Amount will be recognized as net accounts receivable on the balance sheet as of November 30-- $2730
Explanation:
First of all, the order received from Tinley High School has not been delivered by the end of November ,hence the value of the order is irrelevant for the purpose of calculating net accounts receivable at the end of November.
However, out of the goods of $3080 sold to Palos Middle School,$350 worth has been returned as defective,leaving a balance of $2730 ($3080-$350).
For Palos to be entitled to the discount of 2% they should have made payment by 24th November,which never happened,as a result the accounts receivable stay at $2730.
What Is Net Receivables?
Net receivables are the total money owed to a company by its customers minus the money owed that will likely never be paid. Net receivables are often expressed as a percentage, and a higher percentage indicates a business has a greater ability to collect from its customers.
How do you calculate net accounts receivable?
You calculate net receivables by subtracting allowance for doubtful accounts from accounts receivable (A/R) on the balance sheet. The formula is A/R – allowance = net receivables.
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Answer:
$29,760
Explanation:
Overhead application rate = 124% of direct labor cost
The required total labor costing = $24,000
Total overhead applied = Overhead application rate * $24,000
Total overhead applied = 124% * $24000
Total overhead applied = $29,760
Answer:
Total cost of Job = $9,347
Explanation:
The total cost of Job 323 would be the sum of the direct costs and the manufacturing overheads
Total cost = Direct material + direct labour + Overhead
The overhead absorption rate would be used to charge overhead to Job 323.
The absorbed overhead = OAR × actual machine hours used for Job 33
Total cost = 2,057 + (24× 37) + (194× 33) = $9,347
Total cost of Job = $9,347
Answer:
Cost of inventory= $39,330
Explanation:
Giving the following information:
Walberg Associates, antique dealers, purchased goods for $37,800. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,350. Walberg Associates insured the shipment at a cost of $180. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $520.
Cost of inventory= purchase price + shipping + insurance
Cost of inventory= 37800 + 1350 + 180= $39,330
