Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $14,000, (2) up to 120 days past due, $4,500, and (3) more than 120 days past due, $2,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 2 percent, (2) 12 percent, and (3) 30 percent, respectively. At December 31 (end of the current year), the Allowance for Doubtful Accounts balance is $800 (credit) before the end-of-period adjusting entry is made. Data during the current year follow: a. During December, an Account Receivable (Patty's Bake Shop) of $750 from a prior sale was determined to be uncollectible; therefore, it was written off immediately as a bad debt. b. On December 31, the appropriate adjusting entry for the year was recorded. Required: 1. Give the required journal entries for the two items listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the income statement and balance sheet for the current year. Disregard income tax considerations. (Amounts to be deducted should be indicated by a minus sign.)
Answers
1. A. Patty's Bake Shop: , Accounts Receivable (Debit) – $750 ,Bad Debt Expense (Credit) – $750.
What is Debt Expense ?Debt Expense is a type of accounting expense that is used to represent the cost of borrowing money from creditors. It is usually calculated as the interest that is paid on the principal loan amount and any associated fees. Debt Expense can be associated with both short-term and long-term loans and is recorded in the income statement as an operating expense. This type of expense is important for businesses to track since it shows the amount of money the company is spending to finance its operations. Keeping track of Debt Expense is also important for understanding the company's cash flow and overall financial health.
B. End-of-Year Adjustment:
Allowance for Doubtful Accounts (Debit) – $2,360
Bad Debt Expense (Credit) – $2,360
2.Income Statement
Bad Debt Expense – $3,110
Balance Sheet
Allowance for Doubtful Accounts – $2,560 ($800 + $2,360)
Accounts Receivable – $18,500 ($14,000 + $4,500 + $2,500)
For the first journal entry, Accounts Receivable is debited for $750, the amount of the uncollectible receivable from Patty's Bake Shop. Bad Debt Expense is credited for the same amount, as the accounts receivable is no longer considered collectible and is thus written off.
For the second journal entry, Allowance for Doubtful Accounts is debited for $2,360, which is the total amount of the estimated bad debt expense for the year. Bad Debt Expense is credited for the same amount.
On the income statement, Bad Debt Expense is reported for the total amount of $3,110, which is the amount written off for Patty's Bake Shop plus the estimated bad debt expense for the year.
On the balance sheet, Allowance for Doubtful Accounts is reported for the total amount of $2,560, which is the balance of the allowance before the adjustment plus the amount of the adjustment. Accounts Receivable is reported for the total amount of $18,500, which is the balance of receivables before the write-off plus the amount of the write-off.
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Related Questions
a) find the margin of error for the 2008 poll if we want 90% confidence in our estimate of the percent of national adults who are baseball fans.
Answers
The margin of error for the 2008 poll with 90% confidence in the estimate of the percent of national adults who are baseball fans is 0.33.
What is margin of error?Margin of error is the amount of numerical error that a survey result can contain and still be considered valid. It is a measure of the accuracy of the survey results and is typically expressed as a percentage of the total sample size.
The margin of error (ME) for a confidence interval can be calculated using the following formula: ME = z*(σ/√n), where z is the z-score associated with the desired confidence level (in this case 90%), σ is the population standard deviation, and n is the sample size.
For this problem, we are given that the sample size is 2000 and the standard deviation is 5. Using the above formula, the margin of error is calculated as: ME = 1.645 * (5/√2000) = 0.33.
Therefore, the margin of error for the 2008 poll with 90% confidence in the estimate of the percent of national adults who are baseball fans is 0.33.
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A demand curve shows the
prices.
O output
O quantity
Oscarcity
O quality
_____ of a product that will be demanded at different
Answers
A demand curve shows the prices and quantity of a product that will be demanded at different time. The correct answer is Quantity.
