Answer:
D. $155,600
Explanation:
The calculations of the budgeted cash collections are shown below:
= June sales × sale month collection percentage + May sales × following month collection percentage + April sales × second following month collection percentage
= $150,000 × 40% + $160,000 × 56% + $150,000 × 4%
= $60,000 + $89,600 + $6,000
= $155,600
Simply we multiplied the sales with the collection criteria
In my opinion, reliability and consistency are two of the most important leadership skills for a small business to succeed for a long time. With these two characteristics a small business can build a returning customer base as well as a good rating on review websites. For example, many local barbershops provide consistent quality haircuts which builds reliability and in turn demand and returning customers.
Answer:
The answer is A. A debit to Accounts Receivable for $ 586,080
Explanation:
Sales tax is an additional amount of money one pays based on a percentage of the selling price of goods and services that are purchased.
The sales tax amount will be added to sales revenue to form the total bill.
Sales revenue ----------------- $528,00
Sales tax -------------------------- 11%
Sales tax amount
$528,00 x 0.11
= $58,080
Therefore, total bill is:
$528,00 + $58,080
=$586,080.
Debit increases an asset(accounts receivable) while credit decreases an asset(accounts receivable).
Since the accounts receivable will increase, it will be on debit side.
Answer:
The best place to get information about the transaction is the general journal.
Explanation:
The best place for the manager to get information about the transaction is the general journal.
The journal in accounting is a record of financial transactions in order by date. The general journal is a day book that records transactions as it relates to adjustment entries, opening stock, accounting errors. Entries in general journal includes dates and explanation of transaction called narration.
The manager can find out if he paid fully for the transaction by going through the narration in the general journal.
Answer:
A) lag the cycle.
Explanation:
One of the basic mistakes made by classical economists is that they believe that wages and employment are economic variables that can be easily controlled like money supply or interest rates, when actually they are extremely inflexible and they usually vary much less than the economic cycle.
For example, no employee will accept a pay cut, it is easier for the company to fire him than to convince him/her o earn less money. This is logical since I wouldn't accept a pay cut and you probably wouldn't either. Employment as a whole is more closely related (but in the opposite direction) to the inflation rate than to the economic cycle.
Even the government (at all 3 different levels) tries to avoid massive layoffs since a person fired is not simply a lower cost, but it has negative impacts on the economy as a whole and at social and community levels also.
You must also remember that it sometimes is much easier to fire someone than to hire him/her again or someone with similar skills to perform a job once the economy rebounds.
