At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $16,000. Instructions Journalize and post the adjusting entry for bad debts at December 31, 2020. Journalize and post to the allowance account the following events and transactions in the year 2020. March 1, a $1,900 customer balance originating in 2020 is judged uncollectible. May 1, a check for $1,900 is received from the customer whose account was written off as uncollectible on March 1. Journalize the adjusting entry for bad debts on December 31, 2020. Assume that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $2,000, and the aging schedule indicates that total estimated bad debts will be $38,300.
Answer:
a. Journal Entry
Date Account Titles Debit Credit
Dec 31 Bad Debts Expense $16,000
Allowance for Doubtful Accounts $16,000
To record bad debts expense.
b. Journal Entries:
Date Account Titles Debit Credit
Mar 1 Allowance for
Doubtful Accounts $1,900
Accounts Receivable $1,900
To record the write-off of uncollectible account.
Date Account Titles Debit Credit
May 1 Accounts Receivable $1,900
Allowance for Doubtful Accounts $1,900
To record the reversal of the March 1, 2020 entries.
Date Account Titles Debit Credit
May 1 Cash $1,900
Accounts Receivable $1,900
To record the receipt of check from the customer.
c. Journal Entries:
Date Account Titles Debit Credit
Dec. 31 Bad Debts Expense $40,300
Allowance for Doubtful Accounts $40,300
To record bad debts expense and bring the Allowance for Doubtful Accounts to a credit balance of $38,300.
Explanation:
a) Adjusting journal entries are necessary to ensure that the accounts are reported in accordance with the accrual concept.
Raymond Co. has $1.1 million of debt, $2 million of preferred stock, and $2.1 million of common equity. What would be its weight on preferred stock?
Answer:
0.3846
Explanation:
Given that :
Amount of debt = $1.1 million
Amount of preferred stock = $2 million
Amount of common equity = $2.1 million
Total value of company's finance funds :
(Amount of debt + Amount of Preffered stock + Amount of common equity)
(1.1 million + 2 million + 2.1 million)
= $5.2 million
Hence, weight on preferred stock:
Amount of preferred stock / total value of company's finance
$2 million / $5.2million
= 0.3846
Hence, weight of Preffered stock = 0.3846
Why is it important to include a person's title when developing a reference sheet?
Answer with Explanation:
It is important to include a person's job title when developing a reference sheet because it shows the person's position and level of experience in his field. Reference sheets are meant to help you get connections that will boost your probability of getting hired. The better the job titles of the people you've listed on your reference list, the more confidence you'll have in the hiring process. The Human Resource wants to talk to people who have the credibility to attest to your past performances and credentials.
It is important to list those people whom you have worked with in a similar context. For example, listing your supervisor on your reference sheet rather than listing someone who is not related to you at work.
Reference sheets are documents that specify the people who can vouch for our character. It is important to include a person's title when developing a reference sheet because it tells the hiring manager that we have relationships with people who are outstanding in a field.
If they can attest to our suitability, then we are likely trustworthy.
Hiring managers might want us to present reference sheets that indicate our referees.It is important to attach titles to the names of these referees because it tells the hirer that responsible members of society are willing to attest to our conduct. This will make the employer more confident in us.Learn more here:
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During project initiation, priorities and procedures are often most important, but as the project proceeds ____________ issues become the predominant source of conflict.
Answer:
Especially during the middle and latter stages of the project, schedule
Explanation:
Project management can be defined as the process of designing, planning, developing, leading and execution of a project plan or activities using a set of skills, tools, knowledge, techniques and experience to achieve the set goals and objectives of creating a unique product or service. Generally, projects are considered to be temporary because they usually have a start-time and an end-time to complete, execute or implement the project plan.
Generally, the fundamentals or basics of project management are essentially considered universal across most professions, careers and businesses.
