Allowance for Doubtful accounts of $8000 and Bad debt expense of $7,250.
Given :ABC, Inc.'s unadjusted trial balance included
Accounts receivable $80,000 debit;
Allowance for doubtful accounts $750 credit;
and credit sales $400,000 credit.
ABC uses the aging-of-receivables method and estimates that $8,000 of its receivables will be uncollectible. After the adjusting entry is made, ABC's financial statements will report $8000. allowance for doubtful accounts on the balance sheet & bad debt expense of $7,250 on the income statement.
Using the aging-of-receivables method to estimate bad debt implies that we must consider the existing balance in the allowance for uncollectible account, unlike the percentage of sales method.
Therefore the entry will be a Bad debt expense of 8000 less 750 which is 7250 while the entire 8000 will be deducted from receivables in the Balance sheet.
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Sellers, landlords, and real estate agents are required to include a ______ in the contract or lease if the real estate was built prior to 1978.
Sellers, landlords, and real estate agents are required to include a "Lead Warning Statement" in the contract or lease if the real estate was built prior to 1978.
What was Lead Warning Statement?Lessors must declare the existence of known lead-based paint and/or lead-based paint dangers in a home before renting out a pre-1978 property.
Reason for banning lead-based paints was-
If not handled appropriately, lead from paint, paint chips, and dust can pose health risks. Young children and expectant mothers are particularly vulnerable to the effects of lead exposure.The disclosure's goal is to make a buyer or tenant aware of any potential risks associated with lead-based paint in their future property.
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A conclusion of the Hawthorne studies was that A conclusion of the Hawthorne studies was that giving less attention to employees increases worker productivity. giving more attention to employees increases worker productivity. increasing synergy increases worker productivity. cutting costs through outsourcing harms employee morale and productivity.
The Hawthorne studies concluded that giving more attention to the employees increases the workers productivity. Therefore, the correct option is 2nd.
What was Hawthorne Studies?The Hawthorne studies is all about the increment of the individual performance at the workplace. It tries to understand what are the factors that motivate a person for giving the high level of production.
The experiments of the Hawthorne studies conclude that by focusing in the individual needs the workers productivity increases. Therefore, the correct option is 2nd.
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When giving a spreadsheet a title, what are some best practices to follow?
The practices tio follow when giving a spreadsheet a title is to make it
shortclearstate what it is aboutWhat is a spreadsheet?This is a document that is used electronically with the use of computers. This document contains data and information in all of its fields.
Spreadsheets are arranged to be in rows and also in Mathematical operations can be performed on them.
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Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?
Based on the perpetual system, a buyer can incur cash freight costs if they transport Inventory.
How are freight costs treated?The perpetual system allows for the buyer of inventory to record the freight cost for the merchandise in the inventory account.
This means that the freight cost will be capitalized and added to the cost of the inventory to recover the costs.
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Question 1 the process in itil where changes are released to an it environment is called what?
A Release Management means the process in ITIL where changes are released to an IT environment.
What is a Release Management?This management in ITIL focuses primarily on the quality and customer experience while also promoting cost-effective business practice.
Hence, this management is the the process in ITIL where changes are released to an IT environment.
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As a CA employer, in terms of record retention, what three types of records do I need to pay special attention to? Group of answer choices Safety and toxin/chemical exposure records, including safety data sheets: keep for 30 years Pension and welfare plan information: keep for six years. All of the above. First-aid records of job injuries causing loss of work: keep for five years.
CA Employers need to pay attention to the following records:
Safety and toxin/chemical exposure records, including safety data sheets: keep for 30 years.Pension and welfare plan information: keep for six years. First-aid records of job injuries causing loss of work: keep for five years.Which records need to be kept by CA employers?The state of California requires that employers in the state should keep certain records.
Pension and welfare records should be kept for 6 years while first-aid records should be kept for 5 years.
Safety and chemical records are placed a high value on and should be kept for 30 years.
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The LM curve is steeper the ______ the interest sensitivity of money demand and the ______ the effect of income on money demand. (This is a difficult question. If you do not have the answer, pls try your best guess, considering also going by elimination. Hint: Draw two LM curves with different slopes, one flatter and one steeper, and then compare the interest rate change for a given IS shift at the initial income level and the income change for the same IS shift at the initial interest rate level). a. greater; greater b. greater; smaller c. smaller; smaller d. smaller; greater
The correct option is, (d) smaller, greater.
