Answer:
The journal entries are given;
Explanation:
a. Bad Debt Expense Dr.$17,300
Allowance for Doubtful Accounts Cr.$17,300
b. Allowance for Doubtful Accounts Dr.$7,100
Accounts Receivable Cr.$7,100
With Bad Debt Expense ,the retained earnings will be decreased by ($17,300)
with direct written off,the accounts receivables will be reduced by ($7,100) in balance sheet.
Answer:
c. 60%.
Explanation:
Calculation for what the ending work-in-process inventory's stage of completion is:
First step is to calculate the Ending WIP
Ending WIP = 5,000 - 3,500
Ending WIP = 1,500 units
Now let calculate the ending work-in-process inventory's stage of completion using this formula
Ending work-in-process inventory's stage of completio
4,400 = 3,500 + (x% * 1,500)
4,400 = 3,500 + 15x
15x = 4,400 - 3,500
15x = 900
x = 900/15
x = 60%
Therefore the ending work-in-process inventory's stage of completion is:60%
Answer:
Explanation:
Assume: The Federal Alternative Minimum Tax rate of 20%
G.R EDWIN INC $
Sales 6, 020, 000.00
Less:
Cost of goods sold 3, 060,000.00
Gross profit 2,960,000.00
Less:
Operating Expenses 2,650,000.00
Profit 310,000.00
Less: Int Expense 27,000.00
Net Profit 283,000.00
Tax liability assuming tax rate of 20%
= 283,000 * 20%
=$56,600
Answer:
a. continue only if Eleni and Frey consent
Explanation:
A General Partner within a limited partnership organization manages the business and has unlimited personal liability for the debts and obligations of that firm/organization. Therefore if there are more than one then all decisions must be made in unison because it affects each member personally. So in this scenario if Derry Dies the partnership can continue only if Eleni and Frey both consent.