The fundamentals of project management includes;
1. Project initiation
2. Project planning
3. Project execution
4. Monitoring and controlling of the project
5. Adapting and closure of project.
During project initiation, priorities and procedures are often most important, but as the project proceeds, especially during the middle and latter stages of the project, schedule issues become the predominant source of conflict because project managers are saddled with the responsibility of delivering or executing the project within the time frame cited.
Hence, it is very important and essential that project managers in various organizations, businesses and professions adopt the aforementioned fundamentals in order to successfully achieve their aim, objectives and goals set for a project.
A monopoly that attempts to charge the socially desirable price will invariably reduce their economic profit because:_______
a. price and marginal cost is higher than marginal revenue.
b. marginal cost is equal to zero.
c. price is lower than marginal cost.
d. average cost and marginal cost are equal.
Answer:
D
Explanation:
A monopoly that attempts to charge the socially desirable price will invariably reduce their economic profit because average cost and marginal cost are equal.
Answer:
The correct choice is - Price is equal to the Marginal Cost.
Explanation:
Socially desirable price refers to the point on the graph where the demand (D) stands equal to or intersects the marginal cost (MC). That is MC = D.
The challenge with setting prices like this is that the business in arriving at the price of its product(s) and or service(s) has not taken into consideration the fixed cost to the business. To breakeven, the owner of a business must know its Average Total Cost (which takes into consideration both marginal and fixed costs) and set its prices equal to same. To make a profit however the business must set its prices above the Average Total Cost.
Recall that ATC = MC + F/Q where
ATC = Average Total Cost
MC = Marginal Cost
F = Fixed Cost
Q = Quantity of goods produced
D = Quantity of goods demanded
Cheers
Knapp Development's trial balance shows $155,000 face value of bonds with a discount balance of $2,800. The bonds mature in 10 years. How will the bonds be presented on the balance sheet?
Answer:
D. Bonds payable $153,200 (net of $1,800 discount) will be listed as a long-term liability."
Explanation:
Options are A. Bonds payable $155,000 will be listed as a long-term liability. A $1,800 discount on bonds payable will be listed as a current liability. B. Bonds payable $155,000 will be listed as a long-term liability. A $1,800 discount on bonds payable will be listed as a contra current liability. C. Bonds payable $155,000 will be listed as a long-term liability. D. Bonds payable $153,200 (net of $1,800 discount) will be listed as a long-term liability."
Bonds payable are maturing in 10 years and hence are long term liabilities and would be shown at net values i.e. current value less of discount (155000-1800)=$153,200. Hence correct option is D.
BIZZ0 estimated that income for January would be $53,500 and expenses would be $37,250. The actual income was $48,500 and the actual expenses were $35,000. What is the variance for the balance (income − expenses)?
Answer:
the variance for the balance is $2,750 favorable
Explanation:
The computation of the variance for the balance is shown below:
= Income - expenses
= (Estimated income - actual income) - (estimated expenses - actual expenses)
= ($53,500 - $48,500) - ($37,250 - $35,000)
= $5,000 - $2,250
= $2,750 favorable
Hence, the variance for the balance is $2,750 favorable
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Why would an e-mail rule memo like this work better as an innovation-driven company such as Tesla rather than at a manufacturing-driven company such as General Motors
Answer:
An e-mail rule memo like this work better as an innovation-driven company such as Tesla rather than at a manufacturing-driven company such as General Motors is discussed below in details.
Explanation:
The general motor is a very large business in each department with numerous tiers of hierarchy. then departments of the hierarchy are likely to report each other. the company's overall structure is very bureaucratized. one of the disadvantages is that when it comes to decision making and policymaking. General Motors are a slow-moving business. However, this bureaucracy is required by the big organizational structure to keep it together.
Tesla is a business that is younger and relatively lower than General motors because of this general motor funds are likely to be lacking but they are agile and that is their benefit.
An e-mail rule is a rule that determines the better way to mail the messages formally or informally. Tesla is a business that is younger and relatively lower than General motors because of this general motor funds are likely to be lacking but they are agile and that is their benefit.