The LM curve is steeper the smaller the interest sensitivity of money demand and the greater the effect of income on money demand.What does a steeper LM curve mean?The LM curve will be steeper if the income-elasticity of the demand for money is higher and the interest-elasticity is lower. The LM curve is virtually vertical when the demand for money is generally indifferent to the interest rate.What causes the LM curve to shift?The LM curve shifts right as a result of monetary stimulation, or boosting the money supply, leading to higher output and lower interest rates.The IS curve is shifted to the right by fiscal stimulus, or boosting government spending and/or lowering taxes, which raises interest rates while driving up output.What is income sensitivity of money demand?The greater the interest rate, as the minus sign suggests, the more likely people are to invest their money rather than have it available for consumption. The income sensitivity of real money demand and the interest sensitivity of real money demand are the two variables that are regulated by sensitivity coefficients.Learn more about LM curve here:
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Select all that apply Which of the following are advantages of group decision making? (Choose all that apply.) Multiple select question. Draws on combined skills, competencies, and accumulated knowledge Greater probability that the decision will be implemented successfully Allows managers to process more information and correct one another's errors Allows managers to engage in the groupthink process The time required to make a decision is much less Alternatives are less likely to fall victim to biases and errors
We can infer here that the advantages of group decision making are as follows:
Draws on combined skills, competencies, and accumulated knowledge.Greater probability that the decision will be implemented successfully.Allows managers to process more information and correct one another's errors.Alternatives are less likely to fall victim to biases and errors.What is decision making?Decision making is a process that involves the identification of a decision, information gathering and an assessment into the possible and alternative solutions and resolutions.
Thus, we see that group decision making helps to bring together a combination of skills, knowledge and competencies.
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If prices are rising, which inventory cost flow method will produce the lowest amount of cost of goods sold?.
Answer:
FIFO
Explanation:
How do corporations raise money and resources to expand? select three answers
Corporations raise money and resources to expand through debt or equity financing, selling stock and also reinvesting profits.
How corporations raise money and resourcesMost businesses especially start ups look out for capitals to start and scale their businesses.
They raise money from different sources and pay back with interest. Some of the sources where these corporations raise money are loan banks, debt or equity financing, selling stock and also reinvesting profits.
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what does the international monetary system consist of?
The monetary systems consists of international payment and transfer, exchange of currencies across borders..
What are international monetary system?They are system, rules or even institutions that supports and facilitates international trade and also facilitates exchange of currencies between states.
These monetary systems consists of international payment and transfer, exchange of currencies across borders..
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Meng Company maintains a $375 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $95 for office supplies, $190 for merchandise inventory, and $35 for miscellaneous expenses. There is a cash shortage of $9. The journal entry to replenish the fund on January 31 is:
The journal entry to replenish the fund on January 31 is $46.
What is a replenishment?In a journal entry, this refers to refilling up a depleted cash box in a petty cash system.
The replenishment = $375- $190 - $95 - $35 - $9
The replenishment = $46
Therefore, the journal entry to replenish the fund on January 31 is $46.
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Who does copyright law protect the rights of?
Daniel has been working hard all year and just received a bonus check from his employer. Rather than spend
it now, Daniel stores all his money in a high-yield savings account because he is planning to buy a boat in
the future. Daniel is using money as a
a: store of value
b: medium of exchange
c: source of inflation
d: unit of account
Answer:
Store of Value.
Explanation:
Money will successfully function as a store of value when it’s easy to store and it can reliably hold its value over time.
What is the payment on a 72 month, 5.99% car loan for $20,000
Based on the calculation done below, the payment on the 72-month car loan is $331.36 monthly.
How do we calculate the monthly loan payment?The monthly payment of the car loan can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
M = PV / ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
M = Monthly payment = ?
PV = Present value or the car loan = $20,000
r = Monthly interest rate = Annual interest rate / 12 = 5.99% / 12 = 0.059 /
12 = 0.00491666666666667
n = number of months = 72
Substitute the values into equation (1), we have:
M = $20,000 / ((1 - (1 / (1 + 0.00491666666666667))^72) / 0.00491666666666667)
M = $331.36
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If the company wants to provide a warranty so that only 2.6% of the DVD players will be replaced before the warranty expires, what is the time length of the warranty?
