Which of the following generally provides the least evidence regarding the valuation of accounts receivable?A. Reviewing an aging of accounts receivable.B. Examination of cash receipts subsequent to the balance sheet date.C. Confirming current (0-30 day) year-end accounts receivable.D. Reviewing credit files for selected account.

Answers

Answer 1

Answer:

the correct answer is C

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Related Questions

Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 Product 2 Product 3 Cost $ 40 $ 110 $ 70 Selling price 100 180 130 Costs to sell 6 80 30
Can someone plz help me really quick? I’m struggling. I can give brainliest points.
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Reuben Corporation holds assets with a fair value of $150,000 and a book value of $125,000 and liabilities with a book value and fair value of $50,000. What balance will be assigned to the noncontrolling interest in the consolidated balance sheet if Holmes Company pays $90,000 to acquire 75 percent ownership in Reuben and goodwill of $20,000 is reported
A bailment is different from a gift because:___. a. a gift requires consideration, but a bailment does not. b. a gift is always a contract, but a bailment is generally not a contract. c. a gift requires delivery, but a bailment does not. d. in a bailment, only possession of the property is transferred to the bailee, whereas with a gift, both possession and ownership must pass to the donee.

Monica has found that her contribution margin per hour of time for her highest selling product is $2,500. She wants to dedicate an extra 40 hours a month to this product, but she needs to know the increase in total contribution margin if she does this. The product generally sells for $100 a unit. What would be the increase in total contribution margin for this product

Answers

Answer:

The correct answer is $100,000.

Explanation:

According to the scenario, the given data are as follows:

Contribution margin = $2,500 per hour

Extra time = 40 hours

Selling price = $100 per unit

So, we can calculate the increase in contribution margin by using following formula:

Increase in contribution margin = Contribution margin × Extra time

By putting the value in the formula, we get

= $2,500 × 40

= $100,000

The following information was available for Paul Company at December 31, 2020: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $968,000; and sales $1,360,000. Paul’s inventory turnover in 2020 wasa21.5 days.b.26.4 days.c.30.2 days.d.33.8 days.

Answers

Answer:

Option (c) is correct.

Explanation:

Given that,

Beginning inventory = $90,000;

Ending inventory = $70,000;

Cost of goods sold = $968,000

Sales = $1,360,000

Average inventor:

= (Beginning inventory + Ending inventory) ÷ 2

= ($90,000 + $70,000) ÷ 2

= $160,000 ÷ 2

= $80,000

Inventory turnover is the ratio of cost of goods sold and average inventory.

Paul’s inventory turnover in 2020:

= Cost of goods sold ÷ Average Inventory

= $968,000 ÷ $80,000

= 12.1 times

Days in inventory:

= 365 days ÷ Inventory turnover ratio

= 365 days ÷ 12.1

= 30.16 or 30.2 days

Suppose a 15 to 18-year-old male from Chile was 176 cm tall from 2009 to 2010. The z-score when x = 176 cm is z = _______. This z-score tells you that x = 176 cm is ________ standard deviations to the ________ (right or left) of the mean _____ (What is the mean?)

Answers

Answer:

z = 0.96, standard deviations to the right of the mean 170 cm

Explanation:

z= $(176 - 170)/(0.96)$

x = 176 cm is 0.96, standard deviations to the right of the mean 170 cm

you recently increased you're spending on marketing by 10%. you now spend 5500 per month. revenue increase by 1000 per month and you're gross margin percentage is 70%. All other expenses stayed consant. Did the increase pay off?

Answers

Answer:

Answer is yes

Explanation:

Mountain High Ice Cream Company transferred $76,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,600). Mountain High anticipates a $4,600 recourse obligation. The bank charges a 2% fee (2% of $76,000), and requires that amount to be paid at the start of the factoring arrangement. Mountain High has transferred control over the receivables, but determines that it still retains substantially all risks and rewards associated with them. Required: Prepare the journal entry to record the transfer on the books of Mountain High, considering whether the sales criteria under IFRS have been met.

Answers

Answer:

Cash 66,880 debit

Due from factor 7,600 debit

Loss on factoring 6,120 debit

Accounts Receivables 76,000 credit

Recourse Liability 4,600 credit

Explanation:

Accounts receivable factored: 76,000

Cash received 90% of 76,000 = 68,400

less bank charge fee: 76,000 x 2% = 1,520

total: 66,880

Due from factoring = 76,000 x 10% 7,600

Recourse liability: 4600

The loss is calcualte bu difference:

The bank receives 76,000 dollars of Accounts receivables

It pays 66,880 It makes us assuma liability for 4,600

and potentially can paid up to 7,600

Net: 69,880‬

difference: 76,000 - 66,880 = 6,120

The Skulls, a student social organization, has two different locations under consideration for constructing a new chapter house. The Skulls' president, a POM student, estimates that due to differing land costs, utility rates, etc., both fixed and variable costs would be different for each of the proposed sites, as follows: Location Annual Fixed Variable Alpha Ave. $ 5,000 $ 200 per person Beta Blvd. $ 8,000 $ 150 per person What would be the total annual costs for the Alpha Ave. location with 20 persons living there

Answers

Answer:

The total annual cost for Alpha Ave. at 20 persons is $9000.

Explanation:

The total cost is made up of both the fixed and the variable costs.

The total cost equation for Alpha Ave can be written as,

Total Annual cost = 5000 + 200x

Where x is the number of persons living in the Alpha Ave.

Thus, at 20 persons living in the Alpha Ave, the ytotal annual cost will be,

Total Annual Cost-Alpha Ave. = 5000 + 200 * (20) = $9000

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