Answer:
In this scenario, Creswell Farms is in the idea generation stage of the new product development process.
Explanation:
Idea generation stage refers to the stage which involves the creation, development, and communication of the ideas. The process involves the construction of the idea and transforming the concepts into reality. The initiation of a project begins with the generation of the idea generation stage. In the above case, the suggestions are provided which would help the business of the product. Hence, this refers to the idea generation stage.
Answer:
<em>Incomplete question is "2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021?"</em>
1. Gross accounts Receivable = Allowance Account balance at beginning / 10%
= $30,000 / 10%
= $300,000
2. Year Account Title Debit Credit
2021 Bad debt expense $105,000
($500,000*10% + $55,000)
To Allowance for Doubtful Accounts $105,000
3. Accounts receivable written off = Beginning balance of Allowance Account - Ending Balance of Allowance account
= $30,000 - (- $50,000)
= $30,000 + $50,000
= $80,000
4. Bad debt expense for 2021 (direct write off method) = Amount written off = $80,000
Answer:
I used an excel spreadsheet because there is not enough room here.
Explanation:
