Response:
- 1. During this fiscal year, the total amount of bad debts that were written off was:
Allowance for Doubtful Accounts
$ 147 Credit
$ 94 Credit
$ 58 Debit
$ 183 Credit Balance
Dr Allowance for Uncollectible Accounts $ 58
Cr Accounts Receivable Net $ 58
2. Based on your answer to question (1), determine the cash collected from clients for this financial year.
Accounts Receivable
$ 11,785 Debit
$ 61,170 Debit
$ 58 Credit
$ 58,825 Credit
$ 14,072 Debit Balance
Explanation:
To ascertain the amount of debt written off during the ongoing year, take into account the balance from the previous year and factor in the total recorded for bad debts within the year. The difference between the total for the current year and these figures will indicate the written-off amount.
- In the current year, Hassell noted a bad debt expenditure of $94 with no recoveries reported.
Dr Bad Debt Expense $ 94
Cr Allowance for Uncollectible Accounts $ 94
1. What was the total amount of bad debts written off in the current year?
Allowance for Doubtful Accounts
$ 147 Credit
$ 94 Credit
$ 58 Debit
$ 183 Credit Balance
Dr Allowance for Uncollectible Accounts $ 58
Cr Accounts Receivable Net $ 58
2. Using the answer from requirement (1), calculate the cash obtained from customers this year
With previously calculated figures, you can calculate the total amount collected throughout the year. You repeat the process used earlier to figure out the amount; using the movements from the current year, deduce the total collected value.
Accounts Receivable
$ 11,785 Debit
$ 61,170 Debit
$ 58 Credit
$ 58,825 Credit
$ 14,072 Debit Balance
Dr Cash $ 58.825
Cr Accounts Receivable Net $ 58.825
Answer: 12750
Explanation:
According to the information provided, Jake’s Cabins is a modest motel chain located close to the national parks in Utah, Wyoming, and Montana, and the recorded data for guest nights in June is as follows:
4400, 3600, 2250, 2400, and 100.
To calculate the total guest nights for June, we will sum these amounts. This calculation results in:
= 4400 + 3600 + 2250 + 2400 + 100
= 12750
Thus, the total guest nights for June amount to 12750
Answer:
a) 120 skiers daily
b) 6.25% rise in revenue
Explanation:
a) Assuming each skier stays for an average of 10 days, the daily turnover corresponds to 1/10 of the total skiers, which results in 1200/10 = 120 skiers daily.
__
b) For a duration of n days, the average expenditure for a skier is...
50 +(n-1)30 = 20 +30n
and the average daily spending calculates to...
(20 +30n)/n = (20/n) +30
Thus, for a 10-day visit, the average skiier's restaurant spending is...
20/10 +30 = 32.... each day
Similarly, for a stay of 5 days, the average skier's expense becomes...
20/5 +30 = 34.... each day
The anticipated change in restaurant revenue is...
(34 -32)/32 × 100% = 2/32 × 100% = 6.25%
Restaurant revenues are projected to increase by 6.25% from the previous year.
A. $1,737.82 Explanation: Profit is calculated as revenue minus cost. As this is a quadratic equation, the maximum profit is determined as the vertex of the function: -b/2a = -665.75/(2*(-11.3)) = -665.75/-22.6 = 29.46. At this value, the profit formula reaches its peak yielding approximately 1737.81992.
