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2 years ago

Part 1: What is the problem with the Manager asking you to adjust the bad debt loss until it meets the desired bonus?

Business

1 answer:

geniusboy [140]2 years ago

6 0

Part 1. The problem with the manager asking for an adjustment of the bad debt loss to meet the desired bonus is that it is <u>unethical</u>.

<h3>What is ethical accounting?</h3>

Ethical accounting follows the specific rules of the accounting profession and not the personal biases of management.

Accounting ethics deals with the following principles:

Integrity
Objectivity
Professionalism,
Confidentiality
Professional competence and due care.

Part 2. The amount that would be recorded as the bad debt expense is $10,560

<h3>Data and Calculations:</h3>

2% of $33,000 = $660
5% of $14,000 = $700

10% of $22,000 = $2,200

25% of $12,000 = $3,000

40% of $10,000 = $4,000

Total $10,560

Part 3. The bad debt expense for the year would be $10,560 if there were no previous balance of the allowance for doubtful accounts.

Part 4. Since the required information is lacking, we can conclude that it is unethical behavior if the bad debt expense must be adjusted to meet the desired bonus target.

Learn more about ethical accounting at brainly.com/question/13396824

#SPJ1

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3 years ago

Q 10.25: Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1st. Givens Brick Company signs a $600,000,

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Answer:

Entry is given below

Explanation:

As Givens brick company is paying off the liability of note payable and the interest amount therefore, it will be debited as it is a decrease in liability. Cash will be credited as it is our asset and its decreasing.

Entry DEBIT CREDIT

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3 years ago

Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar

GenaCL600 [577]

Answer:

Dollar Store

Journal Entries:

Nov. 1 Debit Inventory $2,900

Credit Accounts Payable $2,900

To record the purchase of goods on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.

Nov. 5 Debit Accounts Payable $2,900

Credit Cash $2,842

Credit Cash Discount $58

To record the payment for the goods, including discounts.

Nov. 7 Debit Cash $250

Credit Inventory $250

To record the return of goods for cash.

Nov. 10 Debit Freight-in $145

Credit Cash $145

To record payment for transportation of goods.

Nov. 13 Debit Accounts Receivable $3,132

Credit Sales Revenue $3,132

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Credit Inventory $1,566

To record the cost of goods sold.

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Credit Accounts Receivable $270

To record the return of goods.

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Credit Cost of goods sold $135

To record the cost of goods returned.

Explanation:

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Nov. 1 Inventory $2,900 Accounts Payable $2,900

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Nov. 5 Accounts Payable $2,900 Cash $2,842 Cash Discount $58

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with terms n/30

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Inventory $135 Cost of goods sold $135

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Answer:

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Explanation:

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In point b:

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3 years ago

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