You should FOLLOW UP on items that: ______________, _________________, _______________

EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, and f

slega [8]

Answer:

The amount for gross trade account receivable is $520

The amount for bad debt expense is $144

Explanation:

The gross amount receivable is total receivable amount from the sales made. In the given scenario the amount receivable for the year is $443 plus the provisions made at the end of the year. The gross receivable is $520.

3 0

3 years ago

Transactions/events: 1. Acquired $25,000 from the issue of common stock. 2. Purchased $2,500 of supplies on account from the Gad

shepuryov [24]

Answer:

I guess that you need the journal entries:

1. Acquired $25,000 from the issue of common stock.

Dr Cash 25,000

Cr Common stock 25,000

2. Purchased $2,500 of supplies on account from the Gadget Supply Agency.

Dr Supplies 2,500

Cr Accounts payable 2,500

3. Performed security services at local sporting events during the year for $8,000 cash.

Dr Cash 8,000

Cr Service revenue 8,000

4. Paid salaries expense of $3,000 for the year.

Dr Salaries expense 3,000

Cr Cash 3,000

5. Purchased land, paying $10,000 cash.

Dr Land 10,000

Cr Cash 10,000

6. Paid utility expenses of $2,000 for the year.

Dr Utilities expense 2,000

Cr Cash 2,000

7. Paid a cash dividend of $1,500 to the shareholders.

Dr Dividends 1,500

Cr Cash 1,500

8. Found out from an appraiser that the market value of the land on 12/31 was $12,500.

NO JOURNAL ENTRY

7 0

3 years ago

The following information is available for two different types of businesses for the 2014 accounting period. Lewis CPAs is a ser

Alik [6]

Answer:

Lewis CPAs:

service revenue: 60,000

Salaries expense: (40,000)

Net Income 20,000

Casual Clothing:

sales revenue 60,000

cost of goods sold: (32,000)

Gross Profit 28,000

operating expense (7,200)

Net Income 20,800

Explanation:

The net income is the difference between the revenues and expenses.

For Casual Clothing we also need to calcualte the gross profit which is, the difference between the sales revenue and the cost of the good sold.

After that, we subtract the other operating expense to arrive the net income

5 0

3 years ago

In the context of promoting organizational learning and intrapreneurship, the idea behind the role of _____ is that, if intrapre

andre [41]

Answer:

Skunkworks.

Explanation:

In the context of promoting organizational learning and intrapreneurship, the idea behind the role of <em>Skunkworks</em> is that, if intrapreneurs are isolated, they will become so intensely involved in a project that development time will be relatively brief and the quality of the final product will be enhanced.

A Skunkworks project typically represents an innovative project comprising of a loosely structured small group of people, usually outside the research and development departments of an organization. The Skunkworks is made up of well seasoned individuals or experts who research, quickly design or develop, and test innovative solutions for a project in order to enhance radical innovation.

As a result, isolating the intrapreneurs would enhance the rapid development and quality of the final product in a project.

Please note, Skunkworks has its origination from Martin Lockheed's World War II Skunkworks in the Advanced Development Projects (ADP).

8 0

2 years ago

If a firm has invested in corporate bonds, it may engage in a financial futures contract in order to protect itself from :______

tigry1 [53]

Answer:

b. rising interest rates.

Explanation:

A bond can be defined as a debt or fixed investment security, in which a bondholder (creditor or investor) loans an amount of money to the bond issuer (government or corporations) for a specific period of time.

Generally, the bond issuer is expected to return the principal at maturity with an agreed upon interest to the bondholder, which is payable at fixed intervals.

The par value of a bond is its face value and it comprises of its total dollar amount as well as its maturity value. Also, the par value of a bond gives the basis on which periodic interest is paid. Thus, a bond is issued at par value when the market rate of interest is the same as the contract rate of interest. This simply means that, a bond would be issued at par (face) value when the bond's stated rated is significantly equal to the effective or market interest rate on the specific date it was issued.

In Economics, bonds could either be issued at discount or premium.

Generally, if a business firm has invested in corporate bonds, it may engage in a financial futures contract in order to protect itself from rising interest rates.

3 0

2 years ago

You should FOLLOW UP on items that: ______________, _________________, ________________.

You should FOLLOW UP on items that: ______, _, ________.