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3 years ago

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

Business

1 answer:

Katyanochek1 [597]3 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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Which of the following is a common risk of using credit to make purchases

DochEvi [55]

Answer:

overspending

Explanation:

Credit purchases encourage one to spend more than they can afford. The fact that the sellers do not demand cash when goods change hands entices people to buy more. In credit purchases, cash is not required, only a commitment to pay later, which leads to overspending.

Overspending increases the probability of defaulting on credit payments. When the debt to income level rises too much, the borrower may be forced to miss some installment payments and cater to basic needs.

6 0

3 years ago

Fit-for-Life Foods reports the following income statement accounts for the year ended December 31

LUCKY_DIMON [66]

Answer:

Fit-for-Life Foods

Multiple-step income statement, for the year ended December 31

Sales 220,000

Less Sales returns and allowances (4,000)

Net Revenue 216,000

Less Cost of goods sold (90,000)

Gross Profit 126,000

Less Operating Expenses :

General and Administrative Expenses

Gain on sale of equipment ( 6,250)

Office supplies expense 700

Depreciation expense—Office copier 500

Insurance expense 1,300

Office salaries expense 32,500 (28,750)

Selling and Distribution Expenses

TV advertising expense 2,000

Sales discounts 16,000

Sales commission expense 13,000

Sales staff wages 23,000

Rent expense—Selling space 10,000 (64,000)

Operating Income / (Loss) 33,250

Less Non - Operating Expenses

Interest revenue 750

Net Income / (Loss) 34,000

Explanation:

A multiple-step income statement shows separately profit generated from Primary Activities of the Company (Operating Profit) and profits that included Secondary Activities of the Company (Net Profit)

3 0

4 years ago

12) A particular species of North American frog is most comfortable within a temperature range of 20 oC- 40 oC. A mating pair is

meriva

Answer:

The male frog would join the female frog in the water poodle

Explanation:

Mathematically,

Let x = temperature the 10000 joules from sun Ray would raise the temperature of the copper

So therefore:

10000 = m * (x - 33°) * Spc

Where m = mass of copper = 400g

Spc = specific heat capacity of copper = 0.387j/g/°c

400 * ( x - 33) * 0.387 = 10000

( x - 33 ) = 10000/ (400 * 0 387)

x = 97.6 °c

Temp for water where m = mass of water = 100g

x¹ = temperature the sun Ray of 10000 joules would raise the temp of water too.

Spw = specific heat capacity of water = 4.184j/g/°c

So therefore;

100 * ( x¹ - 33 ) * 4.184 = 10000joules

x¹ - 33 = 10000/ (100 * 4.184)

x¹ = 56.9°c

Since x for the male frog is greater than x¹ for the female frog, the male frog would be more uncomfortable because it's environmental temp is far higher than the comfort zone tem which is 20° to 40°c so it would move to join the female frog.

3 0

3 years ago

During the year, Belyk Paving Co. had sales of $2,425,000. Cost of goods sold, administrative and selling expenses, and deprecia

Vinvika [58]

Answer:

See below

Explanation:

Sales

$2,425,000

Less:

Cost of goods sold

($1,335,000)

Administration and selling expense

($635,000)

Depreciation

($450,000)

EBIT

$5,000

Less:

Interest

($275,000)

No tax

Net income/loss

-$270,000

Operating cash flow = $5,000 + $450,000 - $0 = $500,000

Cash flow from assets = Operating cash flow - Change in networking capital - Net capital spending

= $500,000 - $0 - $0

= $500,000

Cash flow to shareholders = Dividends - New equity

= $0 - $0

= $0

Cash flow to creditors = Cash flow from assets - Cash flow to shareholders

= $500,000 - $0

= $500,000

Therefore, new long term debt added during the year is;

= Interest - Cash flow to creditors

= $275,000 - $500,000

= $225,000

7 0

3 years ago

Training employees to effectively deal with customers, providing better assistance to customers, and explaining the use of compl

sesenic [268]

The correct answer is delivery gap. This is the gap between what the customer knows and wants and what you're providing him. If you train your employees well, then the gap will be lower meaning that the customers won't mess things up and will use what they're buying properly. This not only often saves the customer if something complicated and dangerous is used, but it also prevents you from being sued if something malfunctions due to human error.

5 0

4 years ago