A demand curve displays the quantity of goods that people will purchase at a given price. It is the backbone of demand theory. A demand curve displays the relationships between the price of a good and the quantity that customers will purchase. The law of demand says that as the price of a good rises, the quantity demanded falls. A graph of the demand curve shows the relationship between the price of a product and the amount of the product that people are willing to purchase at that price. An upward-sloping demand curve indicates that as the price of a good increases, the quantity demanded will also rise. Conversely, a downward-sloping demand curve indicates that as the price of a good decreases, the quantity demanded will also drop. These concepts are critical for determining consumer behavior, which is a key factor in determining market prices and the volume of products and services produced.Therefore, the correct answer is Quantity.For more questions on demand curve
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Which people are likely to care about the US educational system? Check all that apply.
Answers
Answer: 3,4,5
Explanation:
Answer:
taxpaying citizens
learners
families of learners
Explanation:
The M-N plant manufactures two different products: M and N. Selling prices and weekly market demands are shown in the following diagram. Each product uses raw materials with costs as shown. The plant has three different machines: A, B, and C. Each performs different tasks and can work on only one unit of material at a time.
33787957
Process times for each task are shown in the diagram. Each machine is available 3,500 minutes per week. There are no "Murphys" (major opportunities for the system to foul up). Setup and transfer times are zero. Demand is constant.
Operating expenses (including labor) total a constant $12,000 per week. Raw materials are not included in weekly operating expenses.
a. Which machine is the constraint in this plant?
Machine A
Machine B
Machine C
b. Which product mix provides the highest gross profit? (Hint: consider raw material cost but not operating expense) - in units
Product M:
Product N:
c. What is the maximum weekly net profit this plant can earn using the product mix from Part b? (Hint: consider operating expense and raw material cost)
Weekly Net Profit
Answers
The answers to the question are:
The machine that is the constraint is the machine c.The product m = 80 units and n = 80 unitsNet profit = $36001. How to solve for the constraint of the machineWe have to solve for the workload of the machines
For A. 20*100 = 2000
For B, 5 * 100 + 10 *80
= 500 + 800 = 1300
For Machine C = 15 * 100 + 15 * 80
= 1500 + 1200
= 2700
The time at the workstation in c is more than the constant time of 2400, hence the constraint that we have is machine c.
b. 2400- 1200 = 1200
The product mix would be 1200/15
= 80
Hence the product mix m = 80 units and that of n = 80 units
c. The total net profit80*$90 = 7200 , 80 * 105 = 8400
7200 + 8400
= 15600
The net profit = 15600 - 12000
= $3600
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What kind of business would you create if you had the chance and why
Answers
\( \huge \bold{answer}\)
Writing ebooks
Similar to blogging, e-books allow you to teach others new skills through a digital book that will cost readers a fraction of the price of a printed copy while offering them the same level of education. E-books are free to start and can be sold on huge platforms such as Amazon. You could even donate copies to not-for-profit organizations who believe in your cause.
The accompanying graphs illustrate an initial equilibrium for the economy. Suppose that oil prices increase temporarily.
Use the graphs to show the new positions of aggregate demand (AD), short-run aggregate supply (SRAS), and long-run aggregate supply (LRAS) in both the short-run and the long-run, as well as the short-run (ESR) and long-run (ELR) equilibria resulting from this change. Then answer what happens to the price level and GDP.
Answers
In response to the temporary increase in oil prices, the short-run equilibrium experiences a higher price level and lower GDP, while the long-run equilibrium sees a higher price level and unchanged GDP.
In the short-run, the AD curve shifts leftward due to the increase in oil prices. This is because higher oil prices increase production costs for firms, leading to reduced consumption and investment spending by households and businesses.
As AD shifts leftward, it intersects with the SRAS curve at a new short-run equilibrium (ESR). At this new equilibrium, the price level increases while GDP decreases compared to the initial equilibrium.
In the long-run, the SRAS curve adjusts to the higher oil prices as firms gradually reduce production and adjust their input costs. This adjustment reflects the fact that higher oil prices affect the overall cost structure of the economy.
As the SRAS curve shifts leftward, it eventually intersects with the LRAS curve at a new long-run equilibrium (ELR). At this equilibrium, the price level is higher than the initial equilibrium due to the higher oil prices. However, GDP returns to its potential level determined by the LRAS curve.
