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torisob [31]
3 years ago
7

Kirov, Inc. reports credit sales of $200,000 for the year ending December 31. The year-end unadjusted balance of its Allowance f

or Doubtful Accounts is a debit of $9,000. Experience suggests 6 percent of its net sales will be uncollectible. The amount that should be debited to Bad Debt Expense and credited to Allowance for Doubtful Accounts in its year-end adjusting entry is $3,000 $21,000 $9,000 $12,000 $23,000
Business
1 answer:
zubka84 [21]3 years ago
7 0

Answer:

The correct answer is: $12,000

Explanation:

uncollectible debt = 6% of net sales

= 6/100 × 200,000

= 0.06 × 200,000 = $12,000

Therefore, $12,000 will be removed (debited) from the bad debt expense because it is uncollectible, and it is added (credited) to the Allowance for Doubtful accounts as bad debt to be paid for in the bad debt reserve account.

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1. ______control environment risk assessment control procedures monitoring information and communication.2. ______provides reaso
Yuki888 [10]

Answer:

  1. Five internal controls
  2. Control procedures.
  3. Risk Assestment.
  4. Information and communication.
  5. Monitoring.
  6. Control environment.

Explanation:

1. <u>Five internal</u> control environment risk assessment control procedures monitoring information and communication.2. <u>Control procedures</u> provides reasonable assurance that business goals will be achieved.3. <u>Risk assessment</u> identify, analyze and assess likeliness of vulnerabilities.4. <u>Information and communication</u> used by management for guiding operations and ensuring compliance with requirements.5. <u>Monitoring</u> used to locate weaknesses and improve controls.6. <u>Control environment</u> overall attitude of management and employees

There are five internal control management that help in controling and managing overall work environment.

4 0
3 years ago
Which of the following are examples of how everyday people use the skill of technology in their daily skills
Vitek1552 [10]

The sentence that depicts the examples of how everyday people use the skill of technology in their daily skills is option E. All of these are examples of how everyday people use the skill of technology in their daily skills

<h3>What is technology?</h3>

Technology is the result of compiled knowledge and application of skills, methods, and processes used in industrial production and scientific research. Technology is found in the operation of all machines, with or without detailed knowledge of their function, for the intended purpose of an organization.

Therefore the correct answer is option E. All of these are examples of how everyday people use the skill of technology in their daily skills

The complete question goes thus:

Which of the following are examples of how everyday people use the skill of technology in their daily skills

A. Paying bills online

B.Checking email on their phone

C.Scanning a transportation card on the subway

D.Taking this online class

E. All of these are examples of how everyday people use the skill of technology in their daily skills

learn more about technology: brainly.com/question/25110079

#SPJ1

6 0
2 years ago
Sun Smarts Solar installs solar panels in large newly constructed buildings. The company employs several expert installers who w
antiseptic1488 [7]

Answer:

Sun Smarts Solar installs solar panels in large newly constructed buildings. The company employs several expert installers who work on a full-time basis. Although the installation team works every day, the company pays them at the end of the month, for the previous month's work. Employee salaries are recorded as long-term liabilities on Sun Smarts's balance sheet.

4 0
3 years ago
Martinez Corporation owns a patent that has a carrying amount of $310,000. Martinez expects future net cash flows from this pate
meriva

Answer:

Please find the detailed answer as follows:

Explanation:

Step 1. Given information.

Carrying amount 310.000

Fair Value 160.000

Step 2. Formulas needed to solve the exercise.

Impairment loss = Carrying value - Fair Value

Step 3. Calculation.

Impairment loss = $310.000 - $116.000 = $194.000.

Step 4. Solution.

The carrying amount of $310.000 > fair value of $160.000. To measure the impairment loss, just do CV-FV. hence $310.000 - $116.000 = $194.000.

Loss on impairment $194.000

Patent $194.000

6 0
3 years ago
Now, suppose that an economist from a university in Arizona asserts that a government bailout of severely distressed financial f
zvonat [6]

Answer:

The answer is: B) The financial firms are too big to fail.

Explanation:

President George W. Bush thought this way when he approved the bailouts of several banks which he considered TOO BIG TO FAIL. It simply means that since financial firms are so deeply mingled together, if more big banks continue to go bankrupt, the whole financial system would collapse. That would only lead to a deeper recession.

President Barack Obama used the same logic when he bailed out General Motors and Chrysler. He thought that if those car companies stopped working, then a major portion of the country's whole manufacturing system would collapse.

3 0
3 years ago
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