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sertanlavr [38]
3 years ago
14

On December 31, 2016, the end of Larry's Used Cars' first year of operations, the accounts receivable was $53,800. The company e

stimates that $1,700 of the year-end receivables will not be collected. Accounts receivable in the 2016 balance sheet will be valued at:A. $55,500.B. $1,700.C. $52,100.D. $53,800.
Business
1 answer:
mamaluj [8]3 years ago
8 0

Answer:

C. $52,100

Explanation:

Account Receivables On December 31, 2016,

= $53,800

Estimate of receivables that will not be collected is an indication of receivables gone bad.

Such receivables are usually written off the books by Crediting account receivables and debiting bad debit expense.

If it is only probable that the receivables may not be collected, the entries would be credit to allowance for bad debt and a debit to bad debt.

In this instance, the debt will not be collected hence

Debit bad debt expense  $1,700

Credit Trade receivables    $1,700

Being entries to recognize receivables that will not be collected.

Account receivables adjusted balance = $53,800 - $1,700

= $52,100

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The following table contains statements that provide some analysis of policies that address globalization.
Dimas [21]

Answer:

Positive statement

Normative statement

Positive statement

Normative statement

Explanation:

Positive Economics is objective and statements are usually based on facts and economic theory. They can be tested.  

For example, -In the past decade, U.S. companies have outsourced millions of jobs overseas - is a statement that can be verified with data

Normative economics is based value judgements, opinions and perspectives. For example, -Companies that outsource jobs are acting immorally - is subject to opinion. Some would agree and some would not

6 0
3 years ago
Although people with high incomes appear to be happier than those with low incomes, people in the United States in general have
IrinaK [193]

Answer:

Real GDP is not the direct indication of happiness, because happiness is dependent on a number of other factors, which when combined can result in a happy life.

Explanation:

Real GDP is defined as the measure of the value of the output of the economy, in the macroeconomics, which reflects the money value of all goods and services produced in a given year. Here the output of the economy is also adjusted for the changes in prices occurring in the year.

According the referred application 3 of the book, it is true that the people of United States have become less happy despite the real GDP rise over the last 30 years. This is because the growth of real GDP is not able to cope up simultaneously with the increased workplace stress, jeopardized married life, traffic congestion, health problems and deterioration of environment.

In conclusion, it can be stated that Money does play an important role in increasing the happiness. However the factor alone is not able to cope up with all the problems and this is true only when all the other factors such as a conducive working environment, happy married life, healthy life are also accompanying more money.

7 0
3 years ago
Read 2 more answers
If the marginal propensity to save (MPS) is 0.25, investment spending (I) is $600 million, and the government increases its purc
trasher [3.6K]

Answer: Option (b) is correct.

Explanation:

Given that,

Marginal propensity to save (MPS) = 0.25

Investment spending (I) = $600 million

Government purchases increases by $150 million

MPC - Marginal propensity to consume

MPC + MPS = 1

MPC = 1 - 0.25

= 0.75

Government spending multiplier = \frac{1}{1 - MPC}

= \frac{1}{1 - 0.75}

= 4

Increase in Real GDP = Government spending multiplier × Increase in government purchases

= 4 × 150

= $600 million

8 0
3 years ago
"during its first year of business, xyz inc. purchased $1,600 of supplies. by the end of the year, only $500 of supplies remain
algol [13]

The correct answer is $500.

An adjusted trail balance is prepared at the end of the accounting period. On this statement you will have what the value of the supplies in inventory is on the last day of the accounting cycle. In this example there are $500 worth of supplies left, which is why it is the correct answer.

6 0
3 years ago
OB Mod stands for: A. Organization Behavior Modification B. Organization Betterment Management C. Organization Behavioral Modera
hoa [83]

Answer: A. Organization Behavior Modification

Explanation: OB Mod stands for Organization Behavior Modification.

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5 0
2 years ago
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