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Paha777 [63]
3 years ago
14

Daube Company's operations for the month of July are summarized as follows: Provided $8,600 of services on account. Received $3,

800 cash from customers for services provided in July. Received $1,100 cash for services to be provided in August. Received $5,100 cash from customers on account for services provided in June. Paid June’s warehouse rental bill on account in the amount of $1,200. Received July’s warehouse rental bill of $1,300; set it aside to be recorded at a later date. Required: Determine the net income for July using the cash basis of accounting. Determine the net income for July using the accrual basis of accounting.
Business
1 answer:
Norma-Jean [14]3 years ago
8 0

Answer: See explanation

Explanation:

a. Determine the net income for July using the cash basis of accounting.

Revenue = $3800 + $1100 + $5100 = $10000

Less: Expense = $1200

Net Income = $10000 - $1200 = $8800

b. Determine the net income for July using the accrual basis of accounting.

Revenue = $8600 + $3800 = $12400

Less: Expense = $1300

Net income = $12400 - $1300 = $11100

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In 2022 the Wildhorse Co. had net credit sales of $960000. On January 1, 2022, the Allowance for Doubtful Accounts had a credit
Montano1993 [528]

Answer:

$46,500

Explanation:

The computation of the required adjustment to the Allowance for Doubtful Accounts is shown below:

= Ending balance of account receivable × estimated percentage + balance in allowance account

where,

Balance in allowance account is

= $22,500 - $33,600

= $11,100

So, the adjustment made is

= $236,000  ×  15 % + $11,100

= $46,500

6 0
3 years ago
What is the price of a perpetual bond that pays a $45 per year into perpetuity, and has a 3.5% yield to maturity (YTM)
snow_tiger [21]

Answer:

Price =$1,285.71

Explanation:

<em>A perpetual bond is that which pays a fixed amount of interest income for the foreseeable future. It issuer does not always have an obligation for redemption under the terms of loan contract.</em>

The price of   perpetual bond can be determined as the present value of a perpetuity. An perpetuity is an annuity that pays a fixed amount of cash flow for a certain number of years

PV = A/r

PV- price of bond- ?

A- annual interest - 45

r- Yield to maturity- 3.5%

Price = 45/0.035=1,285.714

Price =$1,285.71

6 0
4 years ago
About how many people in the u.s. claim arab ancestry?
jenyasd209 [6]

About three million people in the u.s. claim Arab ancestry

Who are Arabs?

  • A sizable ethnic group, the Arabs are also referred to as the Arab people, and they are mostly found in the Arab world, which includes parts of Western Asia, North Africa, the Horn of Africa, and the western Indian Ocean islands (including the Comoros).
  • A sizable number of Arabs have also emigrated to other parts of the world, including the Americas, Western Europe, Turkey, Indonesia, and Iran.
  • The word "Arab" is often used in modern contexts to describe people who are both speakers of Arabic and members of that ethnic group.
  • Arabs are also referred to as a socio-ethnic group in a source that contrasts Arabs in Europe with other socio-ethnic communities.
  • This contrasts with the more limited conventional meaning, which only refers to the offspring of Arabian tribes.

To learn more about Arab, refer to the following link:

brainly.com/question/7414837

#SPJ4

4 0
2 years ago
1. Suppose the Kenyan shilling (KS) is currently traded at KS 1.4/$.The Ethiopian Birr (EB) is traded at E B1.39/$.Ignoring tran
otez555 [7]

Answer:

The answer is <u>KS 1.01/EB</u>.

Explanation:

This is an example of a cross rate.

Cross rate refers to an exchange rate between two currencies that is calculated based on the exchange rate of each of the two currencies to a third currency.

For this question, the cross rate KS/EB will be estimated by reference the US dollar which is third currency. This can be calculated by simply dividing the KS 1.4/$ by the E B1.39/$ as follows:

KS/EB = 1.4 / 1.39 = 1.01

That is, the answer is <u>KS 1.01/EB</u>.

4 0
4 years ago
H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the followin
zysi [14]

Answer:

$0.6 per pounds

Explanation:

The computation of the standard unit materials cost per pound is shown below:-

Whole Tomatoes = 5,000 × $0.75

= $3,750

Vinegar = 350 × 0.90

= $315

Corn syrup = 40 × 7.50

= $300

Salt  = 125 × 1.80

= $225

Total cost = Whole Tomatoes + Vinegar + Corn syrup + Salt

= $3750 + $315 + $300 + $225

= $4,590

Standard Unit Materials cost per pound = Total cost ÷ ketchup pounds

= $4,590 ÷ 7,650 pounds

= $0.6 per pounds

8 0
4 years ago
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