Rosie Dry Cleaning was started on January 1 , Year 1 . It experienced the following events during its first two years of operation: Events Affecting Year 1 1. Provided $29,220 of cleaning services on account. 2. Collected $23,376 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting Year 2 1. Wrote off a $219 account receivable that was determined to be uncollectible. 2. Provided $34,100 of cleaning services on account. 3. Collected $30,179 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required a. Organize the transaction data in accounts under an accounting equation for each year. b. Determine the following amounts: 1. (1) Net income for Year 1. 2. (2) Net cash flow from operating activities for Year 1. 3. (3) Balance of accounts receivable at the end of Year 1. 4. (4) Net realizable value of accounts receivable at the end of Year 1. c. Determine the following amounts: 1. (1) Net income for Year 2.
Answers
a. Accounting Equation for Year 1:
Assets = Liabilities + Owner's Equity
Accounts Receivable + Cash = 0 + Owner's Equity (Cleaning Revenue)
Transaction Data for Year 1:
1. Accounts Receivable increases by $29,220.
2. Cash increases by $23,376.
3. Estimated Uncollectible Accounts Expense increases by 1% of Cleaning Revenue on account.
Revised Accounting Equation for Year 1:
Accounts Receivable + Cash = Estimated Uncollectible Accounts Expense + Owner's Equity (Cleaning Revenue)
Accounting Equation for Year 2:
Assets = Liabilities + Owner's Equity
Accounts Receivable + Cash = 0 + Owner's Equity (Cleaning Revenue)
Transaction Data for Year 2:
1. Accounts Receivable decreases by $219 (uncollectible account).
2. Accounts Receivable increases by $34,100.
3. Cash increases by $30,179.
4. Estimated Uncollectible Accounts Expense increases by 1% of Cleaning Revenue on account.
Revised Accounting Equation for Year 2:
Accounts Receivable + Cash = Estimated Uncollectible Accounts Expense + Owner's Equity (Cleaning Revenue)
b. Amounts for Year 1:
1. Net income for Year 1: Cleaning Revenue - Estimated Uncollectible Accounts Expense
2. Net cash flow from operating activities for Year 1: Cash collected from accounts receivable
3. Balance of accounts receivable at the end of Year 1: Accounts Receivable - Cash collected
4. Net realizable value of accounts receivable at the end of Year 1: Balance of accounts receivable - Estimated Uncollectible Accounts Expense
c. Amounts for Year 2:
1. Net income for Year 2: Cleaning Revenue - Estimated Uncollectible Accounts Expense
(Note: You will need the specific cleaning revenue and estimated uncollectible accounts expense amounts for Year 2 to calculate the net income.)
Please provide the cleaning revenue and estimated uncollectible accounts expense amounts for Year 2 to calculate the net income for Year 2.
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Related Questions
What is command economy main goal?
Answers
The main goal of the command economy is to centralize the decision-making process and allocate resources in an efficient manner. This type of economy is based on a planned economy where the government controls the production, distribution and prices of goods and services.
This type of economic system is typically seen in socialist countries and its primary purpose is to ensure that resources are used in the most efficient and equitable manner possible. The government sets prices, wages, and production levels, which helps ensure that everyone has access to basic goods and services. This type of economy also emphasizes the importance of social justice, meaning that the government tries to ensure that everyone has access to the same basic goods and services, regardless of their economic status.
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the first step in developing a business plan is to
Answers
The first step in developing a business plan is to clarify your business concept and define your goals and objectives.
During this initial stage, you need to identify your business idea or concept, including the products or services you plan to offer. You should also define your target market and understand their needs, preferences, and buying behaviors. This research will help you assess the market potential and competitive landscape.
Next, you should establish clear goals and objectives for your business. These can include financial targets, growth targets, market share goals, or any other specific objectives you want to achieve. Setting measurable and realistic goals is essential for guiding your business activities and monitoring progress.Additionally, you should consider your unique value proposition and how you will differentiate your business from competitors.
