Warmup- if you was an agent what 2 sports<br> you would manage and why?

Martinez Company has an old factory machine that cost $66,000. The machine has accumulated depreciation of $36,960. Martinez has

brilliants [131]

Answer:

Journal entries

Explanation:

The journal entries are as follows

(a) Cash A/c Dr $33,000

Accumulated depreciation A/c Dr $36,960

To Factory machine A/c $66,000

To Profit on sale of factory machine A/c $3,960

(Being the sale of machinery is recorded and the remaining balance is credited to the profit on sale of factory machine account)

(b) Cash A/c Dr $19,800

Loss on sale of factory machine A/c $9,240

Accumulated depreciation A/c Dr $36,960

To Factory machine A/c $66,000

(Being the sale of machinery is recorded and the remaining balance is debited to the loss on sale of factory machine account)

8 0

3 years ago

During the year, Bears Inc. recorded credit sales of $620,000. Before adjustments at year-end, Bears has accounts receivable of

AleksandrR [38]

Answer:

Bad Debt Expense Dr. $28050

Allowance for Uncollectible accounts Cr. $28050

Explanation:

given data

credit sales = $620,000

accounts receivable = $320,000

past due = $55,000

credit balance = $2,600

rate = 7 %

rate = 22 %

solution

so here Not yet past due is = $320,000 - $55,000 -

Not yet past due = $265,000

and

past due = $55,000

so Required provision is

Required provision = $265,000 × 7 % + $55,000 × 22 %

Required provision = $30650

and

Opening balance is $2,600

so

Required expense for year = $30650 - $2,600

Required expense for year = $28050

so here

correct entry is

Bad Debt Expense Dr. $28050

Allowance for Uncollectible accounts Cr. $28050

8 0

4 years ago

When solving for a present value, all cash flows should be discounted from the A : future to the present. B : the past to the fu

Alisiya [41]

Answer:

B the past to the future

3 0

4 years ago

True or False: If Hubert's Fire Engines were a competitive firm instead and $100,000 were the market price for an engine, decrea

KatRina [158]

Answer:

False

Explanation:

In a perfectly competitive market the sales revenue is based on pricing also. As the pricing policy also plays an important role in the marketing technique to attract customers.

As the quality served is generally the same in the market, there is no issue in that but when the price is reduced expected sales will increase and accordingly the expected revenue also increases.

As the sales is expected to increase the revenue will also increase accordingly, even though the price is reduced, due to increase in sales quantity the expected change shall not be same as that of the change in price.

Thus, the statement is False.

5 0

3 years ago

How would the number of firms competing in a particular market affect the likelihood that an exporter to that market would be ac

professor190 [17]

Answer:

We can assume companies form country A export to country B. Country B's economy is very large and many domestic and foreign firms compete in it. High levels of competition will eventually lower the costs of products sold in a market, so the products sold in Country B have relatively low prices.

In order for foreign companies to compete in country B's market they must have low prices. So companies from country A will sell its products in country B at low prices, increasing the possibility that the price of their exports are lower than their domestic prices (prices for their own country). Therefore the chance for a dumping accusation increases.

6 0

3 years ago

Warmup- if you was an agent what 2 sports you would manage and why?