Answer:
Accounts Receivable $80,000,
Bad debt losses of 1% of credit sales= 1% * $ 80,000= $ 800
Allowance for Doubtful Accounts $5,000 credit
Bad Debts $ 800 Debit
Allowance for Doubtful Accounts $4,200 credit
Two entries will be required
For recording Bad debts Expense
Bad Debts Expense $ 800 Dr
Allowance for Doubtful Accounts $ 800 credit
Adjusting Entry at year end.
Allowance for Doubtful Accounts $ 800 Debit
Account Receivables $ 800 Credit
Answer and Explanation:
The Journal entry is shown below:-
Cash A/c Dr, $20,000
Accounts Receivables A/c Dr, $140,000
($145,000 - $5,000)
Inventory A/c Dr, $101,700
Equipment A/c Dr, $81,200.
To Allowance for doubtful Accounts $4,400
To Payne's Capital A/c $338,500
(Being assets contributed by partner in business is recorded)
For recording the assets contributed by partner in business we simply debited the cash account, accounts Receivables, Inventory and Equipment as increase the assets while we credited the Allowance for doubtful Accounts as it decreasing the assets and Payne's Capital as increasing the stockholder equity.
Based on microeconomic theory, <u>Total</u> costs refer to the sum of the fixed and variable costs for any given level of production.
<h3>What makes Total Cost?</h3>
Generally, the total cost is the sum of all the price of the material utilized, the wages or salary paid in the production, and the direct expenditure.
<h3>Components of Total Cost </h3>
The components of Total Cost include the following:
- Prime cost
- Factory cost
- Office cost
- Cost of sales, etc.
Hence, in this case, it is concluded that the correct answer is "<u>Total Cost."</u>
Learn more about Total Cost here: brainly.com/question/25109150
Answer:
Explanation:
worker's production rate = 60/3 = 20units per hour
monthly capacity 160 x 20 = 3200 units.
capacity needed to produce 2000000 units
= 2000000/3200
= 625
therefore, since they already have 500 workers, they need to hire 125 more workers.
b) At the end of October they will have 2 million inventory.
c) Average inventory in each of the months has been listed in the attachment below.
Answer: D.) Regardless of the quantity.
Explanation: Declaration of bankruptcy is usually triggered by an organization or company in debt, declaring bankruptcy involves a legal process whereby the organization in question is examined and researched by evaluating it's liabilities and assets, so that they can seek relief from their debt. Once the buyer, gourmet declares bankruptcy, the contract between both companies can be terminated in transit regardless of the quantity of goods demanded, this is because gourmet declaring bankruptcy means the company will almost certainly be unable to pay for the demanded goods.
