The actual information pertains to the third quarter. as part of the budgeting process, the duck decoy department of paralith incorporated had developed the following static budget for the third quarter. duck decoy is in the process of preparing the flexible budget and understanding the results.
actual flexible static
results budget budget
sales volume (in units) 15,000 11,000
sales revenues $245,000 $ $235,000
variable costs 139,000 $ 184,000
contribution margin 106,000 $ 51,000
fixed costs 42,000 $ 31,000
operating profit $64,000 $ $20,000
the flexible budget will report for variable costs.

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

Select all that apply. select the ways that labor unions can increase wages. collective bargaining reducing the labor supply increasing the demand for labor creating monopolies

Jewelry manufacturers produce a range of products such as rings, necklaces, bracelets, and brooches. what fundamental economic question are they addressing by offering this range of items?