Answer:
$525,000
Explanation:
The computation of the cash collections from customers in 2017 is shown below:
As we know that
Cash collection from the customer = Opening balance of account receivable + credit sales - ending balance of account receivable
= $15,000 + $650,000 - $140,000
= $525,000
We simply applied the above formula to find out the cash collections from customer
Answer:
E) Debit Accounts Receivable, $1,800; credit Legal Fees Revenue, $1,800
Explanation:
The Journal Entry is as follows :-
Accounts Receivable Dr, $1,800
To Legal fees revenues $1,800
(Being the billing is recorded)
Therefore for passing the journal entry, we debited the Accounts Receivable $1,800 with the credited Legal fees revenues $1,800 so that the proper posting can be done.
Answer:
internationally comparable financial information.
Explanation:
The FASB refers to the financial accounting standards board while on the other hand, the IASB refers to the International accounting standard board. These two boards are related to accounting.
The FASB focused on the U.S accounting standards while the IASB focused on global standards
Here in the given situation, the comparison is to be done in different countries so the above should be considered as an answer
Answer:
B) -1.5
Explanation:
Cross-price elasticity of demand is calculated by dividing the percentage change in quantity demanded of good A by the percentage change in price of good B.
cross-price elasticity of demand = change in demand of flank steaks / change in price of gas grills = 15% / -10% = -1.5
Answer:
Depreciation
Explanation:
Depreciation is the process of reallocation of tangible assets over its useful life. Depreciation is an expense which is charged on the entire cost of a long-term tangible fixed asset. The depreciation expense is computed by reducing the scrap value of the asset from its cost and dividing it by the entire useful life of the asset. There are several methods used to depreciation tangible assets such as straight-line method, MACRS, double declining etc. Salvage value is the expected value of the asset at the end of its life. For example, if an asset has been purchased at $110,000 with a useful life of 5 years and salvage value of $10,000 then using straight-line depreciation per year over 5 years will be ($110,000-$10,000)/5 = $20,000.