The reason e-mail rule memo works better as compared to innovation-driven is:
The general motor holds a very large economic activity in each department with numerous tiers of hierarchy and then these departments of the hierarchy are likely to report each other, the company's overall structure is very bureaucratized. One of the disadvantages of this is that when it comes to decision making and policymaking. General Motors are a slow-moving business. However, this bureaucracy is required by the big organizational structure to keep it together.
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A callable bond pays annual interest of $60, has a par value of $1,000, matures in 20 years but is callable in 10 years at a price of $1,100, and has a value today of $1055.84.The yield to call on this bond is __________.A) 6.00%B) 6.58%C) 7.20%D) 8.00%
According to the condition, the yield to call on this bond is 6.00%. Thus, the correct option is (A).
The phrase "yield to call" refers to the return received by a bondholder if the security is kept until the call date, which is prior to the maturity date.
Yield to call is used for callable bonds, which are securities that allow bond investors to redeem the bonds (or the bond issuer to repurchase them) at the call price before the maturity date.
The yield to call is the amount paid if the issuer of a callable bond chooses to pay it off early.
Here,
Number of periods = 10
payment (PMT) = 60.00
Present value (PV)= -1,055.84
Future value (FV) = 1,100.00
Calculate the Yield to call as follows:
Yield to call = (nper,pmt,pv,fv)
= (10, 60, -1055.84, 1100)
= 6%
Therefore, the correct option is "A".
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Common problems being faced by internet users with having an online business
Answer:
businesses are facing issues for a number of reasons. one of which is that websites may crash with a large amount of users on a website at any given period.
Explanation:
Suppose that the risk-free rate is 3% and that the market risk premium is 5%. Round your answers to one decimal place. What is the required return on the market?
Answer:
The required return on the market is 8%
Explanation:
Market required rate is the sum of the risk free rate and market risk premium.
Risk free rate is a rate on a treasury stock or government bond because these securities have very low risk or no risk at all as these are backed by government entities.
Market risk premium is the premium paid against the risk to invest in a specific market which is additional to the risk free rate. Different markets have different risk levels. The markets having higher rism will pay higher premium and markets with lower will pay lower risk premium.
The required rreturn on the market can be calculated as follow
Market required return = Risk free rate + Market risk premium
Placing values in the formula
Market required return = 3% + 5%
Market required return = 8%
A stock has a beta of 1.2. Suppose the expected market risk premium (EMRP) is 6% and the risk-free rate is 1%. What is this stock's expected return according to the CAPM
Answer:
7%
CAPM = 1% + [6% - 1%](1.2) = 1% + 6% = 7%
If operating income is $500,000 and total operating revenues are $10,000,000, the correct operating margin is:__________A. 5%B. 20%C. 2%D. 50%
Answer:
the correct operating margin is 5 %
Explanation:
Operating margin is the relationship between operating income and operating revenues.
This relationship is expressed as follows :
Operating margin = Operating income / Operating revenues × 100
= $500,000 / $10,000,000 × 100
= 5 %
If Bob pays $695.20 for principal and interest every month for 30 years on his $110,000 loan, how much interest will he pay over the life of the loan
Answer:
$140,272
Explanation:
Calculation for how much interest will he pay over the life of the loan
First step is to calculate the Total payment
Total payment= (695.20 x 12 months x 30 years Total payment= $250,272
Last step is to calculate the interest amount Using this formula
Interest=Total payment-Principal
Let plug in the formula
Interest= $250,272- $110,000
Interest=$140,272
Therefore the amount of interest he will pay over the life of the loan is $140,272
Is mortgage a long term liability, capital, current assets , fixed assets, current liability?
Answer:
long-term liability or fixed asset
Explanation:
they're due in over a year's time
How pay for workers is determined?
Explain how Robert might perceive the office assistant's reaction.
Answer:
we need a full question to this to answer
Explanation:
The profit function for sales of two models of television sets at a chain discount store is given by where x is the number of sales per week of model A, and y is the number of sales per week of model B. Find and interpret the result.