Therefore, in response to the temporary increase in oil prices, both the price level and GDP initially decrease in the short-run but eventually stabilize in the long-run, with a higher price level and unchanged GDP compared to the initial equilibrium.
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An IRB may suspend or terminate an ongoing clinical study if:
Answers
An IRB may suspend or terminate some or all research activities on a protocol if events are identified that represent serious or continuing noncompliance or unanticipated problems involving risk to subjects or others.
IRB Chair or his/her/their designee has the authority to suspend some or all research activities if exceptional participant safety issues are identified. This authority is only exercised if an action is required prior to a convened meeting and it is not feasible to assemble an emergency meeting.
IRB Chair or his/her/their designee has the authority to suspend some or all research activities if exceptional participant safety issues are identified. This authority is only exercised if an action is required prior to a convened meeting and it is not feasible to assemble an emergency meeting.
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describe two other criterias that are required in order to be considered for a bachelor's degree
Answers
Answer:
The two main criteria for consideration of bachelor's degree program,
Pre requisite subjects. This is a must to have requirement. ...
Merit based. This is also a must to pass requirement.
Explanation:
;)
Two prerequisites to get into a bachelors program are:
Have the requirementsPass the interviewWhat is a bachelors program?This is a program that is offered in the Universities that helps to equip secondary school leavers with degrees for chosen careers.
The reason why these are necessary is that it helps to establish if a person is the best fit for the school they chose.
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Which of the following are the fastest growing forms of marketing?
Direct and digital
Undifferentiated and differentiated
Internal and external
Mass and targeted
Standardized and customized
Answers
Answer: the answer is a
Explanation:
Answer:
I think it's A
Explanation:
nowadays a lot of people use digital ..almost everyone is online now
people love direct talking and dealing like me I get offended when they beat around the Bush so I conclude it to ans A
hope this will help
Listed below are selected transactions completed by Ridge Company during March of the current year.
Mar. 5
10
13
15
Rendered services on account to Quinton Co., Invoice No. 92, $3,250.
Rendered services on account to Martin Inc., Invoice No. 93, $4,500.
Received $5,000 in payment of monthly rent, which was due on March 1.
Received payment from Quinton Co. for invoice of March 5.
Received payment from Martin Inc. for balance due on invoice of March 10.
Received amount due from Thomas Co. on sale made in February, $5,200.
Recorded cash from services rendered for cash during the month, $15,750.
19
20
31
a. Record the transactions (including the invoice number), using the accompanying revenue journal and cash receipts journal.
b. Total and rule the revenue and cash receipts journals.
1. For individual items and totals to be posted to the subsidiary ledger or not to be posted, select "Yes" in the Post. Ref. column or below
the totals.
2. For individual items and totals to be posted to the general ledger, select the letter "G" (as a substitute for specific account numbers)
in the Post. Ref. column or below the totals.
If an amount box does not require an entry, leave it blank.
Page: 10
ACCTS. REC. DR.
EES EARNED CR.
POST
REF.
DATE
ACCOUNT DEBITED
INVOICE NO.
Answers
Answer:19
Explanation:
A bank makes a 30 year Fully Amortizing FRM for $800,000 at an annual interest rate of 4% compounded monthly, with monthly payments. What is the absolute difference between the balance and the market value of the loan after 36 monthly payments if the interest rate rises to 5%
Answers
Answer:
$77,649.16
Explanation:
Loan taken = $800,000
Duration of loan = 30 yrs
Interest rate = 4%
Monthly payment = PMT(RATE, NPER, PV, FV)
Rate(Monthly interest rate) = 0.33%
Nper= 360
PV=-800,000
FV = 0
Monthly payment = PMT(0.3, 03%, 360, -800,000)
Monthly payment = $3,819.32
Calculation of loan in 36 years
Monthly payment = 3,819.32
Rate = 0.33%
Years spent - 3
Yrs remaining = 27 yrs
No of month remaining = 324
Loan balance after 36 payment = Month payment (P/A, I, N)
Loan balance after 36 payment = 3,819.32 * Pv(0.33%, 324, -1,0)
Loan balance after 36 payment = $755,989.80
Market value of loan after 36 payment
Market value of loan after 36 payment = Monthly payment*(P/A, I,N)
= $3,819.32 * (P/A, 5%/12, 324)
= $678,340.64
Hence, Market value of loan after 36 payment is $678,340.64
Difference between loan balance and market value of loan = Loan balance after 36 payment - Market value of loan = $755,989.80 - $678,340.64 = $77,649.16
what is the basic philosophy of all marketing
Answers
According to the marketing idea and philosophy, a company should make an effort to achieve both its objectives and the demands and requirements of its clients. Meeting client demands and wants is also the greatest strategy to achieve organizational goals.
