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2 years ago

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables

Business

1 answer:

Katyanochek1 [597]2 years ago

3 0

Answer:

Journal entry

Date Account & Explanation Debit Credit

Mar 17. Cash $2,700

Allowance for doubtful accounts $6370

Account receivable $9,070

Jul 29 Account receivable $6,370

Allowance for doubtful accounts $6,370

(To record amount reinstated)

Cash $6,370

Account receivable $6,370

(To record amount received)

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Will Jones, Pharoah is a small CPA firm that focuses primarily on preparing tax returns for small businesses. The company pays a

Reika [66]

Answer:

Total cost for 316 returns $3,962

Total cost for 408 returns $4,974

Total cost for 524 returns $6,250

Explanation:

The total cost incurred by Pharoah with the Mega Tax software is given by the fixed cost of $486, referring to the annual fees, added to the cost per tax return of $11 multiplied by the volume of returns filed (n):

$C= \$486+(\$11*n)$

i. if 316 returns are filed? (n = 316)

$C= \$486+(\$11*316)\\C=\$3,962$

ii. If 408 returns are filed? (n = 408)

$C= \$486+(\$11*408)\\C=\$4,974$

iii. If 524 returns are filed? (n = 524)

$C= \$486+(\$11*524)\\C=\$6,250$

Total cost for 316 returns $3,962

Total cost for 408 returns $4,974

Total cost for 524 returns $6,250

6 0

3 years ago

China's steel industry:___________

Ronch [10]

Answer:

Explanation:

If I'm not wrong, their steel industry is still growing due to the inputs of iron ore and coal.

4 0

3 years ago

Read 2 more answers

A food worker needs to cool a large pot of soup How should the food worker cool the soup?

Lilit [14]

Answer:

a)use an ice paddle. it is the most suitable way

3 0

2 years ago

Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with informatio

MrRissso [65]

Answer:

Cost of completed WIP: 30,240

Total cost of tranferreed-out: 729,990

Explanation:

We assume it works with weighted-average process costing

Beginning 9,000 50% = 4,500 $22,050

Finished goods 207,000 units

Direct Materials 212,000 units at $1.6

Direct labor $276,000

Overhead $ 107,400

Total Overhead $383,400

started 212,000 units

finished 207,000 units

ending 5,000 units at 75%

EU Conversion Cost 207,000 + 5,000 x 75% = 210,750

Cost per equivalent unit: 383,400 / 210,750 = 1,819217

Cost of beginning WIP comepleted

22,050 beginning + 1.82 x 4,500 = 30,240

Cost of the units transferred to finished goods:

22,050 beginning WIP balance

+ 207,000 x $1.6 materials

+ 207,000 x $1.82 conversion cost

Total: 729,990

7 0

3 years ago

If price is greater than average variable cost and less than average total cost at the profit-maximizing quantity of output in t

navik [9.2K]

Answer:

produce at an economic loss.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

In a perfectly competitive market in long-run equilibrium, a long-run equilibrium avails firms the opportunity to adjust all inputs and all fixed costs are maximized. Also, it's characterized by free entry and exit, as such there isn't a fixed number of firms. This simply means that, since the number of firms in a long-run equilibrium can change, a firm must exit the market as a result of losses i.e when the firm is unable to cover its fixed costs in the long-run while new firms are allowed entry into the market when it anticipates potential profits or gains.

However, the firms always strive to maximize profits by increasing their level of output, such that P = MC. Also, the firms wouldn't be willing to leave or enter into the market because they are not making any profit, such that P=AC.

In a nutshell, in the long run equilibrium P=MR=MC and P=AC.

Hence, if price is greater than average variable cost and less than average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm will produce at an economic loss.

Additionally, Average Total Cost (ATC) can be defined as the overall cost of production divided by total output of production. It is calculated by dividing total cost by total output of production or by adding TVC and TFC.

8 0

3 years ago