Answer:
The correct option is B) Px(10, 15) = 80
At a sales level of 10 units of model A and 15 units of model B, increasing sales of model A by one unit and holding sales of model B at 15 units will increase profit by approximately $80.
Explanation:
Note: This question is note complete. The complete question is therefore provided before answering the question as follows:
The profit function for sales of two models of television sets at a chain discount store is given by P(x, y) = 140x + 160y - 6x^2 + 4xy - 8y^2 - 500, where x is the number of sales per week of model A, and y is the number of sales per week of model B. Find Px(10, 15) and interpret the result.
A) Px(10, 15) = 120
At a sales level of 10 units of model A and 15 units of model B, increasing sales of model A by
one unit and holding sales of model B at 15 units will increase profit by approximately $120
B) Px(10, 15) = 80
At a sales level of 10 units of model A and 15 units of model B, increasing sales of model A by one unit and holding sales of model B at 15 units will increase profit by approximately $80.
C) Px(10, 15) = 140
At a sales level of 10 units of model A and 15 units of model B, increasing sales of model A by one unit and holding sales of model B at 15 units will increase profit by approximately $140
D) Px(10, 15) = 60
At a sales level of 10 units of model A and 15 units of model B, increasing sales of model A by one unit and holding sales of model B at 15 units will increase profit by approximately $60
The explanation to the answer is now given as follows:
Given;
P(x, y) = 140x + 160y - 6x^2 + 4xy - 8y^2 - 500 ........................ (1)
Taking partial differentiation of equation (1) with respect to x, we have:
Px(x, y) = 140 - 12x + 4y ...................... (2)
Since we are given Px(10, 15), it implies we substitutes for x = 10 and y = 15 into equation (2) and estimate as follows:
Px(10, 15) = 140 - (12 * 10) + (4 * 15)
Px(10, 15) = 140 - 120 + 60
Px(10, 15) = 80
Therefore, the correct option is B) Px(10, 15) = 80
At a sales level of 10 units of model A and 15 units of model B, increasing sales of model A by one unit and holding sales of model B at 15 units will increase profit by approximately $80.
Stock R has a beta of 1.2, Stock S has a beta of 0.75, the required return on an average stock is 13%, and the risk-free rate of return is 7%. By how much does the required return on the riskier stock exceed the required return on the less risky stock
Answer:
The required return on the riskier stock (R) exceed the required return on
the less risky stock (S) by = 2.7%
Explanation:
Using the CAPM, we can calculate the required rate of return on a stock. This is the minimum return required by the investors to invest in a stock based on its systematic risk, the market's risk premium and the risk free rate.
The formula for required rate of return under CAPM is,
r = rRF + Beta * (rM - rRF)
Where,
rRF is the risk free rate
rM is the market return or return on average stock
r of stock R = 0.07 + 1.2 * (0.13 - 0.07)
r of stock R = 14.2%
r of stock S = 0.07 + 0.75 * (0.13 - 0.07)
r of stock S = 11.5%
R is the riskier stock because it has a higher beta than S which is the less riskier stock.
The required return on the riskier stock (R) exceed the required return on
the less risky stock (S) by = 14.2 - 11.5 = 2.7%
_____ set their own goals and inspect their own work, often hire their own replacements and prepare their own budgets.a) Virtual teams
b) Enlarged teams
c) Socio-technical teams
d) Self-managed teams
Answer:
HEY PLS DON'T JOIN THE ZOOM CALL OF A PERSON WHO'S ID IS 825 338 1513 (I'M NOT SAYING THE PASSWORD) HE IS A CHILD PREDATOR AND A PERV. HE HAS LOTS OF ACCOUNTS ON BRAINLY BUT HIS ZOOM NAME IS MYSTERIOUS MEN.. HE ASKS FOR GIRLS TO SHOW THEIR BODIES AND -------- PLEASE REPORT HIM IF YOU SEE A QUESTION LIKE THAT. WE NEED TO TAKE HIM DOWN!!! PLS COPY AND PASTE THIS TO OTHER COMMENT SECTIONS!!
