Answer:
$1.49
Explanation:
Flyaway Travel Company
$100,000 – $3,125
=$96,875
= $50,000 + (20,000 x 9/12)
=$50,000+$15,000
=$65,000
Hence:
$96,875÷$65,000
=$1.49
Therefore 2021 basic earnings per share will be $1.49
Answer:
e. Debit Allowance for Doubtful Accounts $2,000
Credit Accounts receivables A-Hopkins $2,000
Explanation:
When a company use the allowance method of accounting for uncollectible accounts, the company would actively review and book bad debt expenses for any debt in doubt of collection. The entry would be; Debit Bad debt expenses, Credit Allowance for doubtful debt
However, where there is sufficient evidence that these debts goes into default, no more expenses would be recorded , instead
Dr. Allowance for doubtful debt $2,000
Cr. Account receivable $2,000
(To record written off receivables)
Answer:
The correct answer is D
Explanation:
Horns error is the term which defined as the error, where the opinion of one is color with the opinion of the others. This kind of error involves or comprise the negative ratings. This will be called as the horns error.
In this case, an employee computed the manager low on all the performance due to the dissatisfaction with the disposition of the manager. So, the employee committed to a horns error.
Answer:
The Truth in Lending Act (TILA)
Explanation:
TILA was passed in 1968 in an attempt to protect loan consumers from unfair practices carried out by lenders. TILA requires lenders to disclose the credit terms in a simple and understandable manner so that potential consumers can compare credit terms offered by different lenders. The information disclosed must include the loan's APR, principal, finance charges, payment schedule and monthly payments.
TILA applies to most types of consumer credit, including car loans, home mortgages, credit card, home equity loans, etc.
