It is best to keep both a check register and then to reconcile your bank statement with your check register. That means you have recorded everything that has happened.
Answer:
The statement is True as well as correct
Explanation:
Allowance method is the financial term which is defined as the uncollectible accounts receivable procedure that reports the estimate of the bad debt expense in the same accounting or fiscal year as the sale.
Under this method, it is used to adjust the accounts receivable which appears on the balance sheet.
For example,
If the company has the credit sales of $800,000 in December and estimate that the 4% will be uncollectible. Then using this method, computing the uncollectible as:
Bad debt expense = Sales × Estimate uncollectible
= $800,000 × 4%
= $32,000
So, this estimate the bad debt expense rather than wait to see which customer will not able to collect.
Answer:
A. $549000
Explanation:
Given information
Number of outstanding stock of Sherry, Inc = 60%
The cost of the land = $207,000
Fair value at the acquisition date = $549,000
By considering the above information, the value reflected in a consolidated balance sheet is $549,000.
The historical principle says that the fixed assets should be recorded at the purchase price or acquisition cost only and the same is to be considered
Answer:
vulnerability
Explanation:
When an individual is vulnerable, it means that he/she is being exposed to the possibility of being physically or emotionally wounded.
Usually individuals place themselves in a position of vulnerability in a relationship when they have a very high degree of affection for the other person and assume the risk of being emotionally exposed.
Answer:
$23,740
Explanation:
Given that,
Sales = $103,000
Fixed expenses for the month = $36,000
Contribution margin ratio = 58%
Net operating income:
= (Contribution margin ratio × Sales) - Fixed expenses for the month
= (0.58 × $103,000) - $36,000
= $59,740 - $36,000
= $23,740
Therefore, the best estimate of the company's net operating income in a month when sales are $103,000 is $23,740.
