The percentage-of-credit-sales method for estimating uncollectible accounts is commonly referred to as the income statement method, because it always results in a higher amount of net income being reported in the income statement.
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False
This method is referred to as the income statement method because the estimate of bad debts is based on an income statement amount-credit sales.
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Zeke wishes to earn $5100 of operating profit each month. Calculate the amount of sales revenue required to achieve the target profit. (Round your answer to the nearest dollar.)
Zeke was a professional classical guitar player until a motorcycle accident left him disabled. After long
months of therapy, he hired an experienced luthier and started a small shop to make and sell Spanish
guitars. The guitars sell for $800, and the fixed monthly operating costs are as follows:
Zeke's accountant told him about contribution margin ratios, and Zeke understood clearly that for every
dollar of sales, $0.75 went to cover his fixed costs, and anything above that point was profit.
A) $4639
B) $13,916
C) $11,439
D) $34,316
Cost of goods manufactured is equal to
a. Direct Materials + Direct Labor + Overhead. b. Beginning Work in Process Inventory + Total Manufacturing Costs – Ending Work in Process Inventory. c. Beginning Work in Process Inventory + Period Costs – Ending Work in Process Inventory. d. Beginning Work in Process Inventory + Product Costs.
For its most recent fiscal year, a firm reported that its contribution margin was equal to 40 percent of sales and that its net income amounted to 10 percent of sales. If its fixed costs for the year were $60,000, how much were sales?
a. $150,000 b. $200,000 c. $600,000 d. can't be determined from the information given
The term interoperability implies that PL/SQL can run on any platform that Oracle can run on.
Answer the following statement true (T) or false (F)