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bianco, incorporated is headquartered in pennsylvania. bianco produces custom stationary for sale to customers in stores located in pennsylvania and new jersey. it also sells its products online and ships to customers in other states. last year, bianco sold its products to online customers in maryland, florida, iowa, louisiana, and georgia. required: in which of these states does bianco have nexus for state income tax purposes? note: you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect. This year, Mesa, Incorporated's before-tax income was
$10,627,000. It paid $479,000 income tax to Minnesota and $421,000 incom tax to Illinois. Required: a. Compute Mesa's federal income tax. b. What is Mesa's tax rate on its income? Complete this question by entering your answers in the tabs below. Compute Mesa's federal income tax.
Answers
To determine in which states Bianco Incorporated has nexus for state income tax purposes, we need to consider the concept of nexus and the company's activities in each state.
Nexus refers to the connection or presence of a company in a state that establishes its obligation to collect and remit state taxes. In general, a company has nexus in a state if it has a physical presence or conducts significant business activities in that state.
Based on the information provided, Bianco is headquartered in Pennsylvania and sells its custom stationary in stores located in both Pennsylvania and New Jersey. Additionally, it sells its products online and ships to customers in other states, including Maryland, Florida, Iowa, Louisiana, and Georgia.
Considering these activities, Bianco would have nexus for state income tax purposes in Pennsylvania and New Jersey due to its physical presence and sales activities in these states. It would also have nexus in the states where it sells its products online and ships to customers, namely Maryland, Florida, Iowa, Louisiana, and Georgia. Therefore, Bianco has nexus for state income tax purposes in all these states.
In summary, Bianco, Incorporated has nexus for state income tax purposes in Pennsylvania, New Jersey, Maryland, Florida, Iowa, Louisiana, and Georgia.
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Select the correct answer. which question is irrelevant when setting a financial goal?a. what do you want to accomplish? b. what is the timeline of your investment? c. how varied should your portfolio be?d. what do you want to do with your returns? e. how much do you want to invest?
Answers
The question that is irrelevant when setting a financial goal is c. how varied should your portfolio be?
What are financial goals ?Financial goals generally involve a specific action or outcome that you want to achieve, such as saving a certain amount of money, paying off debt, or investing in a specific asset. The variety of your portfolio, or the mix of different types of investments that you hold, is not directly related to the specific financial goal that you are trying to achieve.
To set a financial goal, it is important to consider questions such as what you want to accomplish, what the timeline is for your goal, and what you plan to do with any returns that you may receive. It is also important to consider how much money you are willing to invest or save in order to reach your goal.
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true or false: the statement of stockholders' equity indicates the changes in the various equity accounts. true false question.
Answers
The statement of stockholders' equity indicates the changes in the various equity accounts- True.
The amount of assets still accessible to shareholders after all obligations have been satisfied is known as shareholders' equity, sometimes known as shareholders' or owners' equity. It can be computed as the sum of a company's share capital and retained profits less treasury shares or alternatively as the firm's total assets less total liabilities. Common stock, paid-in capital, retained earnings, and treasury stock are all examples of stockholders' equity.
Conceptually, stockholders' equity may be used to evaluate the cash kept within a company. If this number is negative, it can be a sign that the company is about to file for bankruptcy, especially if there is also a substantial debt obligation.
The two primary sources of shareholders' equity, often known as the company's book value, are as follows. The first source of funding is the cash that was initially and later invested in the business through share offerings.
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In the context of sequencing,__________is the difference between the completion time and the due date of a job. a. flow time b. makespan c. lateness d. tardiness
Answers
In the context of sequencing, it should be noted that the difference between the completion time and the due date of a job is known as lateness.
Makespan simply means the time that's needed to process a given set of jobs. On the other hand, tardiness is the amount of time where the completion time exceeds the due date of the job.
