Most agency matters are resolved through adjudication. False True

Advertising Costs $ 12 comma 000 Indirect Labor 7 comma 000 CEO's Salary 460 comma 000 Direct Labor 54 comma 000 Indirect Mater

sineoko [7]

Answer:

$510,130

Explanation:

Costs can be classified into two categories: Product Costs and Period Costs. Product costs are the manufacturing costs that are incurred in the production of goods and services. Under absorption costing, product costs include direct materials, direct labor, indirect materials, indirect labor, and other factory overhead. These costs are capitalized and expensed out when related goods and services are sold out.

On the other hand, period costs are selling & administrative expenses. These costs are never capitalized and expensed out in the statement of profit or loss as soon as incurred. Examples of period costs are advertisement expenses, depreciation expenses (not related to factory), sales commissions, administrative salaries and wages.

Calculation of Period Costs

Advertising costs $12,000

CEO's salary 460,000

Delivery vehicle depreciation 1,230

Administrative wages and salaries 36,900

Total Period Costs $510,130

4 0

4 years ago

Read 2 more answers

During 2021, its first year of operations, Pave Construction provides services on account of $152,000. By the end of 2021, cash

Softa [21]

Answer:

1. Record the adjusting entry for uncollectible accounts on December 31, 2021.

Dr Bad Debt Expense $ 13.800

Cr Allowance for Uncollectible Accounts $ 13.800

2-a. Record the write-off of accounts receivable in 2022.

Dr Allowance for Uncollectible Accounts $ 12.420

Cr Accounts Receivable $ 12.420

2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022

Final Balance 2022

Cr Allowance for Uncollectible Accounts $ 1.380

3-a. Assume the same facts as above but assume actual write-offs in 2022 were $18,630. Record the write-off of accounts receivable in 2022.

Dr Allowance for Uncollectible Accounts $ 18.630

Cr Accounts Receivable $ 18.630

3-b. Assume the same facts as above but assume actual write-offs in 2022 were $18,630. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022

Final Balance 2022

Cr Allowance for Uncollectible Accounts $ 7.176

Explanation:

Initial Balance

Dr Accounts Receivable $ 152.000

Cash collections on these accounts total $106,000

Dr CASH $ 106.000

Cr Accounts Receivable $ 106.000

New Balance

Dr Accounts Receivable $ 46.000

Pave estimates that 30% of the uncollected accounts will be uncollectible.

Dr Bad Debt Expense $ 13.800

Cr Allowance for Uncollectible Accounts $ 13.800

FINAL BALANCE 2021

Dr Accounts Receivable $ 46.000

Cr Allowance for Uncollectible Accounts $ 13.800

In 2022, the company writes off uncollectible accounts of $12,420

Dr Allowance for Uncollectible Accounts $ 12.420

Cr Accounts Receivable $ 12.420

Final Balance 2022

Dr Accounts Receivable $ 33.580

Cr Allowance for Uncollectible Accounts $ 1.380

2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022

Dr Bad Debt Expense $ 10.074

Cr Allowance for Uncollectible Accounts $ 10.074

a. Assume the same facts as above but assume actual write-offs in 2022 were $18,630.

Record the write-off of accounts receivable in 2022.

Dr Allowance for Uncollectible Accounts $ 18.630

Cr Accounts Receivable $ 18.630

3-b. Assume the same facts as above but assume actual write-offs in 2022 were $18,630.

Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022

Final Balance 2022

Dr Accounts Receivable $ 14.950

Cr Allowance for Uncollectible Accounts $ 7.176

6 0

3 years ago

A company earned $6,125 in net income for october. Its net sales for october were $17,500. its profit margin is?

mart [117]

The profit margin is 35 percent when the net sales were $17,500 and the net income was $6,125.

The profit margin is calculated by dividing net income by net sales.

Therefore, Profit margin = $\frac{6125}{17500}= 0.35$

Learn more about profit margin here:

https://brainly.in/question/9529536

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8 0

1 year ago

A __________ is a type of purchasing contract in which the price of a good or service is tied to the cost of some key input(s) o

Sonbull [250]

Answer:

Cost-based contract

Explanation:

A cost-based contract is tied to various factors which can change the overall price of a good or service. Likewise, the only difference between the cost-based contract and the fixed-price contract is the change in the price during the contract. A price can change in a cost-based contract because of inputs and economic factors such as exchange rate or interest rate.

6 0

4 years ago

Read 2 more answers

Northern Company is preparing a cash budget for June. The company has $12,000 cash at the beginning of June and anticipates $30,

Nikolay [14]

Answer:

Save additional $17,500 or reduce disbursement by that much

Explanation:

The cash budget of the company would be as follows:

May 31 owed to be bank ($15,000)

June 1 opening cash balance $12,000

June expected cash receipts $30,000

June expected cash disbursement ($34,500)

Net cash flow at the end of June (excluding bank): $7,500

Net cash flow (including bank): $7,500 - $15,000 = ($7,500)

Thus, the company will be owing the bank $7,500 by the end of June.

To maintain the minimum $10,000 positive balance with the bank, the company would need to payback the $7,500 which will be owed by the end of June, and make additional deposit of $10,000.

Total deposit required = $7,500 + $10,000 = $17,500.

This can be achieved by reducing expected disbursement by $17,500 or via other means.

7 0

3 years ago