(a) Debit Bad Debt Expense: $850 Credit Accounts Receivable - Matisse: $850
(b) Debit Bad Debt Expense: $6,850 Credit Allowance for Doubtful Accounts: $6,850
(c) Debit Bad Debt Expense: $7,010 Credit Allowance for Doubtful Accounts: $7,010
(a) The direct write-off method does not use an allowance for doubtful accounts. Instead, the bad debt expense is recognized at the time of writing off the uncollectible account. Therefore, the adjusting entry on December 31 to write off Matisse's $850 balance would be:
Bad Debt Expense $850
Accounts Receivable - Matisse $850
(b) If Allowance for Doubtful Accounts has a credit balance of $1,350 in the trial balance and bad debts are expected to be 10% of accounts receivable, the adjusting entry on December 31 would be:
Bad Debt Expense $6,350 ($82,000 x 10% - $1,350)
Allowance for Doubtful Accounts $6,350
(c) If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance and bad debts are expected to be 8% of accounts receivable, the adjusting entry on December 31 would be:
Bad Debt Expense $6,150 ($82,000 x 8% + $450)
Allowance for Doubtful Accounts $6,600 ($6,150 + $450) [to bring the balance to a credit of $6,600]
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The amount of the average investment for a proposed investment of $191,000 in a fixed asset with a useful life of 4 years, straight-line depreciation, no residual value, and an expected total income of $30,300 for the 4 years is a.$47,750 b.$7,575 c.$30,300 d.$95,500
$30300
Annual depreciation = (purchase price - salvage value) / useful life
Straight line depreciation = Annual depreciation / (purchase price -salvage value)
The steps in calculating a straight line depreciation are:
Find out how much the asset costs.
To determine the entire depreciable amount, deduct the asset's estimated salvage value from the asset's purchase price.
Find out how long the item will be useful.
To calculate the annual depreciation amount, multiply the total from steps (2) and (3) by the figure determined in steps (3).
i.e, = $191000-$30300 = $160700
an asset with a useful life of 4 =$160700/4 =$40 175
so the straight-line depreciation rate is at 4.7%
In 4 years Straightline depreciation will be $30300
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In order to determine GDP using the expenditures approach, all spending on _____ goods and services, not intermediate goods, is added up.
In order to determine GDP using the expenditures approach, all spending on final goods and services, not intermediate goods, is added up.
This is further explained below.
What is GDP?Generally, GDP calculates the monetary value of the final goods and services—those purchased by the consumer—produced in a nation during a specific time period.
In conclusion, The expenditures technique calculates GDP by adding up all expenditures on final products and services, not intermediate goods.
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Molly has a $2500 down payment saved for this purchase. Molly assumes the $1500 cash allowance will come straight off her total. How much loan does molly need?.
The Loan needed by Molly is $21,495
Based on the information given molly is going to pay the exact MSRP of $25,495 and Cash Allowance of $1,500
Now, let determine How much loan does Molly need:
Using this formula,
Loan needed =MSRP amount- Down Payment-Cash allowance
Where:
MSRP amount=$25,495
Down payment=$2,500
Cash allowance=$1,500
Let plug in the formula:
Loan needed=$25,495-$2,500-$1,500
Loan needed=$21,495
In conclusion, The Loan needed by Molly is $21,495.
What Is the Manufacturer's Suggested Retail Price (MSRP)?The price a product's manufacturer advises it to be sold for at the point of sale is called the manufacturer suggested retail price (MSRP). Some retailers also use the term "list price" to refer to the MSRP. An MSRP can be assigned to any retail item, even though they are most usually associated with cars. There is also an MSRP for other expensive items like electronics and appliances.
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Suppose that government requires airline companies to have at least 30 airplanes and serve at least 20 different airports. This is an example of
Suppose that government requires airline companies to have at least 30 airplanes and serve at least 20 different airports. This is an example of barriers to entry.
What is monopoly?This is a market structure, where there is only one seller of a product and the seller can influence the price of the product.
Characteristics of a monopoly are:
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When faced with an intercultural ethical dilemma, you should ask yourself if the action is legal, if you can rule out a better alternative, if a trusted advisor would agree, and ________.
When faced with an intercultural ethical dilemma, you should ask yourself if the action is legal, if you can rule out a better alternative, if a trusted advisor would agree, and if you would do it if you were on the opposite side.
Why do you understand the ethical dilemma?
A decision-making issue between two possibilities in which neither is wholly acceptable from an ethical standpoint is known as an ethical dilemma (also known as a moral dilemma, ethical paradox, or moral conundrum).
