Help with the a bove questions

At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $191,500 and in Allowance for Doub

taurus [48]

Answer:

Journal entries

Explanation:

The journal entries are as follows

a. Account receivable $733,600

To sales revenue $733,600

(Being the sales is recorded)

Cash Dr $767,780

To Account receivable $767,780

(Being the collection is recorded)

b. Allowance for doubtful debts $7,149

To Account receivable $7,149

(Being the written off amount is recorded)

c. Account receivable $2,957

To Allowance for doubtful debts $2,957

(Being the previously written off as uncollectible is recorded)

Cash Dr $2,957

To Account receivable $2,957

(Being the recovery is recorded)

d. Bad debt expense $19,742

To Allowance for doubtful debts $19,742

(Being the bad debt expense is recorded)

The computation of the bad debt expense is shown below:

= Opening balance of Allowance for Doubtful Accounts - written off amount + recovery amount - uncollectible amount

= $9,890 - $7,149 + $2,957 - $25,440

= $19,742

4 0

4 years ago

Sunland Street Inc. makes unfinished bookcases that it sells for $58. Production costs are $37 variable and $11 fixed. Because i

Travka [436]

Answer and Explanation:

The computation is shown below:

<u>Particulars Sell Process Net income </u>

<u> Unfinished Further Increase (Decrease) </u>

Sales Price

per unit $58 $75 $17

Variable cost

per unit $37 $43 -$6

($37+ $6)

CPU Fixed $11 $11 $0

CPU Total $48 $54 -$6

Net Income

Per Unit $10 $21 $11

As it can be seen that there is an increase in net income per unit so The Sunland street should sell its finished bookcases

4 0

3 years ago

What is a company's authorized share capital?

nadezda [96]

Answer:

Authorized share capital is the number of stock units (shares) that a company can issue as stated in its memorandum of association or its articles of incorporation. Authorized share capital is often not fully used by management in order to leave room for future issuance of additional stock in case the company needs to raise capital quickly. Another reason to keep shares in the company treasury is to retain a controlling interest in the business.

6 0

3 years ago

If a test is being used to make a dichotomous decision (e. G. , suitable or unsuitable for the job), the _____ marks the point o

wolverine [178]

If a test is being used to make a dichotomous decision (e. G. , suitable or unsuitable for the job), the cutting marks the point of decision.

<h3>What is the usefulness of cut off mark in a test?</h3>

cut off mark in a test is been used in the selection process after the test which is very important in the point of decision.

And this will be necessary to get the good hand for the job when the test is being used to make a dichotomous decision.

Learn more about cut off mark at:brainly.com/question/25997960

#SPJ12

3 0

2 years ago

Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transa

VLD [36.1K]

Answer:

(a) Cash reduction, no effect on net income

(b) Net income reduction, no effect on cash

(c) Net income increment, no effect on cash

(d) Cash increase, no effect on net income

(e) Cash reduction, no effect on net income

Explanation:

When items or services are exchanged for cash, these may be recognized as assets or expenses. While expenses reduce income, assets do not as it forms the exchange of one asset (cash) for another.

Considering the transactions in light of the above,

a) Purchased $100 of supplies for cash - Supplies are inventory (an asset) and would not reduce net income until it is used up

(b) Recorded an adjusting entry to record use of $20 of the above supplies. No effect on cash, entry is a reduction in supplies and recognition of cost of goods sold. As such net income reduces.

(c) Made sales of $1,200, all on account. - Sales on account are credit sales. This will be recognized as a credit to sales (increase in net income) and a debit to accounts receivable.

(d) Received $800 from customers in payment of their accounts. - To recognize this, we debit cash (increase in cash) and debit accounts receivable. This has no effect on net income.

(e) Purchased equipment for cash, $2,500 - Again, this is he exchange of cash for an asset. This has no effect on income.

3 0

3 years ago

Help with the a bove questions​

Help with the a bove questions