Explanation:
HEY PLS DON'T JOIN THE ZOOM CALL OF A PERSON WHO'S ID IS 825 338 1513 (I'M NOT SAYING THE PASSWORD) HE IS A CHILD PREDATOR AND A PERV. HE HAS LOTS OF ACCOUNTS ON BRAINLY BUT HIS ZOOM NAME IS MYSTERIOUS MEN.. HE ASKS FOR GIRLS TO SHOW THEIR BODIES AND -------- PLEASE REPORT HIM IF YOU SEE A QUESTION LIKE THAT. WE NEED TO TAKE HIM DOWN!!! PLS COPY AND PASTE THIS TO OTHER COMMENT SECTIONS!!
Cash flows from collections on credit sales are usually reported in the statement of cash flows as part of:
Operating activities.
Financing activities.
Investing activities.
Noncash activities.
This is not reported in the statement of cash flows.
Answer:
Operating activities.
Explanation:
Operating activities are events and transactions that generate income for a business. They are the normal business activities of producing or purchasing merchandise, selling goods, and services to customers. They also include business administration and selling expenses.
Examples of incomes from operating activities are
1. Cash sales
2. Interest received
3. Lawsuit settlements receipts
4. Cash dividends received
5. Collection from accounts receivables
Alison was just hired around the Grand Stores. She soon learned that all new hires in the company are required to go through mandatory health and drug testing. She consulted her superiors and found that this was not a breach of her privacy right. Which reason for such testing would NOT qualify as a breach of Alisons privacy rights?
A. Pre-employment condition
B. Vacation allotment
C. Fitness for duty
D. Personality assessment
Answer:
A. Pre-employment condition
Explanation:
The answer is A. because if the testing is a requirement for getting the job then you know beforehand. You're aware of this requirement before they employ you so it's not breaching your privacy rights.
Answer:
a
Explanation:
The company can allow whoever they want into the company and it is their choice to test their employees for drugs.
The BRS Corporation makes collections on sales according to the following schedule:
25% in month of sale
71% in month following sale
4% in second month following sale
The following sales have been budgeted:
Sales
April $ 180,000
May $ 110,000
June $ 100,000
Budgeted cash collections in June would be
Answer:
$110,300
Explanation:
June collections will comprise of
25% of June sales
71% of May sales
4% of April sales
25% of June sales
=25/100 x 100,000
=$25,000
71% of may sales
=71/100 x $110,00
=$78,100
4% of April sales
=4/100 x $180,000
=$7,200
Total June collections
=$25,000 + $78,100 +$7,200
=$110,300
On January 1, 2020, Smith Co. issued eight-year bonds with a face value of $6,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%.
Present value of 1 for 8 periods at 6% 0.627
Present value of 1 for 8 periods at 8% 0.540
Present value of 1 for 16 periods at 3% 0.623
Present value of 1 for 16 periods at 4% 0.534
Present value of annuity for 8 periods at 6% 6.210
Present value of annuity for 8 periods at 8% 5.747
Present value of annuity for 16 periods at 3% 12.561
Present value of annuity for 16 periods at 40% 11.652
a. The present value of the interest is:_________
b. The present value of the principal is:_________
c. The price of bond is:_________
Answer:
a. The present value of the interest is:_________
PV of coupon payments = coupon x PV annuity factor, 4%, 16 periods = $180,000 x 11.652 = $2,097,360
b. The present value of the principal is:_________
PV of face value = face value x PV 4%, 16 periods = $6,000,000 x 0.534 = $3,204,000
c. The price of bond is:_________
market price of the bonds = $2,097,360 + $3,204,000 = $5,301,360
since the market rate is higher than the coupon rate, the bonds will always be sold at a discount
Carter's preferred stock pays a dividend of $1.40 per quarter. If the price of the stock is $69.00, what is its nominal (not effective) annual expected rate of return?