How do you identify an ethical dilemma?
Health workers of all stripes frequently run across moral conundrums. You are advised to make decisions using a sequential process while taking ethical issues into account:
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In many professional sports leagues, one team is not allowed simply to purchase a player from another team, so they have to trade which requires:
In many professional sports leagues, one team is not allowed simply to purchase a player from another team, so they have to trade which requires: a double coincidence of wants.
What is Trade Sport?In professional sports within the United States and Canada, a trade is a sports league transaction between sports clubs involving the exchange of player rights from one team to another. Though player rights are the primary trading assets, draft picks and cash are other assets that may be supplemented to consummate a trade, either packaged alongside player rights to be transferred to another team, or as standalone assets in exchange for player rights and/or draft picks in return. Typically, trades are completed between two clubs, but there are instances where trades are consummated between three or more clubs.
Trades only involve players who are under contract with their current teams. Free agent players, whose contracts have expired, cannot be traded by their former teams, and are free to join a different team.
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A member of the Scrum Team does not want to participate in the Sprint Planning event and considers it a waste of time. What should the Scrum Master do first?
You'll need to work with him one-on-one to assist him to internalize the scrum ideas and concepts. Focus on the areas in your sprint planning where he can make a difference; emphasize how the team needs and appreciates his help. " This is further explained below.
What is sprint planning?Generally, Scrum's sprint planning is the first step of a new sprint. Sprint planning is concerned with determining what can be accomplished in a sprint and how it can be done.
In conclusion, You'll need to work with him one-on-one to help him internalize the scrum culture's core values and concepts as he learns them. Focus on the areas in your sprint planning where he can make a difference; emphasize how the team needs and appreciates his help.
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The premium charged for a standard workers compensation policy is based primarily on a company's:________
The premium charged for a standard workers compensation policy is based primarily on a company's payroll.
In simple terms, payroll is defined as the process when a company's employees are paid . Payroll includes collecting the list of employees to be paid after that tracking the hours worked is done ,then the employee's pay is calculated, distributing the salary on time, and the payroll expenses are recorded.
In order to get these steps done, a lot of background work is involved in it because payroll is more than just about calculating paychecks.
It is an intricate set of process in which different teams are required to work in tandem. But all these complexities can be managed effortlessly by the standardization of the processes, after that selecting the right service delivery model, and then using modern technology to manage payroll operations.
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which of the following correctly explains the actions an agent should take if a customer wants to apply for an insurance policy
The action taken by the agent for the customer who wants to apply for the insurance policy should be to complete the application and review the information with the customer prior to obtaining the customer's signature, then send the application off to the insurance company.
What is a Insurance Policy?The insurance firm (the insurer) and the person(s), company, or other entity being covered have a legal agreement called an insurance policy (the insured). By reading your policy, you can make sure that it addresses your needs and that both you and the insurance provider are aware of your obligations in the event of a loss. Many insureds obtain a policy without fully comprehending what is covered, what is excluded from coverage, and what requirements must be satisfied before compensation will kick in in the event of a loss. The SCDOI wants to remind customers that thoroughly reading and comprehending your policy will help you steer clear of issues and disputes with your insurance provider in the case of a loss.The insurance agreement outlines the main commitments made by the insurance provider and details the coverage.
Therefore, The action taken by the agent should be to complete the application and review the information with the customer prior to obtaining the customer's signature, then send the application off to the insurance company.
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An increase in the amount of excess reserves that banks keep _________ the value of the real-world deposit multiplier
An increase in the amount of excess reserves that banks keep decreases the value of the real-world deposit multiplier.
The fundamental mechanism for producing money supply is the deposit multiplier, also referred to as the deposit expansion multiplier and controlled by the fractional reserve banking system.
As they lend out their reserves, banks produce what is known as checkable deposits. The amount of these newly made deposits depends on the bank's reserve requirement ratio and the amount of money that is available for loans.
The ratio of the checkable deposit amount to the reserve amount is thus known as the deposit multiplier. The reserve requirement ratio's opposite is the deposit multiplier.
A deposit multiplier reduces the chance that a bank won't have enough cash on hand to meet regular customer withdrawal requests. The amount of money it must have also depends on its reserve requirement ratio.
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Kanya has a credit card that gives a 6% discount on every purchase and free shipping when used online. The annual percentage rate on the credit card is 12%. Kanya wants to buy a laptop that costs $420. Which statement about the cost of the laptop is true?