What is the main philosophy of marketing?The process of developing, communicating, and delivering goods to consumers in order to meet their needs and desires is referred to as marketing. Finding and meeting these demands is the goal of marketing philosophy. Depending on their needs, every firm employs a distinct marketing philosophy.
In order to keep the business profitable, we must completely focus on the demands of the consumer, according to the definition of marketing philosophy. Everything unrelated to the intended audience will be pushed to the side.
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Evaluate the statement "Accounting is all about numbers.". Using the definition of accounting to
justify your answer. (10 marks, maximum 250 words)
Answers
Answer:
To say "Accounting is all about numbers." is incorrect since Non- Financial or Non Qualitative information must be communicated on economic entities as well.
Explanation:
Accounting is the measurement, processing and communication of financial and non-financial information about economic entities such as business and corporations.
To say "Accounting is all about numbers." is incorrect since Non- Financial or Non Qualitative information must be communicated on economic entities as well .These Non - Financial information included the Corporate Activities which has impacts on Community (People) and the Environment (Planet).
Sally made a 4,000 traditional IRA contribution in 2020 and received a 1,000 saver's credit. If she would be eligible to deduct the contribution in the absence of a saver's credit, how much of her contribution may she deduct
Answers
Answer:
this is answered already /.
Explanation:
Two examples of factors of production
Answers
Answer:
land, labor, entrepreneurship, and capital
Explanation:
berry, the seller, wants paul, the broker, to change from a single agency relationship to a transactional broker. paul agrees to do this as long as the transition disclosure is made in writing so that all parties understand what is happening. paul needs to transition to a transition broker when?
After the listing agreement is signed.
Only when the buyer requests that Paul, the broker, do so.
At any time during a transaction, as long as consent is given in writing.
At the closing.
Answers
Answer:
Before the listing agreement is signed
Explanation:
Everyone has a unique spending plan. Which of the following factors has
the greatest effect on a person's spending decisions?
Answers
Answer:
Values
Explanation:
On April 20, 2010, an oil rig in the Gulf of Mexico experienced a blowout. As a direct result of the blowout, more than 200 million gallons of crude oil were pumped into the Gulf of Mexico for a total of 87 days, making it the biggest oil spill in U.S. history. The following are some of the results directly attributed to the oil spill. Choose the appropriate societal impact from the dropdown list provided.
a. The initial oil rig explosion killed 11 people and injured 17 others.
b. Of the 400 miles of Louisiana coast, approximately 125 miles were polluted by the oil spill.
c. 170 US Coast Guard vessels, 7,500 employees, and 2,000 volunteers were engaged in grassroots cleanup activities.
d. 4,768 dead animals were collected as of August 2013. 4,080 of those were birds and 525 were sea turtles.
e. The fishing industry in the gulf lost $2.5 billion.
f. The gulf coast tourist industry lost approximately $23 billion in revenue.
g. 108 individuals working on the cleanup efforts reported symptoms including dizziness, vomiting, nausea, headaches, and chest pains, according to the Louisiana Department of Health.
h. Investors saw the value of their stock in the affected company drop by 54% in the three months following the oil spill.