The difference between the completion time and the due date of a job is simply referred to as lateness. In this case, the job is past its due date.
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Philosophers who have been studying entrepreneurs found that successful entrepreneurs all over the world have some characteristics in common. True or False
Answers
Answer:
TRUE
Explanation:
Answer:
True
Explanation:
It doesn't matter where they are; they are all doing the same thing and therefore have at least some similar characteristics to one another.
Which of the following statements about justice is correct as it relates to an ethical decision in a business-related setting? O A. Justice favors the employee. O B. Justice favors no one. O c. Justice favors observers. O D. Justice favors the employer.
Answers
Answer:
B. Justice favors no one
Explanation:
You are opening a store, and having a working website is an important part of your project plan. The company that started creating your website went out of business before completing the job.
What components of your project plan will be affected?
Budget and time
Ethics and piracy
Ideas and creativity
Policies and procedures
Answers
Answer:
ethics and piracy if not let me know
Christine hires a deck company to build a deck. The company initially does a terrible job and agrees to rebuild it. A court requires the company to pay for the cost of the inspection that Christine has done to ensure the rebuilt deck is structurally sound. This is an example of which type of monetary award
Answers
Based on the fact that the company will pay for the cost of inspection that Christine incurred, this is an incidental damage.
What is an incidental damage?Incidental damages are given out to cover expenses that were not originally in the contract, but came about to ensure the contract is fulfilled.
The cost of inspection made sure that the company did the job of building the deck and making the company pay makes it an incidental damage.
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I definitely would love to have sex with you as often as possible!I definitely would love to have sex with you as often as possible!I definitely would love to have sex with you as often as possible!p
There is so much advertising in monopolistic competition and oligopoly because multiple choice 1 brand distinction encourages consumer loyalty, which increases profits. there is product homogeneity in these industries. there are significant substitution possibilities in these industries. price changes are not allowed.
Answers
Answer:
brand distinction encourages consumer loyalty, which increases profits.
Explanation:
Accounting project 2.3.1 ap3x learning?
Answers
Answer:
Answer:
P (A or B)= 0.65
Explanation:
Step-by-step explanation:
Given
P(a) = 0.60
P(b) = 0.20
P(a and b) = 0.15
In a bad economical crisis what are ways to overcome
Answers
Answer:
figure out different ways to invest and save your money maybe buy cheaper but good quality products
Explanation:
cause i said so
Answer:
Maximize Your Liquid Savings. ...
Make a Budget. ...
Prepare to Minimize Your Monthly Bills. ...
Closely Manage Your Bills. ...
Take Stock of Your Non-Cash Assets and Maximize Their Value. ...
Pay Down Your Credit Card Debt.
Explanation:
Explain why profit maximization is more important than utility maximization for a business
Answers
Answer:
Generally, the profit maximization is held important goal for a company because of various reasons; 1) When profit is maximized there is a high revenue which can be used for business expansion. Profit maximization is the core goal of every business that can be considered to be an objective of financial management.
Explanation:
.
You can't make a mistake by locating where labor costs are low.
True False
Answers
False. Locating where labor costs are low does not guarantee the absence of mistakes.
While it may be tempting to believe that low labor costs automatically translate into error-free operations, the reality is far more complex. The level of labor costs is just one factor among many that contribute to the overall efficiency and quality of a business or production process. Other critical elements, such as the skills and expertise of the workforce, the availability of infrastructure and technology, and the effectiveness of management and training programs, also play crucial roles in determining the likelihood of mistakes.
Even in regions where labor costs are low, there can be significant variations in the skill levels and productivity of the workforce. Companies may encounter challenges related to inadequate training, high turnover rates, or language and cultural barriers. Moreover, the pursuit of low labor costs alone may lead to compromises in quality control, as cutting corners to reduce expenses can increase the chances of errors and defects.
