Answer:
I) Days sales outstanding (DSO) for all customers? 48.7days
= (53*0.9)+(10*0.1) = 48.7 days
II) Net sales? $166.600
The Net sales = Gross sales - sales allowance
The discount amount due for the 10% discount customers = 2% of the 10% of 170 mn ==> 0.02 * 0.1 * 170 ===> 0.34 mn
∴ The Net sales = 17 - 0.34 mn = 16.66 mn
Amount paid by discount customers? $13.600
Explanation:
I. General Credit Policy Information
Credit stamps 2/10 Net 30
Days sales outstanding (DSO) for all customers 48.7days
DSO for customers who take the discount (10%) 10days
DSO for customers who forgo the discount (90%) 53days
II. Annual Credit Sales and Costs ($ millions)
Gross sales $170.000
Net sales? $166.600
Amount paid by discount customers $13.600
Amount paid by non discounted customers $153.000
Variable operating costs (82% of gross sales) $139.40
Bad debts $0.0
Credit evaluation & collection costs (10% of gross sales) $17.00
Answer:
Is this one of the people that give free points?
Answer:
$792,960
Explanation:
Data provided
Number of pods = 23,600
Direct labor hours = 3
Direct Labor Rate per hour = $11.20
The computation of Budgeted direct labor costs is shown below:-
Budgeted Direct labor Cost = Number of pods × Direct Labor Hours required per pod × Direct Labor Rate per hour
Budgeted Direct labor Cost = 23,600 × 3 × $11.20
= $792,960
Answer:
c) AICPA accounting and auditing guide, Audits of Colleges and Universities and/or AICPA SOP 74-8, Financial Accounting and Financial Reporting by Colleges and Universities.
Explanation:
As accounting and auditing guide which is issued by AICPA for health care 3 gives full guidance on how to deal with financial reporting issues for the hospital so the accountant would look into it for any problem related to it.
Answer:
Option (a) is correct.
Explanation:
Given that,
Net income = $112,700
Retained earnings = $108,000
Dividends = $40,000
After all closing entries are made,
The balance in the Retained earnings account is as follows:
= Retained earnings + Net income - Dividends
= $108,000 + $112,700 - $40,000
= $180,700
Hence, the balance in the retained earnings account is $180,700.
