Answer:
C) $750.
Explanation:
Bad debt Expense will be calculated using the percentage of debt loss. The expense will be calculated using the account receivable balance.
Closing Value of the Allowance for Doubtful Accounts will be as follow
As Allowance for Doubtful Accounts already have debit balance of $110, we need to adjust the remainder to make the closing credit balance of Allowance for Doubtful Accounts $640 at the year end.
Adjustment Value = $640 + $110 = $750
Answer: relevancy
Explanation: In simple words, relevancy refers to the importance of something in relation to a subject matter for which it is going to be used for.
In the given case, the analyst have to further research on the information despite of the report. Thus, the report does not fulfill the expectations of the analyst and does not have any importance to him for performing his job.
Hence, we can conclude that the report is deficient in relevancy.
Answer: increase asset
Explanation:
Cash basis accounting is an accounting method that is used to records revenue as at the point that the cash is received. Also, the expenses are recorded when expenses are paid in cash.
From the question, we are informed that a corporation received $550 from a customer as a deposit and the company uses cash basis accounting. The effect of this transaction is to increase assets.
Answer:
The 38,800 mattresses need to be produced in the first quarter (January, February, March) of 2013
Explanation:
The computation of the mattresses need to be produced in the first quarter is shown below:
= Total sales in first quarter + ending finished goods inventory - beginning finished goods inventory
where,
Total sales in the first quarter = January Sales + February sales + March sales
= 10,000 + 14,000 + 13,000
= 37,000 units
Ending finished goods inventory = April sales × percentage given
= 16,000 × 30%
= 4,800 units
And, the Beginning Finished goods inventory is 3,000 units
Now put these values to the above formula
So, the value would be equal to
= 37,000 + 4,800 - 3,000
= 38,800 units
Answer:
The correct answer is option b.
Explanation:
A worker in Freedonia can produce either 6 units of corn or 2 units of wheat per year.
A worker in Sylvania can produce either 2 units of corn or 6 units of wheat per year.
The opportunity cost of a unit of corn for Freedonia
=
= 0.33
The opportunity cost of a unit of corn for Sylvania
=
= 3
So, we see that Freedonia has a comparative advantage in producing corn as it has a lower opportunity cost.
The opportunity cost of a unit of wheat for Freedonia
=
= 3
The opportunity cost of a unit of wheat for Sylvania
=
= 0.33
So, we see that Sylvania has a comparative advantage in producing wheat as it has a lower opportunity cost.
With 10 workers, Freedonia will produce 60 units of corn and 0 units of corn and Sylvania will produce 60 units of wheat and 0 units of corn.
Without trade, Freedonia produces and consumes 30 units of corn and 10 units of wheat per year. Sylvania produces and consumes 10 units of corn and 30 units of wheat.
The war has caused the combined yearly output of the two countries to decline by 20 units of corn and 20 units of wheat.