LETS MAKE THIS A QUESTION THAT HAS NO STARS. ONLY THANKS!!!!!!!

The following information pertains to Lightning Inc., at the end of December: Credit Sales $ 20,000 Accounts Payable 10,000 Acco

OLEGan [10]

Answer:

Lightning Inc.

Computation of Bad Debts Expense:

7% of $7,500 = $525

21% of $1,600 = 336

46% of $1,300 = 598

Total $1,459

Explanation:

a) Data and Calculations:

Credit Sales $ 20,000

Accounts Payable 10,000

Accounts Receivable 10,400

Allowance for Uncollectible Accounts 400 credit

Cash Sales 20,000

Lightning uses the aging method and estimates it will not collect 7% of accounts receivable not yet due, 21% of receivables up to 30 days past due, and 46% of receivables greater than 30 days past due.

The accounts receivable balance of $10,400 consists of $7,500 not yet due, $1,600 up to 30 days past due, and $1,300 greater than 30 days past due.

Age Analysis of Accounts Receivable balance of $10,400

Not yet due up to 30 days greater than 30

past due days past due

Percentage 7% 21% 46%

Balance $7,500 $1,600 $1,300

Bad debts $525 $336 $598

Bad debts Expense = $1,459

6 0

3 years ago

Creative Canopies (CC) is a manufacturer of flexible canopies for athletic facilities. CC has contracts with 3 universities to i

ElenaW [278]

Answer:

Creative Canopies (CC)

With gross profits of $10,000, the least profitable is:

B. UCLA

Explanation:

a) Maintenance Costs of Canopies:

Support Activity Driver Cost per Driver Unit

Major refinishes: Hours on jobs $55

Minor touchups: Number of visits $400

Communication: Number of calls $25

b) Customer Data:

University Hours major Visits minor Calls=

USD 100 7 12

USC 90 5 15

UCLA 120 6 9

c) Calculation of the Cost of Canopy Maintenance for each customer:

University Hours Major Minor Major Minor Commun- Total

Visits Calls Refinishes Touchups ication

USD 100 7 12 $5,500 $2,800 $300 $8,600

USC 90 5 15 $4,950 $2,000 $375 $7,325

UCLA 120 6 9 $6,600 $2,400 $225 $9,225

d) Calculation of net income from each customer:

University Gross Profit Maintenance Cost Net Income

USD $10,000 $8,600 $1,600

USC $10,000 $7,325 $2,675

UCLA $10,000 $9,225 $775

8 0

3 years ago

You are product manager for a company that manufactures copy machines for offices. Therefore, you will most likely

mario62 [17]

Answer:

The correct answer is d. use both personal selling and advertising.

Explanation:

Advertising and personal sales are very related business processes that constitute the volume of a company's activity in marketing and promotion. Advertising and personal sales are methods used by companies to convey the benefits of their brand, product and services to the market. However, they are different views of marketing.

3 0

3 years ago

Suppose a tax of $5 per unit is imposed on a good, and the tax causes the equilibrium quantity of the good to decrease from 200

Burka [1]

1-¿Dónde se desarrolla la acción? ( País, zona urbana o rural)

Vancouver, Columbia Británica en minessota

2-¿ Por qué se llama así la protagonista?

3-¿Con quién convive? ¿ a qué se dedica?

Con su padre y su madrastra

4-¿ Qué mueble aparece al principio, el cual tiene su importancia en la

trama?

5-¿ Qué es lo primero que piensa hacer la protagonista cuando se entera

de que está embarazada? ¿ por qué se echa para atrás?

6-¿Dónde busca a la pareja para adoptar a su hijo?

7- Cuando está en casa de la pareja, la abogada le habla de

“compensaciones” ¿ a qué crees que se refiere?

8-¿Qué es la maternidad subrogada? ¿es legal en España? ¿ y en Estados

Unidos? Infórmate al respecto. ¿ qué famosos españoles están ahora en

juicio por un caso de paternidad subrogada?

9-¿Cómo es la relación de Juno con el marido de la futura madre de su

hijo? ¿Qué personalidad tiene este personaje ( el marido)? ¿ qué acaba

haciendo?

10- ¿Qué te parece el personaje del chico que deja embarazada a Juno?

¿Cómo acaba su relación con él? ¿ Qué crees que harías en una situación

parecida?

3 0

3 years ago

which of the following entries records the adjustment for revenue earned, but not yet collected? multiple choice debit accounts

Yanka [14]

various options Debit receivables from customers, credit sales. Accounts Receivable is debited and Sales Revenue is credited. Sales revenue is debited and deferred revenue is credit. Debit receivables and credit deferred revenue are the two balances.

<h3> What are debit and credit?</h3>

An accounting entry that decreases an asset or cost account is known as a debit. or reduces an equity or liability account. In an accounting entry, it is placed on the left. An accounting item known as a credit raises a liability or equity account's balance. or lowers an account for an asset or expense.

The money that is placed into your checking account is a credit to the bank even if it is a debit to you (an increase in your asset) because it is not their money. It is your money, and the bank owes it to you, so it is a liability on their books. A credit is an increase in a liability account.

Explain debit and credit with an example:

Debit what comes in, credit what leaves, first. Second, credit all gains and revenue while debiting all expenses. Thirdly, debit the sender and credit the recipient.

<h3>Can you credit revenue and debit accounts receivable?</h3>

An accounts receivable transaction in journal entry form debits accounts receivable and credits a revenue account. Credit accounts receivable (to eliminate the receivable) and debit cash (to show that you have been paid) when your customer pays their invoice.

Debit or Credit Account: As a business owner, your equity grows as a result of your revenue. Revenues must be reported as credits rather than debits because your equity typically has a credit balance.

Revenue from sales is it an accounts receivable?

When a business sells anything, it reports the revenue from the transaction on its income statement. They list the amount owed as accounts receivable on their balance sheet if the consumer hasn't yet paid them for the purchase. The amount indicated on the income statement is offset by accounts receivable.

To know more about Debit or Credit , visit:

brainly.com/question/12269231

#SPJ4

7 0

1 year ago