Answer: D. Debit to Accounts Receivable of $1,620 and a debit to Cash of $1,080.
Explanation:
Route 66 Gift Shop records sales and sales tax separately so we would have to account for both of them in the amount recorded in the Journal Entry.
For the Accounts Receivables therefore the figure we would record is,
= 1,500 + 1500(0.08)
= $1,620
For the Cash Sales would be
= 1,000 + 1000(0.08)
= $1,080
Therefore option D is correct.
Answer:
33,793 pizzas
Explanation:
The annual break-even sales level for the number of pizzas sold in the location is computed using the break-even sales units formula below:
break-even sales=fixed costs/contribution margin per pizza
fixed costs=$245,000
contribution margin per pizza=selling price-variable cost
selling price=$12.50
variable cost=selling price*42%
variable cost=$12.50*42%
variable cost=$5.25
contribution margin per pizza=$12.50-$5.25
=$7.25
break-even sales=$245,000/$7.25
= 33,793 pizzas
Answer:
A. bill of lading
Explanation:
The bill of lading is the document that supports the sales invoice as the bil of lading contains the details regarding the shipment and the confirmation with respect to the delivery
So as per the given situation since it is mentioned in the question that for shipping documents the sales invoice should be supported by the bill of lading
hence, the same is to be considered
Answer:
The effect the entry to recognize the uncollectible accounts expense for Year 2 will have on the elements of the financial statements are that it will reduce Accounts Receivable to $15,560 and the Allowance for Doubtful Accounts to $1,900 at the end of Year 2.
Explanation:
Credit sales estimated to be uncollectable = Credit sales * Estimated percentage uncollectable = $215,000 * 1% = $2,150
Ending account receivable = Beginning accounts receivable + Credit sales - Cash collected - Receivales written off as uncollectable - Credit sales estimated to be uncollectable = $76,000 + $215,000 - $271,100 - $2,100 - $2,150 = $15,560
Ending Allowance for Doubtful Accounts = Beginning Allowance for Doubtful Accounts - Allowance for Doubtful Accounts - Receivales written off as uncollectable = $4,000 - $2,100 = $1,900
Therefore, the effect the entry to recognize the uncollectible accounts expense for Year 2 will have on the elements of the financial statements are that it will reduce Accounts Receivable to $15,560 and the Allowance for Doubtful Accounts to $1,900 at the end of Year 2.
Answer:
answer is Cannot be determined
Explanation:
given data
household income = $50,000
increases = 10% per year
time = 2 year
solution
as we know that here mean is increase by 10 percentage
but from the mean percentage increase in does not meaning that it will increase median also with same percentage
because median also increase by some percentage if data is move up
but we can not say it will move with same percentage
so here answer is Cannot be determined from given data
