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3 years ago

Supply of a product will tend to be more inelastic when

1 answer:

3 0

The supply of the product tend to be more inelastic when the prices of the goods are high. Supply inelasticity is caused by the sudden change of the price of goods needed to release the supply and more often than not, that change of price is a price hike; meaning, the increase of price reasonable or not.

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b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the

inessss [21]

Question Completion:

Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis.

Days Past Due

Total 0 1 to 30 31 to 60 61 to 90 Over 90

Accounts

receivable $570,000 $396,000 $90,000 $36,000 $18,000 $30,000

Percent uncollectible 1% 2% 5% 7% 10%

a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method.

Answer:

Daley Company

a. The estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method is:

= $11,820.

b. Adjusting Journal Entry:

Debit Bad debts expense $6,420

Credit Allowance for Doubtful Accounts $6,420

To record bad debts expense and bring Allowance balance to $11,820.

c. Adjusting Journal Entry:

Debit Bad debts expense $13,720

Credit Allowance for Doubtful Accounts $13,720

To record bad debts expense and bring Allowance balance to $11,820.

Explanation:

a) Data and Calculations:

Ageing of Accounts Receivable:

Days Past Due

Total 0 1 to 30 31 to 60 61 to 90 Over 90

Accounts

receivable $570,000 $396,000 $90,000 $36,000 $18,000 $30,000

Percent uncollectible 1% 2% 5% 7% 10%

Allowance $11,820 $3,960 $1,800 $1,800 $1,260 $3,000

Bad Debts Expense:

Allowance for Doubtful Accounts:

b. c.

Unadjusted balance $5,400 credit $1,900 debit

Adjusted balance 11,820 credit 11,820 credit

Bad debts expense $6,420 $13,720

8 0

3 years ago

Any purchased materials that will go into the finished product are first recorded in the.

VikaD [51]

Any material purchased will be recorded in the Raw material inventory account. The option for the first blank is raw and second blank is material.

<h3>What is Inventory Account?</h3>

Inventory Account refers to the account which records all the transactions related to the stock. It records the purchased of the stocks, work in progress, closing stock, opening stock etc.

The complete question is attached below.

The raw material inventory account is where all materials that will be used to create the final product are first registered.

Learn more about raw material here:

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3 0

2 years ago

The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to

ololo11 [35]

Answer

The answer and procedures of the exercise are attached in the following image.

Explanation

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

3 0

3 years ago

Exercise Bicycle Company is expected to pay a dividend in year 1 of $1.20, a dividend in year 2 of $1.50, and a dividend in year

prisoha [69]

Answer:

E. $40.68

Explanation:

The computation of the stock worth today is shown below:

= (Dividend in year 1 ÷ 1 + required rate of return^number of years ) + (Dividend in year 2 ÷ 1 + required rate of return^number of years) + (Dividend in year 3 ÷ 1 + required rate of return^number of years) + (Dividend in year 3 ÷ 1 + required rate of return^number of years) × (1 + growth rate) ÷ (required rate of return - growth rate)

= $1.2 ÷ 1.14 + $1.5 ÷ 1.14^2 + $2 ÷ 1.14^3 + $2 ÷ 1.14^3 × (1 + 10%) ÷ (14%-10%)

= $40.68

We simply applied the above formula

3 0

3 years ago

Mel is a salesperson for a technology services company. He wants to expand collaborative involvement between his company and his

galina1969 [7]

Answer:

I couldn't find any possible options, but if Mel wants to expand collaborative involvement between companies, he should try to make them work together.

Mel is probably trying to sell a new software or technological device to his client, and in order to try to convince the client that his offer is the best, he could suggest that the engineers from his company work together with the engineers of the buying company in order to solve any issues or doubts that may exist. This doesn't necessarily mean that they have to come together and work side by side, now you can work together using Skype of other communications app.

3 0

3 years ago