Answer:
Black report as its Allowance for Doubtful Accounts at 12/31/20 of $25,200
Explanation:
The computation of the allowance for the doubtful account is shown below:
= Ending account receivable balance × estimated percentage
= $504,000 × 5%
= $25,200
To find out the allowance for a doubtful account we simply calculate the estimated amount based on the ending balance of the accounts receivable and the given percentage.
All other values are not relevant. Hence, ignored it
Answer:
Inelastic
Explanation:
Price elasticity of demand refers to degree of responsiveness of change in demand with due to the change in price.
When a small change in price is accompanied by a higher change in the quantity demanded, this indicates the demand being elastic.
On the other hand, when a substantial change in price results in less than proportionate change in the quantity demanded, it indicates that demand is inelastic.
Price elasticity of demand is mathematically represented as:
wherein, 
= Price elasticity of demand
dQ= change in quantity demanded i.e 
dP = Change in price i.e 
p = original price
q = original quantity
In the given case, the manager thinks, when price is reduced by 50 cents, the sales quantity will rise by 1 unit, but the total revenue, which is the product of price and quantity demanded, will fall. This indicates, the demand was perceived as inelastic.
This represents the case wherein, with fall in prices, the total revenue also falls i.e inelastic demand.
Answer:
The Internal Revenue Code is federal statutory law while treasury regulations can not stand as laws on their own.
Explanation:
The Internal Revenue Code is federal statutory law passed into law by Congress and automatically becomes a law after the President has assented to it. This implies that the two arms of the government must be involved in it before before it becomes a law, otherwise it is null and void.
Treasury regulation is only meant to give interpretations and explanations to the Internal Revenue Code, law or statue, and it is not really a law by itself. The Treasury usually receives authority from the Congress to write regulations that will serve as the official interpretation of statutory law.
However, this does not mean that the regulations does not have appreciably authoritative weight, but it is just that the weight of authority of the regulation is less than the weight of the Internal Revenue Code.
Answer:
$149,100
Explanation:
Given that,
Uchimura Corporation has two divisions: the AFE Division and the GBI Division.
Net operating income = $42,000
Divisional segment margin:
AFE Division = $15,700
GBI Division = $$175,400
Common fixed expense not traceable to the individual divisions:
= AFE Division's divisional segment margin + GBI Division's divisional segment margin - Net operating income
= 15,700 + 175,400 - 42,000
= $149,100
Financial records are used for taxes, to show investors, to prove strength of the company in order to get loans. It is vital that financial records are accurate and up to date because of the many people that rely on the data.