If Kanya uses the credit card and pays the full balance during the billing cycle, she will spend $25.20 more than paying cash for the laptop.
If Kanya uses the credit card and pays the full balance during the billing cycle, she will spend $50.40 more than paying cash for the laptop.
If Kanya uses the credit card and pays the full balance during the billing cycle, she will spend $50.40 less than paying cash for the laptop.
If Kanya uses the credit card and pays the full balance during the billing cycle, she will spend $25.20 less than paying cash for the laptop.
Option (d) is true i.e, If Kanya uses the credit card and pays the full balance during the billing cycle, she will spend $25.20 less than paying cash for the laptop.
The Discount is a price cut applied to the regular cost of a good or service in an effort to generate or boost sales. Retailers and manufacturers use these reductions, also known as "sales" or "markdowns," across a variety of industries.
Types of Discounts:
Trade discount, Quantity discount, Cash discount.A price reduction offers a financial benefit, an incentive for customers to buy the product, according to the economic impacts of price reductions. Numerous earlier research has shown that consumers perceive greater levels of savings for a product when a larger price discount is offered.
The credit card that Kanya has to give a discount of = 6%
The cost of the laptop Kanya wants to buy costs= $420
The amount that will be deducted from the cost of the laptop= 420 × 6/100
= 2520/100
= $25.2
Therefore, the correct statement is that If Kanya uses the credit card and pays the full balance during the billing cycle, she will spend $25.20 less than paying cash for the laptop.
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You are working as a private math tutor to raise money during spring break. Assuming you want to earn as much money as possible, you should:
Answer:
Assuming you want to earn as much money as possible, you should work longer hours so that you are paid more.
Explanation:
Why do we record Direct deposits into the CPJ
Explanation:
Because those payments are done for creditors, repayment of loans and other expenses
A typical ____________________________ fiscal policy allows government to decrease the level of aggregate demand, through increases in taxes.
The fiscal policy allows the government to decrease the level of aggregate demand, through increases in taxes is the Contractionary fiscal policy
See explanation bellow
What is a Fiscal policy?Simply put, a fiscal policy can be defined as the various ways in which government regulates the economy by ways in which they spend money and collect taxes.
There are basically three types of fiscal policy and they are
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In a small group, which type of roles often involve seeking, processing, and evaluating information?
The individual role frequently makes the group process problematic. When playing individual role, group members prioritize their own needs and interests over the needs of the group. As a result, they frequently exhibit traits like negativity, aggression, or endless laughter.
Different groups can produce positive, neutral, or negative experiences depending on their qualities, functions, and goals. Small groups typically concentrate on some form of task completion or goal attainment, but our interpersonal relationships largely focus on relationship building.
Examples of tiny groups that would each have a particular size, structure, identity, and interaction style include a campaign team for a state senator, a community of local organic farmers, and a college learning community focused on math and science.
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The systematic risk principle argues that the market does not reward risks _____.
The systematic risk principle argues that the market does not reward risks that are borne unnecessarily.
Systematic risk is the principle that some risks are unavoidable and that diversification cannot prevent risk. Eliminating risk is highly impossible. This principle argues that the market does not reward risks that are borne unnecessarily.
Systematic risk is risk that impacts the entire market or a large sector of the market, and not just a single stock or industry. For instance, inflation, natural disasters, weather events, changes in interest rates, etc, impacts the entire market.
Hence, the principle of systematic risk argues that the market does not reward risks that are borne unnecessarily.
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The use of the allows bank customers the ability to complete most transactions electronically without leaving home.
The use of the internet allows bank customers the ability to complete most transactions electronically without leaving home.
What is Internet?Internet help to transmit data or information across a network, making it possible for internet user to communicate and exchange information.
Example of internet are:
WAN which full meaning is Wide Area Network.LAN which full meaning is Local Area Network.Hence, internet play an important function as it make it possible for bank customers to complete their transactions electronically or to carryout their transaction online without having to leave their various homes.
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Write the definition in your own words
_________________________________________________________________________________________________________
Income Statement:
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
Accounting Period:
_________________________________________________________________________________________________________
Time-Period Principle:
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
Matching Principle:
Income Statement corresponds to the statement of income and expenses related to organizational activity and profit and loss for a period.
An Accounting period refers to a period of time, such as a year, a month, a quarter, in which the situation of the company in relation to its accounting at that moment will be analyzed.
The Time-period Principle refers to the standard by which a company usually analyzes its financial results, with annual, quarterly and monthly statements being common.
The Matching Principle, on the other hand, refers to recording an expense in the same period of recording the related revenue, to generate greater structuring and reliability in the statements.
What is the purpose of accounting?It is the registration and organization of a company's financial resources for greater control over assets. Through accounting sciences, a company can recognize its real situation in the market, enabling decision-making more aligned with its objectives, in addition to demonstrating security for stakeholders.
Therefore, accounting is an essential instrument for controlling financial resources, helping a company to be well positioned in the market.
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Anton feels he needs to continue his relationship with his wife because if they broke up, it would be very costly for him financially and damage his business. Anton is showing?
Anton feels he needs to continue his relationship with his wife because if they broke up, it would be very costly for him financially and damage his business. Anton is showing Constraint commitment.
The desire to be together in the future—to have a lengthy time horizon for a relationship—is a key component of commitment.
Long-term relationship commitment has a significant impact on people's relationship behaviors, encouraging them to act in the couple's best interests rather than their own immediate self-interest.
One of the major advantages of taking a long-term perspective in partnerships like marriage is that the connection is assessed based on a longer time frame rather than just what is happening right now.
A here-and-now perspective would place a lot of pressure on the present exchange of positives and negatives as the basis for judging the relationship because few relationships are consistently gratifying.
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Cost-volume-profit analysis is used to predict how changes in _____ levels affect profit.multiple choicefixed and variableproduction and salescosts and salessales and production
High.
Cost-volume-profit (CVP) analysis is a way to find out how changes in variable and fixed costs affect a firm's profit. Companies can use CVP to see how many units they need to sell to break even (cover all costs) or reach a certain minimum profit margin.
The point of CVP analysis is to determine how changes in variable and fixed costs will affect profits. The three main elements are cost, sales volume, and price. A CVP analysis looks at how these elements influence profit.
All costs can be resolved into fixed and variable elements. (ii) Over the activity range being considered costs and revenues behave in a linear fashion. (iii) The only factor affecting costs and revenues is volume. (iv) The technology, production methods, and efficiency remain unchanged.
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A profit-maximizing firm in monopolistic competition should shut down in the short run if?
When the price is less than average variable cost, a profit-maximizing firm decides to close down in the short run. Furthermore, if the firm's total revenue is less than variable costs in the short run, the firm should close down.
In long run, a business must make at least normal profit to justify staying in an industry, but in the short run, firm will continue to produce as long as total revenue covers total variable costs or price per unit is greater than or equal to average variable cost (AR = AVC). This referred to as the short-run shutdown price.
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Which method for determining an imc budget attempts to link promotional dollars with sales objectives?
The share of market/share of voice method of developing an IMC budget is an attempt to link promotional dollars with sales objectives.
While share of voice measures the brand awareness on a particular channel, market share on the other hand, is the percentage of a market that a single company controls by revenue or number of customers.
Basically, share of voice helps you understand how popular your brand is compared to all your competitors. It has been proven that a brand's share of voice tends to correlate with its share of the revenue and market.
Integrated marketing communication (IMC) can be defined as the process used to unify marketing communication elements, such as public relations, social media, business development principles, and advertising.
Hence, the share of market/share of voice method helps in developing an IMC budget which attempt to link promotional dollars with sales objectives.
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If a corporation pays the premium on a group life policy for its employees, the corporation is required to report how much additional taxable income for each employee?
If a corporation pays the premium on a group life policy for its employees, additional taxable income for each employee is Nothing
This is further explained below.
What is additional taxable income?Generally, Along with wages, salaries, commissions, fees, and gratuities, this also covers other types of pay, such as stock options and fringe benefits. Your employer must provide you with a Form W-2, Wage and Tax Statement, detailing the compensation you received for your services.
In conclusion, If an employer contributes to the cost of a group life insurance policy for its workers, the employees do not have to report any extra income for tax purposes.
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You make $10.25 per hour. You have 7.5% of your total pay taken out of your check for your 401K retirement plan. How much will be taken out for your 401K if you work 47 hours this week
The amount that will be taken off the pay check for the 401k retirements plan given all the criteria indicated above is $38.82 (Option D)
What is the computation justifying the above?Given:
Pay Per Hour: $10.25
Bonus: $15.375 for every hour worked over forty hours.
Total Hour worked: 47 Hours
Percentage deductible: 7.5%
Total Pay thus =
(40 *10.25) + (7 *15.375)
= $517.625
Total 401 K deduction thus, =
7.5% * 517.625
401K Deduction total = $38.82
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Full Question:
You make $10.25 per hour. You have 71/2% of your total pay taken out of your check for your 401K retirement plan. How much will be taken out for your 401K if you work 47 hours this week? You get paid time-and-a-half for all hours over 40.
