Answer:
I would say false, from what I know it was for government then this from what I know. But I am not sure, if i were u I'd go with false.
Explanation:
Answer:
$48,000
Explanation:
Computation for Brain's cash flows from operating activities
CASH FLOW FROM OPERATING ACTIVITIES
Net income$45,000
Add: Decrease in Account receivable $1,000
($23,000-$22,000)
Add: Increase in Account Payable $2,000
($26,000-$28,000)
Cash flows from operating activities $48,000
Therefore Brain's cash flows from operating activities would be: $48,000
Answer: Easy to invoke and collect
Explanation:
To make claims on services and get paid can be a stressful journey sometimes. As most organization would require you provide much evidence for the claims you are making. What makes it more stressful is the number of organizations involved to make the claims a success, this is why most times they are not easy to invoke and reclaim. Most persons would rather bear the loss than go through the process. This is what Shelly has to consider while making her claim.
Answer:
The Journal entries are as follows:
(i) On March 11,
Bad debt expense A/c Dr. $45,000
To accounts receivable $45,000
(To record uncollectible accounts receivable)
(ii) On March 29,
Accounts receivable A/c Dr. $45,000
To Bad debt expense A/c $45,000
(To record reversal of written off accounts receivable)
(iii) On March 29,
Cash A/c Dr. $45,000
To accounts receivable $45,000
(To record receipt of cash from customer)
Answer:
1)
Beginning inventory = 0
Plus: purchases = 6950
Less: withdraws= 6400
= ending inventory = 550
550-100 batteries used by staff= 450 batteries used in production
= 450 × $125 = $56250
Since 90% is completed, it means 10% is in WIP, i.e.,
WIP = 10% × 56250
= 5625
completed = 90% ×56250 = 50625
Since 30% of completed were unsold, it means remaining 70% were sold, which is COGS, i.e.,
COGS = 70% × 50625
= 35437
Note: selling expense cannot be deteremined from the given information.
2) WIP and Finished Goods accounts would appear on the balance sheet while COGS and selling expense would appear in income statement at April 30.