Answers
Choosing the appropriate societal impact from the dropdown list for some of the results attributed to the Gulf of Mexico Oil Spill is as follows:
Results Societal Impacta) 11 people killed and injured 17 others. Health and Safety risks
b) 125 miles were polluted Environmental Damage
c) 170 US Coast Guard vessels,
7,500 employees, and 2,000 volunteers Social Disruption
d) 4,768 dead animals Environmental Damage
e) The fishing industry Social Disruption
f) The gulf coast tourist industry Social Disruption
g) 108 workers reported symptoms Health and Safety risks
h) Investors saw the value of their stock Social Disruption
What are the societal impacts of the Deepwater Horizon Spill?On April 20, 2010, the Gulf of Mexico Oil Spill was the largest marine oil spill.
Some of the societal impacts included:
Environmental DamageSocial DisruptionHealth and Safety risks.Thus, the Deepwater Horizon Spill recorded many socio-economic impacts as enumerated above.
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The reserve requirement is 15 percent. Lucy deposits $600 into a bank. By how much do excess reserves change
Answers
Answer:
$510
Explanation:
Calculation for By how much do excess reserves change
Using this formula
Change in excess reserve= Bank Deposits-(Reserve requirement*Deposit)
Let plug in the formula
Change in excess reserve=$600-($600*15%)
Change in excess reserve=$600-$90
Change in excess reserve=$510
Therefore By how much do excess reserves change is $510
Economic demand is?
A. the amount of a good or service that consumers are willing and able to buy at one price.
B. the amount of a good or service that consumers are willing and able to buy at various prices.
C.the amount of a good or service that producers are willing and able to produce at various prices.
D. the amount of a good or service that consumers are willing but not able to buy at various prices.
Which of the following is correct?
Answers
The correct answer is B. Economic demand is the amount of a good or service that consumers are willing and able to buy at various prices.
It reflects the relationship between the price of a product and the quantity that consumers are willing to purchase at that price. Demand is influenced by factors such as price, consumer preferences, income levels, and availability of substitutes.
As the price of a product decreases, the quantity demanded generally increases, and vice versa, following the law of demand. The demand curve represents this relationship, showing the quantity of a good or service that consumers are willing and able to buy at different price points.
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Total (10 marks) QUESTION TWO Amani Ltd. Manufacturers a single product. Currently, the company has eight employees who produce a total of 3,000 units of the product in a 40-hour week The hourly rate of pay for all the employees is sh. 300 In an effort to improve productivity and thus increase output in the normal 40- hour week, an incentive scheme has been suggested. The scheme which the eight employees have agreed to over a one month trial period, provided for differential piecework payments in addition to reduced basis rate per hour. Additional information: 1. Basis hourly rate in sh. 200 per hour. 2. Different piecework rates - first 3,000 units of output in a week - sh. 2.80 per unit output of 3,001 units to 3,600 units a week - sh. 3.40 per unit output over 3,600 units in a week - sh. 4.50 per unit 3.In the first week of the trial, total output was 3.700 units in the 40 hours worked. Required: a) For existing time rate payment system, determine:
Answers
Why is it important to check your credit history?
Answers
Windborn Company has 15,000 shares of cumulative preferred 1% stock, $100 par and 50,000 shares of $30 par common stock.
The following amounts were distributed as dividends:
20Y1 $30,000
20Y2 12,000
20Y3 45,000
Common Stock
(dividends per share)
I cannot figure out Y1 or Y3
Answers
The dividends per share for the common stock in year 1 (Y1) is $0.60 per share, and in year 3 (Y3) is $0.90 per share.
To calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3), we need to determine the total dividends distributed and divide them by the number of common shares outstanding.
Given information:
Cumulative preferred stock: 15,000 shares, 1% dividend
Common stock: 50,000 shares, $30 par value
Dividends distributed:
Y1: $30,000
Y2: $12,000
Y3: $45,000
First, let's calculate the dividends per share for the cumulative preferred stock in each year.
Dividends per share for cumulative preferred stock = (Par value * Dividend rate) / Number of preferred shares
Dividends per share for cumulative preferred stock = ($100 * 1%) / 15,000 shares
Dividends per share for cumulative preferred stock = $1 / 15,000
Dividends per share for cumulative preferred stock = $0.000067 per share
Now, let's calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3).
