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Ket [755]
2 years ago
13

On April 30, Gomez Services had an Accounts Receivable balance of $24,600. During the month of May, total credits to Accounts Re

ceivable were $59,200 from customer payments. The May 31 Accounts Receivable balance was $19,000. What was the amount of credit sales during May?
Business
1 answer:
Nataliya [291]2 years ago
4 0

Answer: $53,600

Explanation:

Credit sales increase the balance on Accounts Receivables because they represent that people owe the business.

It is therefore included in the formula for calculating the ending balance of Accounts Receivables:

Ending accounts receivables = Beginning accounts receivable + Credit sales in May - Customer payments during May

19,000 = 24,600 + Credit Sales in May - 59,200

Credit Sales in May = 19,000 + 59,200 - 24,600

= $53,600

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The state of Indiana hires the Reliable Construction Company to do some excavating work on an interstate highway. The state lays
Shalnov [3]

Answer:

C) The state is liable because of Reliable's negligent failure to take the special precautions required for conducting a highly dangerous or inherently dangerous activity.

Explanation:

Even though the state of Indiana hired Reliable Construction Company for doing the job and the contract was very specific about Reliable's obligations, the state government should have controlled that Reliable actually carried out its obligations properly.

In this case, it was reasonable foreseeable that the failure to control Reliable's job could result in personal or property injury. So the state should have exercised control over how the work was done. The respondeat superior doctrine does not apply because Reliable was an independent company hired by the state government to perform a specific contract, it was not an agent (or employee).

6 0
3 years ago
A good or service intended primarily for use in producing other goods or services is a ____ product.
Yuliya22 [10]
The answer is: BUSINESS.
7 0
2 years ago
Differences in net operating income between super-variable and variable costing occur because of the treatment of ______ costs u
saveliy_v [14]

Answer:

fixed overhead is accounted for

Explanation:

The difference between reported net income on variable costing and absorption costing income statements is based on how:fixed overhead is accounted for

6 0
2 years ago
In 2018, Mark has $18,000 short-term capital loss, $7,000 28% gain, and $6,000 0%/15%/20% gain. Which of the statements below is
NARA [144]

Answer:

(B) Mark has a $3,000 capital loss deduction.

Explanation:

Based on the tax bracket proposed, we deteminate the 7,000 is a short-term gain

and the second a long term gain.

First we must  offset short capital losses against short capital gains:

7,000 - 18,000 = 11,000 short-term loss

now we offset against long term, if it is gain it will be long term gain if loss short term loss:

6,000 - 11,000 = 5,000 short-term loss

Okay we end up with a total loss of 5,000 but; <u>we have a cap at 3,000 </u> . So that is all Mark can claim as a deduction in other categories against wages and salaries or to carry foward over next period

7 0
3 years ago
A firm has 4,250 shares of stock outstanding with a market value of $16.65 a share, $64,800 of long-term debt with an interest r
liraira [26]

Answer: 1.50

Explanation:

Baeed on the information given in the question, the enterprise value multiple would be calculated as:

= [(4,250 × 16.65) + 64,800 - 5,200] / (213,000 - 126,200)

= 130,362.5 / 86,800

= 1.50 times

6 0
3 years ago
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