Ultimately, ensuring error-free operations requires a holistic approach that goes beyond labor costs. Businesses should consider factors such as the overall capability of the workforce, infrastructure support, training programs, and quality control measures to minimize mistakes and maintain high standards. While low labor costs can be advantageous, they do not guarantee a mistake-free environment on their own.
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which is a way to increase your net worth
Answers
Ways to increase your net worth are
Contribute more money to your retirement fund.Reduce your spending.It's time to get rid of high-interest loans.Make a contingency fund. This is further explained below.What is net worth?Generally, taking into consideration all financial assets and obligations of a person/company/household.
In conclusion, Consolidate or renegotiate your debts.
Keep your vehicles for as long as you can.
Boost your wages
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The authors of the united states constitution included a system of checks and balances to.
Answers
The authors of the United States Constitution included a system of checks and balances to ensure that no branch of government ever has an excessive amount of authority to avoid the tyranny of any branch.
The federal government of the United States is composed of three branches: the executive branch, which the President exercises, the legislative branch, which Congress (the House of Representatives and the Senate) exercises, and the judicial branch, which is comprised of the Supreme Court and other federal courts established by Congress.
The checks and balances mechanism established by the Constitution is intended to prevent the tyranny of one branch.
The majority of significant activities demand the involvement of more than one department of government. For instance, the President has the authority to veto laws that Congress adopts. Criminal offenses are prosecuted by the executive branch, but judicial trials are still required. Federal judges are chosen by the President, but they need to be confirmed by the Senate.
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Match the marketing objectives with the appropriate stage of the product life cycle. Group of answer choices Create product awareness and trial [ Choose ] Maximize market share [ Choose ] Maximize profit while defending market share [ Choose ] Reduce expenditure and milk the brand [ Choose ]
Answers
The product life cycle is highly effective as its helps to make decision on pricing and promotional activities.
What is the Product life cycle?The Product life cycle refers to a cycle that shows the entry, growth and decline of the product into a particular market
The marketing objective of the Intro Stage is to create product engagement and trialThe marketing objective of the Growth stage is to maximize market share.The marketing objective of the Maturity stage is to maximize profit while defending market share.The marketing objective of the Decline stage is to reduce expenditure and milk the brand.In conclusion, the product life cycle is highly effective as its helps to make decision on pricing and promotional activities.
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who determines whether a good is normal or inferior?
a-individual.
b-sellers
C-government
tions
d-all the above.
Answers
Answer:
A.
Explanation:
Determining whether a good is normal or inferior depends on individuals. When there is a rise in the income of a person and he/she buy more of a good, it shows that good is normal. When there is a rise in a person income and there is a decrease in the demand for goods, then the product is inferior.
Therefore, it is an individual who determines whether a good is normal or inferior. Thus option A is correct.
If the demand for a good falls when income falls, then the good is called an inferior good. O a. True O b. False
Answers
Its provided statement is False, according to the question. In the scenario of inferior goods, as income rises, so does the supply for inferior goods.
What exactly do users mean by "income"?
The term "income" usually refers to the entirety of money, assets, and other value transfers received over a specific time period in return for goods or services. There is no single, universal definition: income is determined by the context in which it is used. Earned, passive, and portfolio income are the three main types of income.
What are the sources of income?
that which provides a regular source of income, such as jobs, investments, or a pension, etc.
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how to work out opening balance?
Answers
Answer:
...
Explanation:
Answer:
Opening Balance (what you have in bank at the start) plus Total Income (what money comes in) minus Total Expenses (what money goes out) equals Closing Balance (what money you have left). The Opening Balance is the amount of cash at the beginning of the month (1st day of month).
how can you say that office is an information centre?
Answers
Answer:
hope this helps
Explanation:
An office is an information center which provides information relating to business transactions. Such information is very useful. It is used by management for the purpose of planning, organizing, staffing, directing and controlling.Information Center: The office serves as an information centre. It collects information from sources like invoices, letters, memos, agreements, vouchers etc., and protects them in safe mode on the basis of their importance for future reference.It is used by management for the purpose of planning, organizing, staffing, directing and controlling. Office not only keeps record of information but also plays the role of reliable channel of communicating the information. It is required for smooth functioning of the organization.
