Answer:
$114,000
Explanation:
Given that,
Net credit sales = $2,250,000
Opening allowance for Doubtful Accounts = $36,000
Uncollectible accounts receivable written off = $90,000
Firstly, we need to find the excess amount to be adjusted to allowance for Doubtful Accounts. It is calculated as follows:
= Uncollectible accounts receivable written off - Opening allowance for Doubtful Accounts
= $90,000 - $36,000
= $54,000
Allowance amount:
= 10% of the balance in receivables
= 0.1 × $600,000
= $60,000
Therefore, the required adjustment to the Allowance for Doubtful Accounts at December 31, 2017 is determined by summing up the excess amount and allowance amount.
= Excess amount to be adjusted to allowance for Doubtful Accounts + Allowance amount
= $54,000 + $60,000
= $114,000
Time series analysis method forecast historical data and involves a panel of experts
Answer:
C. the demand curve for a product.
Explanation:
Price elasticity of demand is a measure of the sensitivity of demand for a good or service to changes in the price of that product. We say that the price elasticity of demand is elastic when a percentage change in the price of this good has major impacts on demand. On the contrary, we say that the price elasticity of demand is inelastic when variations in the price of goods have little or no influence on demand.
Thus, to determine the value of elasticity, one must know what was the change in price and the change in quantity demanded. In a graph where price and quantity are the x and y axes, this can be obtained by observing changes in the demand curve points, which reflected the price change on one axis and the quantity change on another axis. Thus, it is sufficient to divide the percentage change in quantity demanded by the percentage change in price to find the price elasticity of demand.
Answer:
True.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).
Thus, it is a field of accounting involving specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time. Financial experts or accountant uses either the cash basis or accrual basis of accounting.
An account can be defined as a formal and individual record of the financial transactions of a person, business firm, goods, assets, liability, etc.
All the transactions with respect to a particular item such as income, expenses, assets, liability, etc., are recorded in its account.
In general, accounts are split or divided into two main categories and these includes;
I. Personal Accounts
II. Impersonal Accounts.
<span>The country will have to negotiate new trade agreements with other nations.</span>