For Y1:
Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)
Total dividends for common stock = $30,000 - ($0.000067 * 15,000)
Total dividends for common stock = $30,000 - $1.005
Total dividends for common stock = $29,998.995
Dividends per share for common stock in Y1 = Total dividends for common stock / Number of common shares
Dividends per share for common stock in Y1 = $29,998.995 / 50,000 shares
Dividends per share for common stock in Y1 = $0.5999799 per share (rounded to $0.60 per share)
For Y3:
Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)
Total dividends for common stock = $45,000 - ($0.000067 * 15,000)
Total dividends for common stock = $45,000 - $1.005
Total dividends for common stock = $44,998.995
Dividends per share for common stock in Y3 = Total dividends for common stock / Number of common shares
Dividends per share for common stock in Y3 = $44,998.995 / 50,000 shares
Dividends per share for common stock in Y3 = $0.8999799 per share (rounded to $0.90 per share)
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Which of the following explains why products made under a command economy are more likely to be low quality?
O A) The workers who make them have little incentive to make them well.
O B) The workers who make them are not given quality-control guidelines.
O C) The workers who make them are left to manage production facilities on their own.
O D) The workers who make them are forced by tradition to use old-fashioned methods.
Answers
Answer:
O A) The workers who make them have little incentive to make them well.
Explanation:
In a command economy, the government does all the production through its agencies and institutions. The government employs all the workers. Public interest is the motive for engaging in commercial activities. Production is not profit-motivated; hence goods and services are availed to customers are low prices. The employees' pay is not high as organizations don't generate a lot of profits. Employee morale is low due to the low pay.
In command economies, there is no business competition. Government institutions are monopolies. Without competition, there is little innovation in the country. Employees are not challenged to develop new products as consumers have no other alternatives.
1. Ryan can show Delia homes listed with XYZ Realty and other brokers in the market if:
(a) None of the homes are owned by Agent Ryan
(b) Ryan discloses to Broker Bradley that he will show homes listed by XYZ Realty
(c) Delia gives verbal consent to see homes listed by XYZ Realty
(d) Delia has given written Intermediary consent
Answers
Ryan can show Delia homes listed with XYZ Realty and other brokers in the market if:
Delia has given written Intermediary consent Delia gives verbal consent to see homes listed by XYZ Realty None of the homes are owned by Agent RyanWhen can homes be shown in the marketDelia gives verbal consent to see homes listed by XYZ Realty: This condition highlights the significance of Delia's consent. If Delia explicitly gives verbal consent to Ryan, it signifies that she is comfortable with viewing homes listed by XYZ Realty. Delia's consent is crucial in allowing Ryan to proceed with showing homes from XYZ Realty.
(d) Delia has given written Intermediary consent: This condition specifically refers to written consent in the form of an intermediary agreement. In some cases, Delia may choose to engage Ryan as an intermediary, authorizing him to show homes listed by multiple brokers, including XYZ Realty.
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explain the difference between a flat tax and a graduated income tax. in your own words.
Answers
Answer:
flat tax is a set percentage that dies not change
graduated tax changes according to the amount being taxed. usually, the higher the amount, the higher the tax rate is.
Can a business succeed without having ALL four of the Factors of Production (Land, Capital, Labor and Entrepreneurs)? Why or why not?
PLS HELP ILL MAKE U BRAINLIEST
Answers
A business can run properly and the problems are solved considering only labor and capital and sometimes land in the production process.
Write a two-paragraph summary of this exercise that you could use to demonstrate your knowledge of the role of social media in commerce in a future job interview.
Answers
Answer:
you are awesome to mention
Assume you gave up a $60,000 per year job at an accounting firm to start your own tax preparation business. To simplify, assume your tax personal obligations are the same whether you run your own firm or work for another firm. If your revenue during the first year of business is $75,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your accounting profit
Answers
Answer:
Accounting profit= $70,000
Explanation:
Giving the following information:
If your revenue during the first year of business is $75,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your accounting profit
The accounting profit does not include the opportunity cost of leaving the accounting job. In this case, the accounting profit is:
Accounting profit= revenue - costs
Accounting profit= 75,000 - 5,000
Accounting profit= $70,000
Which platform is dedicated to Customer Relationship Management (CRM)?