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zheka24 [161]
3 years ago
15

At the beginning of 2014, Sabrina Company had the following normal ledger balances: Accounts Receivable: $24,000 Allowance for U

ncollectible Accounts: $1,000 During the year there were $450,000 of credit sales, $460,000 of collections from credit customers, and $3,700 of write-offs of delinquent accounts. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method, and applied a rate, based on past history, of 1.2%. At the end of the year, what was the balance in the Accounts receivable
Business
1 answer:
zimovet [89]3 years ago
7 0

Answer:

$10,300

Explanation:

Accounts receivable, beginning = $24,000

Credit sales = $450,000

Cash collections from customers = $460,000

Accounts receivables written off = $3,700

Accounts receivables, ending = Accounts receivable, beginning + Credit sales - Cash collections from customers - Accounts receivables written off

Accounts receivables, ending = $24,000 + $450,000 - $460,000 - $3,700

Accounts receivables, ending = $10,300

So, at the end of the year, the balance in the Accounts receivable is $10,300.

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American apparel makers complain to Congress about competition from China. Congress decides to impose either a tariff or a quota
Viefleur [7K]

Answer:

B) quota

Explanation:

A quota is a trade constraint imposed by government, which confines a nation's import or export within a certain period, or the amount or monetary value of the products. Nations use quotas to control trading volumes between them and the other nations in global trade. A tariff would put taxation on the Chinese's exports and it doesn't favour them.

4 0
3 years ago
A summary of cash flows for Adventure Travel Service for the year ended April 30, 2019, follows:
zalisa [80]

Answer:

<u>Adventure Travel Service</u>

<u>Statement of cash flows for the year ended April 30, 2019</u>

<u>Cash flow from Operating Activities</u>

Cash receipts from customers                                 $2,080,000

Cash payments for operating expenses                 ($1,706,000)

Net Cash from Operating Activities                            $374,000

<u>Cash flow from Investing Activities</u>

Purchase of land                                                        ($400,000)

Net Cash from Investing Activities                            ($400,000)

<u>Cash flow from Financing Activities</u>

Cash receipt from owner as investment                      $60,000

Drawings                                                                       ($40,000)

Net Cash from Financing Activities                              $20,000

Movement in Cash and Cash Equivalents                   ($6,000)

Beginning Cash and Cash Equivalents                      $203,000

Ending Cash and Cash Equivalents                            $197,000

Explanation:

The Statement of Cash flows shows the results of cash from the following sources : Cashflow from Operating Activities, Cashflow from Investing Activities and Cashflow from Financing Activities.

4 0
2 years ago
The projections for a new project show sales of 8,500 units, give or take 5 percent. The expected variable cost per unit is $28.
vitfil [10]

Answer:

$56,950

Explanation:

We will calculate the operating cash flow as follow;

OCF = {[($55 - $28.62) 8,500 ] - $170,000} × (1 - 0.35) + ($62,000 × 0.35)

= {[$224,230] - $170,000} × 0.65 + ($21,700)

= $35,249.5 + $21,700

= $56,950

Therefore, the operating cash flow is $56,950

8 0
3 years ago
On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the not
k0ka [10]

Answer:

The journal entry would be:

Explanation:

Note: Options are missing so providing the journal entry.

The journal entry would be for recording the collection of the note is:

October 30

Cash A/c.........................Dr      $10,150

    Interest Revenue A/c.........Cr     $150

    Notes Receivable A/c.........Cr    $10,000

On October 30, the amount is collected so the any increase in cash is debited. Therefore, cash account is debited. And it is collected against a  notes Receivable  of $10,000 so it leads to decrease in liability, it is credited. Therefore, the notes receivable is credited. And the interest revenue is credited.

5 0
3 years ago
Ivanhoe provides environmentally friendly lawn services for homeowners. Its operating costs are as follows. Depreciation $1,500
Sonbull [250]

Answer:

Explanation:

To start with, we need to get the value for total fixed cost and total variable cost

Total fixed costs = Depreciation + Advertising + Insurance

= $1,500 + $350 + $2,770

= $4,620

Total variable costs per unit = Weed and feed materials + Direct labor + Lawn Fuel

= $17 + $9 + $2

= $28 per lawn

We also need to compute the contribution margin ratio

= Sales per unit - Variable cost per unit / Sales per unit

= (70 - 28) / 70

= 0.6

= 60%

Therefore;

1. Break even sales

5 0
3 years ago
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