Answer:
Carter's preferred stock nominal annual expected rate of return is 8.12%.
Explanation:
Nominal annual expected rate of return of a preferred stock can be described as the current or unadjusted rate of return of the stock.
The nominal annual expected rate of return can be calculated as follows:
Nominal annual expected rate of return = Annual preferred stock dividend per share / Preferred stock price ............. (1)
Where;
Annual preferred stock dividend per share = Dividend per quarter * 4 = $1.40 * 4 = $5.60
Preferred stock price = $69.00
Substituting the values into equation (1), we have:
Nominal annual expected rate of return = $5.60 / $69.00 = 0.0812, or 8.12%
Therefore, Carter's preferred stock nominal annual expected rate of return is 8.12%.
Whenever significant expansionary policies are implemented and left in place for at least half a year or more, the likely result is:_____.
Answer:
It starts effecting price level - inflationary pressure in economy.
Explanation:
Expansionary policies are aimed at increasing Aggregate Demand, by Fiscal or monetary approach.
Fiscal expansion policy include increasing government public expenditure, reducing government tax revenue. Monetary Expansion policy aim include credit expansion - from decreased LRR, decreased bank rate, decreased marginal requirement etc
Significant expansion policy left for more than half an year, start exerting inflationary pressure on the economy price level.
Answer:
high inflation or reduced government spending
Explanation:
On December 31, 2016, Hamilton Inc. sold a used industrial crane for $1,060,000 cash. The original cost of the crane was $5.30 million and its accumulated depreciation equaled $4.35 million on December 31, 2016. What is the gain or loss from the December 31, 2016 equipment sale? a) $110,000 gain b) $950,000 gain c) $950,000 loss d) $110,000 loss
Answer: a) $110,000 gain
Explanation:
Book value as on date of sale=Cost - Accumulated Depreciation
=$5,300,000 - $4,350,000
=$950,000
Gain on sales =1,060,000-950,000
=$110,000.
A gain because sales proceeds was greater than the Book value;
On December 31, 2016, Hamilton Inc recorded a gain of $110,000 gain
Jillian has just started her first job with a $45,000 salary at a company with a 401(k) plan that has a 100% match up to 3% gross salary. She figures she can afford to save $3,000/yr out of her income for her retirement. What should Jillian ideally do?
a. Contribute 1650 in a Roth IRA, and 1350 In her company’s 401(k) plan
b. Contribute 3,000 in her company’s 401 (k) plan
c. Contribute 2,00 in a Roth IRA
d. Contribute 1350 in a Roth IRA, and 1650 In her company’s 401(k) plan
Answer:
Jillian
What Jillian should ideally do is:
a. Contribute 1650 in a Roth IRA, and 1350 In her company’s 401(k) plan.
Explanation:
a) Data and Calculations:
Salary = $45,000
401(k) = 3% of $45,000 = $1,350
Employer's match to the 401(k) = $1,350 (100%)
Savings affordable = $3,000
b) Jillian can contribute to Roth IRA and her company 401(k) which her company will also match 100%. Her contributions to both funds are within the allowed limits. In 2020, the allowed limit of 401(k) plan is $19,500 while that of Roth IRA is $6,000.
Assume that the risk-free rate is 2.5% and the expected return on the market is 12%. What is the required rate of return on a stock with a beta of 1.1?
Answer:
12.95%
Explanation:
Given:
Risk-free rate (rRF) = 2.5%
Expected return on the market (rm) = 12%
Stock beta (bs) = 1.1
(rRF) + (rm - rRF)(bs)
0.025 + (0.12 - 0.025) (1.1)
0.025 + 0.095 (1.1)
0.025 + 0.1045
0.1295
12.95%
Which statement is a fair conclusion based on the chart ?
Answer:
can you put a picture of the chart?
Explanation: