Answer:
I have attached an Excel Sheet that identifies all the events that need to be accounted for. If you have any queries regarding the Journal Entries, please free to ask me that.
B) The Balance of Accounts Receivable at Year End is $3,000.
Explanation:
Hardy Merchandising Company made Sales of $27,000 on account, out of which $24,000 were collected during the year. So, at the year end the Balance Sheet will show a figure of $3,000 for Accounts Receivable.
Thank You!
Answer:
Increase
Explanation:
Since the Contribution increased and Fixed Costs have decreased, the resulting effect is an Increase in Net Operating Income. Thus, all other factors remain the same, net operating income will: Increase
Answer:
increase total assets by $1,300.
Explanation:
The net effect is shown below
The first entry is
Cost of goods sold Dr $2,300
To Merchandise Inventory $2,300
(Being the cost of inventory is recorded)
Now the second entry is
Account receivable Dr 3,600
To Sales revenue 3,600
(Being the sales is recorded)
Now the net effect is
= 3,600 - 2,300
= 1,300
This 1,300 reflect the increase in the total assets
Answer:
Dam... u better do something about that! Shi, I would
Explanation:
Answer:
The property will be transferred according to the Statute of Descent and Distribution.
Explanation:
Intestacy is the situation where a person dies without leaving a will for the sharing of his estate.
When this happens the descent and distribution statute comes into play.
The heirs or next of kin are beneficiaries to the estate. Heirs can be be blood relatives, adopted children, adopted parent, or surviving spouse.
The line of descent is the order of beneficiaries that are from an ancestor. The line of descent can be direct such as sons, or collateral such as cousins.
In this case where Olive Maccones dies without a will and she has three sons and seven grandchildren, her estate will be distributed by a court based on the line of descent of her sons and grandchildren.
