Answer:
$114,000
Explanation:
Given that,
Net credit sales = $2,250,000
Opening allowance for Doubtful Accounts = $36,000
Uncollectible accounts receivable written off = $90,000
Firstly, we need to find the excess amount to be adjusted to allowance for Doubtful Accounts. It is calculated as follows:
= Uncollectible accounts receivable written off - Opening allowance for Doubtful Accounts
= $90,000 - $36,000
= $54,000
Allowance amount:
= 10% of the balance in receivables
= 0.1 × $600,000
= $60,000
Therefore, the required adjustment to the Allowance for Doubtful Accounts at December 31, 2017 is determined by summing up the excess amount and allowance amount.
= Excess amount to be adjusted to allowance for Doubtful Accounts + Allowance amount
= $54,000 + $60,000
= $114,000
They will require him to submit a business plan and a financial plan. The correct option among all the options that are given in the question is option "d" or the last option. The financial plan needs to be perfect for the loan to be passed and also for the business to be successful. The local bank needs to understand the way the company will make profit and pay back the loan.
Answer: The answer is: Debit Account Receivable $2,000; Credit Unearned Revenue $2,000.
Explanation: The accounting entries above were premised on the <em>accrual accounting concept</em>, which states that income and expenses are recognized as they occur regardless of when actual cash settlement takes place. The amount was credited to unearned revenue simply because the client has not been billed and there is not further information on the duration of the service. Therefore, the amount would be <u>unwound from the unearned revenue to income, based on the duration of service and percentage of completion</u>. However, <u>when the client pays, the account receivable account would be credited.</u>
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Answer:
1. 300 tires
2. 150 units
3. 32 times
4. 11.4 days
5. $2,400
6. $2,400
Explanation:
Economic order quantity is the quantity at which business incur minimum cost. This is the level of order where the holding cost equals to the ordering cost of the business.
Material cost remains the same whatever the the order level. The costs that vary with the change in order level are ordering cost and holding cost.
The cost incurred to for each order placed is called ordering cost and cost which incurred to hold the inventory for a specific period is called holding cost.
EOQ = 
EOQ = 
EOQ = 300 units
1. EOQ is the level of order That should be placed to minimize the total cost of the business. The manager should order 300 tires in each lot.
2.
Average Inventory = EOQ / 2 = 300 / 2 = 150 units
3.
Number of orders = Total yearly demand / EOQ = 9,600 / 300 = 32 times
4.
Number of days = ( EOQ / total demand ) x 365 = 300 / 9600 x 365 = 11.4 days
5.
Fixed ordering cost = Total Demand / EOQ x $75 = (9600 / 300) x $75 = $2,400
6.
Holding cost = Average Inventory x holding cost per unit = 150 units x $16 = $2,400
Here Holding cost and ordering cost is same at EOQ level.
Answer:
The civil court filing must be dismissed because of the constitutional right against double jeopardy.
Explanation:
Double jeopardy is the legal concept that protects a person from being tried again for the same or similar charge following his aquittal or conviction.
Fred Arden has been tried in criminal court and found innocent. Shawn is trying to sue him again for the same act in civil court.
This is against the rule of double jeopardy.
