Answer:
Debit Accounts Receivable for $104,700; and Credit Sales Revenue for $104,700.
Debit Cash for $85,400; and Credit Accounts Receivable for $85,400.
Explanation:
The (summary) journal entries to record the items noted will look as follows:
<u>Particulars Debit ($) Credit ($) </u>
Accounts Receivable 104,700
Sales Revenue 104,700
<u><em>(To record net sales (all on account) for the year.) </em></u>
Cash 85,400
Accounts Receivable 85,400
<u>(Collections on accounts receivable during the year.) </u>
Answer:
The correct answer is True.
Explanation:
In the business world, the only good thing we can get out of the times of crisis is that they give you the opportunity to reinvent your company, products or services completely, whether it is to remain competitive or to survive.
The change may come due to crisis situations, the appearance of new competitors, changes in consumer habits or tastes.
Answer: If it has a secular legal purpose, has a primary effect of neither advancing nor inhibiting religion, and does not foster an excessive government entanglement with religion
Explanation:
The Establishment clause prevent the Congress from having a state religion or honig preference to one religion above another one.
The circumstances that a state law would be permissible under the establishment clause include if it has a secular legal purpose, has a primary effect of neither advancing nor inhibiting religion, and does not foster an excessive government entanglement with religion.
Answer:
The correct answer is a) $24,000
Explanation:
At the end of the year, Morgan still holds $140,000 of this merchandise
Lewis Inc. owns 40% of Morgan and applies the equity method
40% = 0.4
$140,000 x 40% = $56,000
Lewis buys inventory costing $400,000 and sells it to Morgan for $700,000.
$700,000 - $400,000 = $300,000
=$56,000 x ($300,000 ÷ $700,000)
=$56,000 x 0,428571429
= $24,000
Favorable variance is the variance causes operating income to be greater than the budgeted operating income.
A favorable variance is wherein real income is greater than budget, or real expenditure is less than budget. That is similar to a surplus in which expenditure is much less than the available earnings.
Is Favorable variance usually accurate?
Favorable variances are defined as either generating greater revenue than expected or incurring fewer fees than expected. Damaging variances are the other. Much less revenue is generated or greater prices incurred. Either may be correct or terrible, as these variances are based on a budgeted amount.
How do you inform if a variance is favorable variance or destructive?
If sales have been better than expected, or expenses were decrease, the variance is favorable variance. If sales have been decrease than budgeted or costs were better, the variance is detrimental.
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