Answer:
Explanation:
I think information centre is designed specifically for storing, processing, and retrieving information for dissemination at regular intervals. if the office is doing so then you can say that it is information centre.
Should Cameron have licensed McTaggart or continued to export?
Answers
The decision of whether Cameron should have licensed McTaggart or continued to export is a complex one that involves economic, political, and ethical considerations. Ultimately, the decision should have been based on a careful analysis of the costs and benefits of each option, as well as the potential impact on the UK economy and international relations.
The decision to license McTaggart or continue to export is a challenging one for any government. On the one hand, licensing McTaggart would have allowed the UK to retain control over the technology and generate revenue from licensing fees. On the other hand, exporting the technology would have generated significant revenue for the UK economy, but it would also have raised ethical concerns about the use of the technology in other countries.
In making this decision, the government would need to consider a variety of factors, including the economic impact of each option, the potential impact on international relations, and the ethical implications of exporting the technology. It would also need to consider the potential consequences of each option in terms of national security and human rights.
Ultimately, the decision should have been based on a careful analysis of the costs and benefits of each option, as well as the potential impact on the UK economy and international relations. It would also be important to engage with stakeholders, including industry experts, civil society groups, and the public, to ensure that their perspectives were taken into account.
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WILL MARK BRAINLIEST IF ANSWER IS CORRECT!!
Which of the following might a homeowner's insurance company be unwilling to cover?
A. Theft
B. A person getting injured on the property
C. Fire
D. A natural disaster
Answers
Answer:
D. A natural disaster
Explanation:
Natural disasters such as floods, earthquakes, and wars occur intermittently and usually with high losses. An accurate estimation of their frequency and the severity of losses is not impossible. Due to these reasons, private insurance companies do not cover natural disasters.
When natural disasters strike, there are likely to affect many people at the same time. Insurance companies may be unable to compensate all of them for the extensive losses. The principle through which insurance companies operate will be de
i need help with my assingemnt
Answers
Answer:
idc
Explanation:
i do not care, not at all.
Why would an e-mail rules memo work better at an innovation-driven company such as Tesla rather than at a manufacturing-driven company such as General Motors? (Explain why it works better at Tesla AND explain why it would not work as well at General Motors)
Answers
An e-mail rule is a rule that decides whether it is best to send messages formally or informally. Tesla is a younger and lower-profile company than General Motors; as a result, General Motors funds are likely to be scarce, but they are agile, which is to their advantage.
Tesla is winning the electric car race due to its high-powered battery technology and willingness to take greater risks. The most serious issue confronting the electric general Motors is range. Tesla's battery technology provides owners with longer ranges of up to 375 miles. Autopilot is a driver assistance system that is standard on all Tesla models.
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what are some good outdoor thing to do outside for the summer
list as many as can
Answers
Answer:
biking
swimming
walking
learning something new
being with friends
sports
hiking
going on a trip
making something
foreclosure means a creditor can:
Answers
Answer: repossess your property to sell to someone else
Explanation: taking the test rn
List 5 expenses that are fixed (ie. something you have to
pay each month and doesn't change
Answers
Answer:
food
toiletries
clothing
education
rent
Charismatic leadership is now considered part of ________ leadership. Multiple Choice humble transformational ethical transactional
Answers
Based on leadership skills, Charismatic leadership is now considered part of transformational leadership.
Though there are specific differences between charismatic and transformational leadership, they share various similarities in their approach and execution.
However, the significant difference between the two is that Charismatic leaders tend to improve the status quo better, while transformational leaders emphasize transforming the organization into the leader's vision.
Hence, in this case, it is concluded that the correct answer is option B. "transformational."
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