Which of these is a reason a closed culture is

Which of the following accounts is not closed at the end of the year?

Leviafan [203]

Not 100% sure but i THINK it is A/P. I know for sure that it is not the income summary

6 0

3 years ago

Net credit sales for the month are $4,000,000 for Marx Clothiers. Its accounts receivable balance is $160,000. The allowance is

AnnyKZ [126]

Answer:

Credit balance of $12,000

Explanation:

To calculate the balance of the allowance for doubtful accounts we need to multiply the total accounts receivable times the percentage of estimated bad debts:

$160,000 x 7.5% = $12,000

Since allowance for doubtful accounts is a contra asset account, when it increases it should be credited.

4 0

3 years ago

netpass company had 400000 shares of common stock authorized, 360000 shares issued and 160000 shares of treasury stock. the comp

topjm [15]

Answer: $400,000

Explanation:

Only stock that are ISSUED are to be paid dividends on NOT those Authorized.

Even after that, we would still have to remove the Treasury stock because Treasury Stock is stock that was PREVIOUSLY outstanding but was repurchased by the company and so Dividends will not be paid on them.

So now we calculate the Shares Outstanding that are liable for Dividend payment.

That would be,

= 360,000 - 160,000(Treasury Stock)

= 200,000 shares will have dividends paid to them.

Since the dividends are $2.00 per share we then have,

= 200,000 * 2

= $400,000

$400,000 is the total amount of the dividend that will be paid.

3 0

3 years ago

Handling materials $ 625,000 100,000 parts Inspecting product 900,000 1,500 batches Processing purchase orders 105,000 700 order

Verizon [17]

Answer:

Part 1:

Single plant overhead rate=$17.44/hour

Part 2:

For Deluxe Model:

Overhead Cost=$43,600

For Basic Model:

Overhead Cost=$104,640

Explanation:

Part 1:

Single plant overhead rate for the year:

Single plant overhead rate for the year=Total expected Cost/direct labor hours

Total Expected Cost= Handling materials+Inspecting product +Processing purchase orders+Paying suppliers+invoices Insuring the factory +Designing packaging

Total Expected Cost=$625,000+$900,000+$105,000+$175,000+$300,000+$75,000

Total Expected Cost=$2,180,000

Direct labor hours= 125,000 hours

Single plant overhead rate= $\frac{\$2,180,000}{125,000}$

Single plant overhead rate=$17.44/hour

Part 2:

For Deluxe Model:

Overhead Cost=Single plant overhead rate*Direct labor hours

Overhead Cost=$17.44/hour*2,500 hours

Overhead Cost=$43,600

For Basic Model:

Overhead Cost=Single plant overhead rate*Direct labor hours

Overhead Cost=$17.44/hour*6000 hours

Overhead Cost=$104,640

5 0

3 years ago

The arrival of the Great Recession brought an unprecedented increase in home mortgage defaults despite years of efforts to creat

maks197457 [2]

This can be attributed to period of turmoil in the financial markets at the time of the Great depression.

<h3>What is Great Depression?</h3><h3></h3>

Great depression refers to the great economic turn down which was stated due to the fall in the market of the stock prices in the year 1929 and 1930. It was the economic depression.

Despite years of efforts to develop more sophisticated underwriting procedures and regulations, the coming of the Great Recession prompted an unprecedented rise in house mortgage defaults. This is explained by period of turmoil in the financial markets.

Learn more about great depression here:

brainly.com/question/441267

#SPJ1

8 0

2 years ago