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hjlf
3 years ago
6

Kingston anticipates total sales for June and July of $370,000 and $318,000, respectively. Cash sales are normally 60% of total

sales. Of the credit sales, 25% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31.
Business
1 answer:
Alex17521 [72]3 years ago
8 0

Answer:

$117,600

Explanation:

Given that the company  has Cash sales that are normally 60% of total sales and Of the credit sales, 25% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale

In June, total sales $370,000

Amount that would not have been collected from this sale at the end of July

= 40% * 15% * $370,000

= $22,200

In July, total sales is $318,000,

Amount that would not have been collected from this sale at the end of July

= 40% *75% *  $318,000

= $95,400

Hence the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31

= $22,200 + $95,400

= $117,600

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Answer:

Balance sheet extract:

Intangible assets:

Copyright 1      $0

Copyright 2      $48,000

Explanation:

The points to note in the question are enumerated as follows:

An internally generated intangible asset cannot  be capitalized.By capitalization ,I mean its costs is treated as intangible asset to be amortized over its useful life.As a result,the $16,000 incurred on the internally generated intangible asset,specifically,the first copyright should be treated as expense when  incurred.

However,the second copyright that was bought from University Press can be treated as asset but cannot be amortized since it has indefinite life,but would be tested for impairment on a yearly basis,with impairment losses charged to profit or loss account.

7 0
3 years ago
On January 1, 2019, Oriole Company purchased the following two machines for use in its production process.
ivolga24 [154]

Answer and Explanation:

The journal entries are shown below:

1  Equipment   $53,420

     To Cash  $53,420

(Being the equipment is purchased for cash is recorded)

The computation is given below:

= Cash price of machine + sales tax + shipping cost + insurance during shipping + installation and testing cost

= $49,500 + $3,650 + $100 + $60 + $110

=  $53,420

2. Depreciation expense $9,614

      To Accumulated Depreciation - Equipment  $9,614

(Being the depreciation expense is recorded)

The computation is shown below:

= ($53,420 - $5,350) ÷ ( 5 years)

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6 0
3 years ago
When accounting for the general fund, the encumbrances control account is credited when:_____.
polet [3.4K]

When accounting for the general fund, the encumbrances control account is credited when: purchase order is filled or canceled.

<h3>What do you mean by general fund?</h3>

A general fund is defined as the fund which is known as the primary operating fund of a governmental unit. Most of the usual activities are supported by general fund.

On the other hand, the encumbrance control account is defined as settlement under which the some amount of money keep aside to meet the anticipated expenses.

For example, the reserve is used for maintaining the contract or purchase order.

Learn more about general fund, refer to the link:

brainly.com/question/24020252

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Answer:

D. Its purpose is to relate the income tax expense to the items which affect the amount of tax.

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3 years ago
Name the form of ownership represented by SABC
Angelina_Jolie [31]

The correct answer to this open question is the following.

Although there are no options attached, we can say the following.

The form of ownership represented by SABC is a publicly owned or state-owned broadcasting corporation that is managed by the government of South Africa. Indeed, SABC stands for South Africa Broadcasting Corporation. It was created on August 1, 1936, as the public broadcasting system of the South African government. Today, it controls 19 AM and FM stations in the country and operates five television channels that foment the optimal educational and entertainment content for the people of South Africa.

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