Answer:
The balance of uncollectible accounts after the adjustment will be $15,000
Explanation:
On December 31, the balance of the accounts receivable is $300,000 and on same data it is suggested that the 5% of the account receivable will be not be collected.
So, the balance of the uncollectible accounts will be computed as:
Uncollectible accounts = Account receivable balance × % which will not collected
where
Account receivable balance is $300,000
% which will not be collected is 5%
Putting the values above:
= $300,000 × 5%
= $15,000
NOTE: The allowance for uncollectible accounts of $1,000, already credited, so will not be considered again.
Answer: Amortization Expense; Patents
Explanation:
The entry to record the amortization of a patent would include a debit to the amortization expense and a credit to the patents.
The journal entry will be:
Debit Amortization expenses XX
Credit Patents XX
Therefore, the correct option is A.
The two primary factors affecting an entrepreneur choice of legal ownership for a venture are TAXES AND LEGAL LIABILITY.
The type of business that an entrepreneur establish will determine the type and the amount of tax that it will be required to pay. The legal liability of the entrepreneur determines the extent to which he can be liable in case he finds himself in a financial mess. The entrepreneur should try and minimize the impacts of these two factors.
The term that describes the situation where <em>fixed and variable </em><em>expenses</em><em> are higher than</em> net income is <em>D. dissaving.</em>
Dissaving happens when an individual is spending from either previous savings or borrowing to fund current expenses.
Dissaving is commoner with retirees than those currently employed. But it can also happen to currently-employed persons, whose expenses are more than their incomes. They should find strategies to stop the negative saving. Otherwise, their debts may be overbearing in future.
Thus, dissaving means negative saving or <em>spending more than income.</em>
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