Answer:
Chinese and Indian firms are likely to apply their own principles when they internationalize as MNEs.
Explanation:
For example, the Chinese have in many aspects similar values to the Japanese. They believe in hierarchies, in strict organization and methods, and in efficiency above everything else.
However, the Chinese tend to be less protocol-focused than the Japanese, because the Chinese are more extraverted. So when the Chinese companies become MNEs, they are likely to be similar to Japanese MNEs, but with a bit less organization and protocol.
Let us assume that the company Taylor Industries bought merchandise from X company. Taylor Industries will record Accounts Payable while X company will record Accounts Receivable.
Since Taylor Industries will no longer be able to pay off its Account Receivable, X company will have to write off the Accounts Receivable. Writing off Accounts Receivable can be done in two ways.
1) Allowance method:
Bad Debt Expense xxxxx
Allowance for Doubtful accounts xxxxx
Writing Off Bad Debt:
Allowance for Doubtful Accounts xxxxx
Accounts Receivable xxxxx
2) Direct Write-off method.
Bad Debt Expense xxxxx
Accounts Receivable xxxxx
In the books of Taylor Industries, it must recognize the cancellation of the Accounts Payable from the transaction with X company.
Accounts Payable xxxxx
Other Income xxxxx
Answer:
Please see answers below
Explanation:
A. For break even point
= fixed expenses - Contribution margin per unit
Where,
Contribution margin per unit = Sales per unit - Variable cost per unit
= $11 - $4
= $7
Therefore,
Break even points in unit = $58,800 ÷ $7
= 8,400 pizzas
B. Target profit
The break even point = Fixed costs expenses + Target profit / Contribution margin per unit
= ($58,800 + $54,000) / $7
= $112,800 / $7
= 16,114 pizzas
C. Margin of safety in dollars
= (Total sales - Break even in sales) * Selling price per unit
= ( 9,900 - 8,400 ) * $11
= 1,500 * $11
= $16,500
D. Contribution margin in lay man's term.
Contribution margin is when a firm makes or produces a product and then sold it, the difference that is left after deducting variable costs(costs associated with the sales like cost of raw materials used in producing the product) from the the sales of such product is the contribution margin.
Answer:
Revenue 2021 = $3,000,000
Revenue 2022 = $0
Explanation:
Given that,
Sold a parcel of land to a construction company = $3,000,000
book value of the land on Apache’s books = $1,200,000
In this case, revenue is identified at a point when the parcel of land is transferred to the construction company.
Therefore, full revenue from the sale of land should be recognized in the year 2021 because the transfer of land occured in 2021 and there will be no revenue reflected in the year 2022.
Revenue 2021 = $3,000,000
Revenue 2022 = $0
Answer:
In the salary expense account, the posting reference that will be found is Cash 11.
Explanation:
This posting reference shows that the contra entry was made in the Cash account which has a reference number of 11. The Posting Reference is a field that facilitates cross-referencing (showing the other account involved in the transaction) or interlinking between the journal and the ledger in the posting process. Posting reference columns are present in both the journal and the ledger. It is also known as the Folio. This is because with the double entry system of accounting, each transaction must reflect at least two accounts that are affected on the debit side and the credit side.
