The term “Code of Conduct” means a set of rules set by the concerned authority that outlines social and moral norms, values, duties and responsibilities. Hospitality industry is highly professional discipline sector.
Answer:
This would affect the income statement by having expenses
c. understated and therefore net income overstated revenues
Explanation:
Adjusting Entry:
It is such entry which is added at the end of the fiscal period in order to make the income statement accurate.
Overstated:
In Accounting, overstated amount means that amount is greater than the true amount.
Understated:
In Accounting, if an amount is less than the true amount then it is known as understated.
- As in our case, the adjusting entry for supplies was not added so in this way expenses became understated means they become less as compared to actual expenses. Therefore, revenues overstated.
a toothpaste with a whitening agent and cavity fighting protection
Answer:
$214,500
Explanation:
For the computation of the amount of contribution margin first we need to follow some steps which are shown below:
No of units sold = Total sales ÷ selling price per unit
= $374,400 ÷ $24
= $156,00
Variable cost = No of units sold × Variable cost per unit
Variable cost = $15,600 × $13
=$202,800
Contribution margin = Sales - Variable cost
= $374,400 - $202,800
= $171,600
CM ratio = Contribution margin ÷ Sales
= $171,600 ÷ $374,400
= 0.46
Contribution margin = CM ratio × Sales Contribution margin
= 0.46 × (1.25 × $374,400)
= $214,500
Answer:
62,200 allowance ending
Explanation:
allownce 5,000 credit
<u>Because the bad debt is calculate over the sales,</u> the bad debt expense is the result of that estimated, without considering the beginning balance of the allowance.
22% of net credit sales will be uncollectible:
260,000 x 22% = 57,200
<u>Now ending balance will be beginning + uncollectible for the period</u>
5,000 beginning
57,200 uncollectible for the period
62,200 allowance ending