The time length of the warranty base on the information is 3.3 years.
How to calculate the time length?Based on the complete information, the time length of the warranty will be:
(x - 7)/1.9 = -1.944
x = 7 - 3.6936
x = 3.3 years.
Therefore, the time length is 3.3 years.
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Substitution and income effects of a change in price of a good may be used to explain the:
Substitution and income effects of a change in price of a good may be used to explain the: Price Effect, income effect, and substitution effect.
What is the substitution and the income effect?The substitution effect has to do with the replacement of cheaper goods with the ones that are more expensive.
The income effect is the result of consumption that a person engages in based on their income changes.
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Which agency sets up standards of identity for manufactured foods such as milk, peanut butter and mayonnaise?
The agency that set up standards of identity for manufactured foods such as milk, peanut butter and mayonnaise is NAFDAC
What are the function of NAFDAC?NAFDAC means the national agency of food and drug, admistration and control.
They are organization is responsible for standadizing the goods produced by manufacturing industries. They ensure these industries comply with the set standards before producing food for consumption purpose.
Hence the agency that set up standards of identity for manufactured foods such as milk, peanut butter and mayonnaise is NAFDAC
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what are the three areas on the dashboard that let you find and perform every feature and function you need in quickbooks online?
The three areas on the dashboard that let you find and perform every feature and function you need in QuickBooks online are:
Navigation bar top Navigation bar Gear menuWhat are the areas on the dashboard on QuickBooks that allows feature and function?The dashboard which is online area where your website data is been displayed and on the QuickBooks , there is a navigation bar that help the movement from one data to another.
The top menu bar also posses its function to help the user to be able to enjoy the dashboard.
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Suppose a severe drought results in a poor harvest and leads to higher overall food prices. This situation is a _____ shock and is likely to lead to _____ inflation.
Suppose a severe drought results in a poor harvest and leads to higher overall food prices. This situation is a "supply" shock and is likely to lead to "cost-push" inflation.
What is cost-push inflation?Cost-push inflation happens when a good or service's supply changes but its demand remains the same. Cost push is one of the two causes of inflation. The other is demand-pull inflation.
The causes of cost-push inflation are-
The most frequent causes of it include
monopolies, wage increases, natural disasters, the introduction of regulations, and changes in exchange rates.In this situation, the supply levels fall down due to loss of harvest and demand remains the same. This will drive up the prices, leading to inflation.
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a. The government's direct role in the production of physical capital is primarily focused on research and development . b. The government's direct role in creating human capital is primarily focused on
The role of the government in promoting economic growth can be explained below:
a. The government's direct role in the production of physical capital is primarily focused on developing infrastructure.
a. The government's direct role in the production of physical capital is primarily focused on developing infrastructure.
What do you mean by economic growth?
Economic growth may be described as the growth or development in the inflation-adjusted marketplace value of the products and offerings produced with the aid of using an economy over a certain period of time.
The complete question is attached in the image below:
Hence, the correct statements are:
a. The government's direct role in the production of physical capital is primarily focused on developing infrastructure.
b. The government's direct role in the production of physical capital is primarily focused on developing infrastructure.
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The management of L Corporation is considering a project that would require an investment of $265,000 and would last for 6 years. The annual net operating income from the project would be $111,000, which includes depreciation of $30,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to (Ignore income taxes.): Multiple Choice 1.7 years 1.9 years 2.4 years 2.0 years
The payback period of the project is closest to 1.9 years
The formula to compute the payback period is shown below:
= Initial investment / Net cash flow
where,
Initial investment is $265,000
And, the net cash flow
= annual net operating income + depreciation expenses
= $111,000 + $30,000
= $141,000
Imputing the figure to the above formula
= $265,000 / $141,000
= 1.9years
Hence, the payback period of the project is closest to 1.9 years
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suppose the equilibrium price of oranges is $2.00 per pound. if the actual price is above the equilibrium price a:
If the actual price is above the equilibrium price, a surplus exists and the price falls to restore equilibrium.
What is law of supply and demand?The law of supply states that when the price of a product changes in a particular direction, the quantity supplied by the producer also changes in a similar direction.
