For the year, cash sales are $700,000 and credit sales are $2,500,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Valli Company make to record the bad debts expense?

ABC made a $15,000 sale on account with the following terms: 1/10, n/30. If ABC uses the gross method to record sales made on credit, what is/are the debit (s) in the journal entry to record the sale? a. Debit Accounts Receivable for $14,850. b.

Whispering Inc. had pretax financial income of $166,600 in 2020. Included in the computation of that amount is insurance expense of $3,700 which is not deductible for tax purposes.

Ivanhoe Co. reports net income of $78,000. Partner salary allowances are Pitts $10,000, Filbert $3,000, and Witten $5,000. Indicate the division of net income to each partner, assuming the income ratio is 52 : 22 : 26, respectively. quiz

Over spring break, you go to Florida and accidentally spend too much on your checking account's debit card. When you get back to school, you are shocked to see you owe your bank $220, which you pay back immediately.

Jeanclaude Corporation produces and sells one product. The budgeted selling price per unit is S105. Budgeted unit sales for July, August, September, and October are 7,400, 7,500, 13,800, and 15,300 units, respectively. All sales are on credit.

On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30.

You invest $50,000 now and receive $10,000 per year for 15 years starting at the end of the first year.

A high school currently require students to purchase a parking pass in order to park in the parking lot, but for the coming year they are considering letting all students park for free.

An oligopolistic market structure is distinguished by several characteristics, one of which is a difficult entry. Which of the following are other characteristics of this market structure? Check all that apply. a. Market control by many small firms.

Who should you' alert that you are interviewing for jobs? A. Your references B. Other possible employers C. Your classmates D. Your present employer