Select one:
A. $36.13
B. $69.02
C. $54.20
D. $38.82
E. $14.35
The calculation for ________ considers a customer’s product or service usage rate, their loyalty to the company, and the firm’s cost to serve that customer over time.
The calculation for customer lifetime value considers a customer’s product or service usage rate, their loyalty to the company, and the firm’s cost to serve that customer over time.
Customer lifetime value (CLV), commonly referred to as lifetime value (LTV), is the profit margin which is expected by the company to earn over the lifetime of their business relationship with the average customer.
In order to calculate customer lifetime value, first of all calculate the lifetime value by multiplying the average value of the sales, the average number of transactions, and the average customer retention period followed by the company.
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An advantage of licensing to a company is that it ________, while the licensee gains production expertise or a well-known product without having to start from scratch.
An advantage of licensing to a company is that it can enter into a foreign market at a little risk, while the licensee gains production expertise or a well-known product without having to start from scratch.
Licensing of the international business transactions gives the licensee certain type of rights and resources to manufacture or market a particular product in a particular country, generally called the host country.
Licensing also represents a business arrangement in which one company is given permission by another company or individual to manufacture its product by giving a specific fee.
This arrangement includes allowing the licensee to use the patents, trademarks, copyrights, designs, and other intellectual property rights of the licensor.
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Social Security payments, welfare payments, and veterans' payments that the government makes directly to households are called government public payments.
Social Security payments, welfare payments, and veterans' payments that the government makes directly to households are called government public transfer payments.
What are government public transfer payments?Transfer payments are initiatives by municipal, state, and federal governments to redistribute money to individuals in need. Social Security and unemployment insurance are popular types of transfer payments in the United States. Corporate bailouts and subsidies are not typically referred to as transfer payments.Government transfer payments include Social Security payouts, unemployment insurance benefits, and welfare payments. Taxes are considered transfer payments.As it is given in the description itself, government transfer payments include Social Security payouts, unemployment insurance benefits, and welfare payments.
Therefore, Social Security payments, welfare payments, and veterans' payments that the government makes directly to households are called government public transfer payments.
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The question you are looking for is here:
Social Security payments, welfare payments, and veterans' payments that the government makes directly to households are called government public _____ payments.
Some union agreements state that current employees must be informed of upcoming new openings. This practice is called job?
Some union agreements state that current employees must be informed of upcoming new openings. This practice is called internal job posting or just posting.
When company gets new vacancy first they should give opportunity to internal employees rather than going external. Giving opportunity to current employees increases their motivational level. This also sends a positive message to employees that company thinks of their growth and career advancement and they work for the organization more seriously.
This process also helps company by saving it's time and cost as posting can be done easier because employees can be found within the firm and employer can get right feedback of the employee plus it provides short learning curve.
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When a few firms with market power agree to restrict output and/or charge higher price, it is called
A few firms with market power agree to restrict output and/or charge higher price, it is called collusion.
Collusion is a fraudulent agreement or secret cooperation between two or more parties to limit open competition by deceiving, misleading, or fraudulent the legal rights of others. .. Collusion is not always considered illegal.
Collusion can lead to High price for consumers. This leads to reduced consumer surplus and allocation inefficiencies (price exceeds marginal cost). Collusion, which acts as a barrier to entry, can prevent new companies from entering the market.
Collusion refers to a combination, conspiracy, or agreement between sellers that raises or modifies prices, reduces production and increases profits.
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All city realty, inc. issued shares of stated value common stock for per share. the journal entry to record this transaction includes a credit to?
When shares are issued like All City Realty Inc did, the journal entry to record it will include a credit to Paid-In Capital in Excess of Stated-Common for $49,000.
How will All City Realty record the transaction?The entire amount that was earned from the share issuance is:
= 7,000 x 11
= $77,000
This entire amount will go to the cash account as a debit to show that the cash account is increasing in value.
The amount to the common stock is:
= Stated value x number of shares
= 4 x 7,000
= $28,000
This amount will be credited to the Common Stock account to show that it is increasing.
The difference is:
= 77,000 - 28,000
= $49,000
This amount will be credited to the Paid-In Capital in Excess of Stated-Common.
In conclusion, option A Paid-In Capital in Excess of Stated-Common for $49,000 is correct.
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