Note that the market price is more than the equilibrium price, the quantity demanded will be lower than the quantity supplied leading to a surplus and price falling to restore equilibrium.
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The activities buyers and sellers perform to facilitate mutually satisfying exchanges is:
The activities buyers and sellers perform to facilitate mutually satisfying exchanges is marketing
Buyers and SellersBuyers are those that request for goods and services for consumption purpose while the sellers make goods and services available to the buyers,
Both buyers and sellers carry out activities for mutual benefit of both parties. These activity that is being performed between the parties is known as marketing.
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D
Question 5
Net worth, or net income, can be summarized as:
O Income - Expenses
O Income / Expenses
Income + Expenses
O Expenses- Income
3 pts
Answer:
income - expenses
Explanation:
net income is an entity's income minus all the expenses, taxes etc and net worth is the total wealth own by individual minus expenses.
When Paradise Incorporated, a travel insurance company, decided to introduce new goals for its internal management, there was a rift regarding what should be implemented. Group A emphasized short-term goals that would benefit the company, while Group B believed in introducing policies that would create more mutually beneficial relationships with client businesses, such as major airlines. Which result would prove Group B's decision to be ideal
The result that would prove Group B's decision to be ideal is A. an increase in airline customers purchasing Paradise's insurance, which translates to increased revenue and profits.
What is an ideal organizational goal?An ideal organizational goal is specific, drives business growth, and enables the organization to achieve scale.
Increased revenue and profits are achieved when customers increase their patronage of a company's products and services.
Question Completion with Answer Options:A. an increase in airline customers purchasing Paradise's insurance.
B. an increase of quarterly bonuses offered to executives.
C. studies showing a rise in the number of consumers looking to take a vacation.
D. rival businesses going bankrupt due to a slow economy.
E. a steady decline of unhappy employees at Paradise Incorporated due to new healthcare benefits.
Thus, the result that would prove Group B's decision to be ideal is A. an increase in airline customers purchasing Paradise's insurance, which translates to increased revenue and profits.
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beginning inventory plus net purchases is:
Answer:
merchandise available for sale , also known as cost of goods available for sale
Explanation:
you can use this formula to understand better :
Cost of Goods Available for sale = Opening Saleable Inventory + Finished Goods Produced during the period + Any Merchandise Acquired during the period.
Hope this helps...
Beginning inventory plus net purchases provides the available inventory for sale or also known as the cost of goods available for sale.
If the cost of goods available for sale is deducted from closing inventory then it will provide the cost of goods sold during the period.
Inventory is the current asset for a company
What is Inventory?
Inventory is the sum of products that are manufactured by an organization to be sold to consumer at a market price.
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How does a mutual fund differ from an index
fund?
---
a. Mutual funds group the stocks in their
funds together while index funds do
not.
b. Mutual funds are passively managed
while index funds are actively managed.
c. Mutual funds typically have lower fees
than index funds.
d. Mutual funds are actively managed by a
professional while index funds are not.
Answer:
i will for D because that is the right answer
in vernon smith's classroom experiments, total gains from trade were very close to being maximized throughout the experiment because:
In vernon smith's classroom experiments, total gains from trade were very close to being maximized throughout the experiment because the quantity of goods supplied is more than the quantity of goods that the consumer demanded for leading to a surplus.
Why is the gain not Maximized?The gain was not maximized because the consumer were not willing to pay for the goods that they do not demand for and they where also not willing to pay less for the good.
This occurs when a goods exist in abundance.
Therefore, In vernon smith's classroom experiments, total gains from trade were very close to being maximized throughout the experiment because the quantity of goods supplied is more than the quantity of goods that the consumer demanded for leading to a surplus.
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Susan is initially offered a new SUV for $24,000 and agrees to buy it. But when the sales manager comes back after getting some paperwork, he informs Susan that the SUV is actually $26,000, not $24,000 as she was told. The increase in price is due to several upgrades that the car company has installed, including tinted windows, navigation system, and satellite radio. This is an example of the _________ technique.
The increase of the new SUV from $24,000 to $26,000 after the agreement illustrates a low-balling technique.
What is a low-balling technique?This is a tactics used when the persuader gets a person to commit to a low offer that they have no intention of keeping and then, the price is suddenly increased.
Hence, the increase of the new SUV from $24,000 to $26,000 after the agreement illustrates a low-balling technique.
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