Which of the following education levels offer a shop class in industrial arts?

Describe the Allowance for Doubtful Accounts, account:1. What type of account is it? Contra Asset Account 2. What it’s normal ba

Airida [17]

Answer:

contra-assets account.

Credit balance

balance sheet

permanent account.

Explanation:

The allwoance is an account used to adjust accounts receivable to a net value therefore, it is used as contra-asset (to adjust an asset)

Therefore, as assets normal balance is debit a contra-assets in order to adjsut will use credit balance.

Notice: contra-assets decrease the net value of the assets They never increase it. If the princip0al asset increase then, the accounting would use the main asset account, not the contra-asset

Lastly, as it adjsut an asset it will be find in the balnce sheet or in the note to the balance sheet to disclosure the procedure to arrive to net accounts receivables

As it is find in the balance sheet is a permanent account His balance passes through the acouting cycles

3 0

3 years ago

Bindy Crawford created a corporation providing legal services, Skysong, Inc., on July 1, 2022. On July 31 the balance sheet show

ad-work [718]

Answer:

Bindy Crawford

1. Tabular Analysis of the August Transactions:

Cash Accounts Supplies Equipment Accounts Common Retained

Receivable Payable Earnings

7/31 $4,600 $7,400 $730 $9,900 $9,100 $11,700 $1,830

8/1 +1,200 -1,200

8/4 -2,770 -2,770

8/9 +3,510 +2,540 +6,050

8/15 -510 +4,180 +3,670

8/19 -2,480 -2,480

8/23 -670 -670

8/26 +5,700 +5,700

8/31 -370 -370

8/31 $8,210 $8,740 $730 $14,080 $15,700 $11,700 $4,360

2. Income Statement for the month of August

Service revenue $6,050

Salaries expense $1,390

Rent expense 760

Advertising expenses 330

Utility expenses 370 2,850

Net income $3,200

3. Retained Earnings Statement for the month of August

Retained earnings, July 31 $1,830

Net income 3,200

Dividends (670)

Retained earnings, Aug. 31 $4,360

4. Classified Balance Sheet as of August 31

Assets

Current Assets:

Cash $8,210

Accounts receivable 8,740

Supplies 730 $17,680

Long-term Assets:

Equipment $14,080

Total assets $31,760

Liabilities and Equity

Current liabilities:

Accounts Payable 10,000

Notes Payable 5,700 $15,700

Equity:

Common stock 11,700

Retained earnings 4,360 $16,060

Total liabilities and equity $31,760

Explanation:

a) Data and Analysis:

8/1 Cash $1,200 Accounts receivable $1,200

8/4 Accounts payable $2,770 Cash $2,770

8/9 Accounts receivable $2,540, Cash $3,510 Service revenue $6,050

8/15 Equipment $4,180 Cash $510 Accounts payable $3,670

8/19 Salaries expense $1,390, Rent expense $760, Advertising expenses $330 Cash $6,150

8/23 Cash dividend $670 Cash $670

8/26 Cash $5,700 Note payable (American Federal Bank) $5,700

8/31 Utility expenses $370 Cash $370

Tabular Analysis of the August Transactions:

Cash Accounts Supplies Equipment Accounts Common Retained

Receivable Payable Earnings

7/31 $4,600 $7,400 $730 $9,900 $9,100 $11,700 $1,830

8/1 +1,200 -1,200

8/4 -2,770 -2,770

8/9 +3,510 +2,540 +6,050

8/15 -510 +4,180 +3,670

8/19 -2,480 -2,480

8/23 -670 -670

8/26 +5,700 +5,700

8/31 -370 -370

8/31 $8,210 $8,740 $730 $14,080 $15,700 $11,700 $4,360

7 0

3 years ago

AudioCables, Inc., is currently manufacturing an adapter that has a variable cost of $0.50 per unit and a selling price of $1.40

Sedaia [141]

Answer: Yes. AudioCable should buy a new equipment

Explanation:

Audiocables Inc. without new equipment:

Selling price: $1.40

Variable cost: $0.50

Fixed cost: $14,000

Sales: 30000 units

Total cost = Fixed cost + Variable cost

= $14000 + ($0.50 × 30000)

= $14000 + $15000

= $29000

Revenue = Sales × Selling price

= 30000 × $1.40

= $42000

Profit = Revenue - Total Cost

= $42000 - $29000

= $13000

Audiocables Inc. with new equipment:

Selling price: $1.40

Variable cost: $0.60

Fixed cost: $14,000 + $6000 = $20000

Sales: 50000 units

Total cost = Fixed cost + Variable cost

= $20000 + ($0.60 × 50000)

= $20000 + $30000

= $50000

Revenue = Sales × Selling price

= 50000 × $1.40

= $70000

Profit = Revenue - Total Cost

= $70000 - $50000

= $20000

From the calculations made, AudioCable buy a new equipment as profit generated is more.

5 0

3 years ago

When preparing the statement of owner's equity, the beginning capital balance can always be found a.on the statement of cash flo

Paladinen [302]

When preparing the statement of owner's equity, the beginning capital balance can always be found in the general ledger.

A general ledger is a book keeping ledger which shows the set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports.
Each account is a unique record summarizing a specific type of asset, liability, equity, revenue or expense.
The general ledger consists of all the individual accounts needed to record the assets, liabilities, equity, revenue, expense, gain, and loss transactions of a business. In most cases, detailed transactions are recorded directly in these general ledger accounts.
It helps you look at the bigger picture. Accounts including assets (fixed and current), liabilities, revenues, expenses, gains, and losses.

Thus the correct answer is option D.

To learn more about general ledger, refer: brainly.com/question/1436327

#SPJ10

6 0

2 years ago

To differentiate its candy from that produced by other candy manufacturers, the manufacturer of Green & Black brand confecti

mestny [16]

Answer:

B. Unique selling proposition

Explanation:

The scenario which is been presented in the question is the example of "Unique selling proposition"

Because in "Unique selling proposition", the companies use a unique method to attract and convince the customers to buy and use the product of the particular company.

So, we can see that manufacturer of Green & Black brand confections uses unique method to attract and convince the customers to buy and use its product, the method is known as "Unique selling proposition".

8 0

3 years ago