1. Which one of the following is a correct statement about franchisees?

Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $720,000. Th

Yuki888 [10]

Answer:

Journal

Date Account Titles and Explanation Debit Credit

Allowance for uncollectible accounts $30,500

Accounts Receivables $30,500

(To write off uncollectibles during the year)

Journal

Date Account Titles and Explanation Debit Credit

Account receivables $3,100

Allowance for uncollectible accounts $3,100

(To reinstate receivables written off earlier)

Journal

Date Account Titles and Explanation Debit Credit

Cash $3,100

Account receivables $3,100

(To record the recovery of bad debts)

Journal

Date Account Titles and Explanation Debit Credit

Bad debt expenses $48,000

Allowance for uncollectible accounts $48,000

(To record bad debts expenses)

Workings

Closing allowance = Opening allowance - Receivables written off + Receivables reinstated = $51,000 - $30,500 + $3,100 = $23,600

Expenses Bad debt = Receivables at the end of 2016 * Estimated percentage = $720,000 * 10% = $72,000

Allowance to be created = Estimated bad debts - Balance of Allowance at year end = $72,000 - $23,600 = $48,400

4 0

3 years ago

carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from Current Period Direct materia

erica [24]

Answer:i dont answer

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6 0

3 years ago

Items for which prices are comparatively stable and likely to be quoted on a list-price-less-discounts basis are called:

Elis [28]

Answer: The correct answer is "standard production items".

Explanation: Items for which prices are comparatively stable and likely to be quoted on a list-price-less-discounts basis are called: standard production items.

These standard production items are those that are obtained from countless sources in an easy way, generally the prices of these items are obtained from online catalogs and although prices may vary it is rare since they are quite moderate.

4 0

4 years ago

During May, Salinger Company accumulated 740 hours of direct labor costs on Job 200 and 900 hours on Job 305. The total direct l

Molodets [167]

Answer:

May

Dr Work in Process $35,500

Cr Wages Payable $35,500

Explanation:

Preparation of the Journal entry to record the flow of labor costs into production during May

Based on the information given the Journal entry to record the flow of labor costs into production during May will be :

May

Dr Work in Process $35,500

Cr Wages Payable $35,500

Calculated as:

Labor costs = (740*20)+(900*23)

Labor costs=14,800+20,700

Labor costs=$35,500

4 0

3 years ago

Miguel is 25 years old, has low financial health, a long time horizon and a high risk

arlik [135]

Answer:

A. 85% stocks and 15% bonds/cash equivalents.

Explanation:

Being that Miguel is 25 years old, he has a very long time horizon over which his investments can grow. The fact that he has a low financial health means that he needs to adopt an aggressive investment strategy and that complements his high tolerance for risk. Investing majority of his assets should be in stocks since stocks are riskier than bonds and a small proportion in the latter. Therefore, 85% in stocks and 15% in stocks and cash equivalents would be ideal.

7 0

3 years ago