Answer:
Anne Traylor Inc.
Calculating Lower-of-Cost-or-Net Realizable Value
The inventory cost to report on the balance sheet on June 30, 2020, assuming that the company applies the lower-of-cost-or-net realizable value rule to each individual inventory item is:
= $8,990.
Explanation:
a) Data and Calculations:
Inventory Quantity Selling Cost NRV Inventory Lower-of-Cost-or-
Item Price to Sell Cost Net Realizable Value
#100 70 $24 $5 $19 $16 $1,120 ($16 * 70)
#101 100 22 4 18 17 1,700 ($17 * 100)
#115 50 35 6 29 31 1,450 ($29 * 50)
#118 120 40 6 35 29 3,480 ($29 * 120)
#120 25 18 4 14 10 250 ($10 * 25)
#128 45 30 8 22 26 990 ($22 * 45)
Total $8,990
To represent his earnings the inequality to be used is: earnings (is less than) 100 (but greater than) 50.
Answer:
expansionary phase, recession
cyclical unemployment is an unusual phenomenon in which economy in which the economic activities in a state or country rises and falls cyclically as opposed to linear unemployment where the economy just rises and falls. When there is such increase in economic activity, there is low levels of employment and job availability and vise versa
Explanation:
The answer from given choice is "C", "Payday Lender" is not a type
of bank.<span>
Payday lender involve the basic loan procedure where a lender
is providing a short-term loan which
has to be paid back when the borrower's next payday come, that is a
simple loan process which has nothing to do with a bank.</span>
Answer:
Bad debt expense for 2022 would be $2,950.
Explanation:
Bad debt expense for 2022 can be calculated as follows:
Bad debt expense for 2022 = Allowance for uncollectible accounts of at December 31, 2022 - (Balances in Allowance for Uncollectible Accounts on December 31, 2021 - Accounts receivable written off) = $4,300 - ($2,000 - $650) = $2,950
Therefore, Bad debt expense for 2022 would be $2,950.
