debit to Bad Debt Expense for $3,800
<h3>What is
Bad Debt Expense ?</h3>
When a receivable is no longer collectible because a customer is unable to fulfil their obligation to pay an outstanding debt due to bankruptcy or other financial problems, a bad debt expense is recognised.
If a company with $2,000,000 in sales expects 2% of sales to be uncollectible, their bad debt expense would be $40,000 ($2,000,000 * 0.02). Consider a roofing company that agrees to replace a customer's roof on credit for $10,000.
Are bad debts a cost or a liability? Bad debts are an expense to the business rather than a liability because the amount expected to be received from the debtor is irrecoverable and has a negative impact on the books of accounts by reducing accounts receivable.
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The answer is directors.
<h3>What entity elects the board of directors for a corporation?</h3>
- The corporation's stockholders elect its board of directors, but they play no other direct role in how the company is run. The board makes the important company decisions of directors.
- The president of a corporation is chosen directly by its stockholders.
- In addition to their duty as members of the board of directors, the officers are charged with particular duties. President As the company's chief executive officer, the president, is responsible for the following duties: Preside over board meetings. Served as the executive committee's chairman.
- The promotion of the organization's work and the recruitment of resources to support its programs and services are some of the duties of board members.
While stockholders elect the board of directors of a corporation, the board of hires the president, vice president and other officers, who manage the corporation.
The answer is directors.
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Answer:
False
Explanation:
Answer:
False
Explanation:
financing activities are business transactions that are used to fund either company operations or the business expansion expansions.
Some examples of financial activities includes:
1. Borrowing and paying back short-term loans.
2. Borrowing and paying back long-term loans.
receiving cash from issuing debt and receiving cash dividends from investments in other companies' stocks are not financing activities.
Answer:
B. $1,667
Explanation:
The computation of the depreciation expense under the straight-line method is shown below:
= (Purchase cost of a delivery van - salvage value) ÷ (estimated useful life)
= ($28,000 - $3,000) ÷ (5 years)
= ($25,000) ÷ (5 years)
= $5,000
This is a full ear depreciation
Since the delivery van is purchased on September 1 and the company recognize on December 31. So there is a difference of four months. So four months depreciation would be
= $5,000 × 4 months ÷ 12 months
= $1,667
Answer:
The correct pair matching each type of letter to its correct description would be as follows:
send it to favorably influence employers’ decision on hiring you - thank you letter
state how you meet the job requirements - cover letter
send 3-5 days after submitting your application or résumé - follow-up letter
express your desire to work for a particular company - letter of interest
A 'thank you' letter is a letter written to admit gratefulness for a favor that has been done. It can also be written in anticipation of a favor to be done. Hence, writing it to a potential employer after an interview is a way of trying to influence the employer's decision on hiring you.
A cover letter, as it relates to job application, is a letter written to express how one meets the requirement for a job. In it, a job seeker would state their qualifications, skills, and experience as it relates to the job they are applying for.
A follow-up letter is usually written to follow up with a situation that one expects that a response should have been given or written just to further emphasize one's interest in something. Writing a follow-up letter after submitting an application for a job is a way of reminding potential employers of one's desire to take up a job in their firm.
A letter of interest is written to show a desire to work in a particular organization or company irrespective of whether they have got a vacancy.
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Explanation: