equipment $24,545
Discount on Notes Payable $2,455
To Note Payable $27,000
(Being note payable is recorded)
C. New Equipment $24,500
Accumulated Depreciation $8,000
Loss on Equipment $3,500
To Cash $22,000
To Old Equipment $14,000
(Being equipment is recorded)
D. Equipment $24,000
To Common Stock $24,000
(Being equipment purchased)
Answer:
B. Focus group
Explanation:
Use series of elimination on this one.
Test subjects- No
Market Research Audience- Those are people that watch the tests that you will conduct with your focus group.
Survey takers- Too simple.
Hope that I could help you!
