When proving cash , cash balance is compared to ____

Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Customer Balance Not

Murrr4er [49]

Answer:

uncollectible ammount expense 47,972 debit

allowance for doubtful account 47,972 credit

Explanation:

Fro mthe talbe we are given the amount of account over-time fro meach customer.

As we are presented with all date we should proceed directly with the journal entry:

the aging method stated an allowance of 60,727

the current balance is for <u> (12,755) </u>

the adjustment will be for: <em> 47,972 </em>

5 0

4 years ago

Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public saving is $0.2 trillion. Assumi

vlada-n [284]

Answer: Consumption = $6 trillion

government purchases = $1.3 trillion

national saving = $0.7 trillion and

investment = $0.7 trillion

Explanation:GDP is the market value of all final goods and services within an economy during a given period.

GDP = Consumption + Investment/National Savings + Government Expenditure/purchases (in a closed economy)

National Savings/ Investment = Private saving + public saving = $0.5 trillion +$ 0.2 trillion = $0.7 trillion.

Government purchases = Taxes - Public saving = $1.5 trillion - $0.2 trillion = $1.3 trillion

Since, GDP = Consumption + Investment/National Savings + Government Expenditure/purchases (in a closed economy)

Therefore, Consumption = GDP - Investment - Government Expenditure

Consumption = $8trillion - $0.7trillion - $1.3trillion = $6 trillion

5 0

3 years ago

Consumer credit: Multiple Choice is currently a privilege of the affluent. dates back to colonial times. currently carries no fi

Alex787 [66]

Consumer credit dates back to colonial times.

<h3>What is consumer credit?</h3>

Money that customers can borrow to pay for products or services is known as consumer credit. Customers who have access to credit can make purchases today and pay for them over time. Consumers can obtain credit from banks, financial organizations, and companies.

Consumer credit is governed by federal and state rules that shield borrowers from dishonest lending practices and stop companies from treating them differently based on non-financial considerations.

Examples of consumer credit are credit cards, education loans, mortgages, etc.

Consumer credit has been around since the colonial era when farmers used it frequently.

Learn more about consumer credit here:

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4 0

3 years ago

Expenses that are paid in advance are held on the balance sheet until the end of the accounting period when they are transferred

amm1812

Answer: False

Explanation: The expenses appear directly in the income statement and indirectly in the balance sheet.

It is useful to always read both the income statement and the balance sheet of a company, so that the full effect of an expense can be seen.

6 0

3 years ago

CodeHead Software Inc. does software development. One important activity in software development is writing software code. The m

Irina18 [472]

Answer:

Explanation:

Standard hours per week = 40 hours

Standard rate per hour = $32

Actual rate per hour = $40

Labour rate variance = 40 - 32 = $8 (unfavourable)

Actual cost per week = 40 × 40 = $1600

Standard cost per week = 40 × 32 = $1280

Labour cost variance = actual cost per week - standard cost per week

= 1600 - 1280

= $320 (unfavourable)

Actual codes written in first week = 5650

Standard codes per week = 5 × 25 × 40 = 5000

Actual cost per code = 1600/5660 = $0.2832

Standard cost per code = 1280/5000 = 0.256

Labour efficiency variance = 0.2832 - 0.256 = $0.0272 (unfavourable)

If the team generated 4,650 lines of code according to the original plan:

Code generated = 4650

Number of programmers = 5

Average codes per hour per programmer = 25

Total codes per hour = 25 × 5 = 125

Standard codes per week = 40 × 125 = 5000

Actual time to write 4650 codes = 4650/125 = 37.2 hours

Standard time = 40 hours

Idle time = 40 - 37.2 = 2.8 hours

Labour time variance = 2.8 hours

Cost of idle time = 2.8 × 32 = $89.6 (unfavourable)

4 0

3 years ago

When proving cash , cash balance is compared to _____.?