Answer: The Matching Principle says that we should recognize expenses in the same period that it has helped generate revenue. Thus, recognizing an allowance for doubtful debts for the year resulting from sales would satisfy that principle.
Explanation:
Answer:
The correct answer is option B.
Explanation:
The main difference between technological efficiency and economic efficiency is that technological efficiency is concerned with the quantity of outputs used while economic efficiency is concerned with the value of inputs used.
Technological efficiency implies that a firm is producing a level of input using the least possible quantity of inputs. Economic efficiency occurs when a firm is able to produce a level of output at the least possible cost.
Technological efficiency does not require economic efficiency but economic efficiency require technological efficiency.
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Answer:
a. Total net revenue:
= Sales revenue - Sales discounts - Sales returns + Rent revenue + Dividend revenue
= 410,000 - 7,930 - 12,560 + 6,610 + 71,490
= $467,610
b. Net income:
= Total net revenue - Cost of goods sold - Interest expense - selling expenses - income tax expense - administrative expenses
= 467,610 - 179,854 - 13,420 - 99,440 - 28,935 - 75,280
= $70,681
c. Dividends declared:
= Beginning Retained earnings + Net income - Ending Retained earnings
= 114,500 + 70,681 - 134,260
= $50,921
d. Income attributable to controlling shareholders:
= Net income - non-controlling interest:
= 70,681 - 19,240
= $51,441
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