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3 years ago

What is the present role of the aicpa in the rule-making environment?

1 answer:

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AICPA: <span>The national professional organization of practicing Certified Public Accountants (CPAs), whose various committees and boards have been an important contributor to the development of GAAP.

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At December 31, Hawke Company reports the following results for its calendar year.

kodGreya [7K]

The adjusting entries for acknowledging the bad debts would be:

a). Bad Debts Expense $50 640

Allowance for Doubtful Accounts $50 640

b). Bad Debts Expense $48089.1

Allowance for Doubtful Accounts $48089.1

Bad debts:

Bad debts are described as debts that are unable to be recovered from their respective debtors.

The key reasons for this could be:

The debtor is bankrupt and cannot pay the amount.
The debtor flees away and thus, can't be compelled to pay.

The given amounts are obtained as follows:

a). Given that,

Bad debts is 1.5% of credit sales.

Credit Sales = $3,376,000

Bad debts = 1.5% of $3,376,000

∵ Bad debts = 1.5/100 * $3,376,000

= $50 640

b). Given that,

Bad debts = 1 % of total sales.

Total Sales = Credit sale + Cash sale

= $3,376,000 + $1,432,910

= $4808910

Bad debts = 1% of 4808910

∵ Bad debts = 1/100 * $4808910

= $48089.1

Learn more about 'Journal entries' here:

brainly.com/question/17439126

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3 years ago

The May transactions of Bramble Corp. were as follows:

svlad2 [7]

Answer and Explanation:

The journal entries are given below:

On May 4

Account payable $610

To cash $610

(To record the cash paid)

On May 7

Account receivable $6,840

To service revenue $6,840

(To record the service on account)

On May 8

Supplies $870

To Account payable $870

(To record supplies purchased on account)

On May 9

Equipment $1,930

To cash $1,930

(To record the equipment purchase)

On May 17

Salary expense $700

To cash $700

(To record the salaries expense)

On May 22

Repair expense $800

To Account payable $800

(To record the received bill for repairing of an equipment)

On May 29

Prepaid rent $1,280

To cash $1,280

(To record the cash paid)

4 0

3 years ago

Why should your business use Performance Planner?

klasskru [66]

Answer:

The answer is C.It makes recommendations that are validated using machine learning.

Explanation:

A performance planner is a tool used by Google Ads to devise plans in relation to how a business spends on advertising and how changes on advertisement campaigns will affect key metrics and the general performance. It is mostly used as a forecasting tool, with the use of machine learning to show the possibilities or potential outcomes in Google Ads campaigns. This implies that all the conclusions arrived at, are determined by machine learning.

7 0

3 years ago

The difference between a change in supply and a change in the quantity supplied is that the latter is:.

lakkis [162]

A change in quantity supplied is a movement along the supply curve, while a change in supply is a shift in the supply curve.

<h3>What is a supply curve?</h3>

The supply curve is a positively sloped curve that shows how quantity supplied changes with price of the good. All things being equal, the higher the price of the good, the higher the quantity supplied.

<h3>What is a change in supply and a change in quantity supplied?</h3>

A change in quantity supplied is as a result of a change in the price of the good. If price increases, quantity supplied increases and if it decreases, quantity supplied decreases.

A change in supply is caused by other factors other than price. Some of these factors include:

A change in the number of suppliers
The cost in the price of raw materials needed in the production of the good.

A change in supply leads to a movement outward or inward.

To learn more about supply curves, please check: brainly.com/question/26073189

5 0

2 years ago

According to recent data, obese patients are less likely than nonobese patients to obtain preventive health services and exams,

Blizzard [7]

The statements that are true based on the obese pations are statements 1 and 2. Henvce Both the first and second statements are true.. Option 2

<h3>What is meant by obesity?</h3>

The delay in receiving medical care has a positive relationship with BMI. 12.7% of participants said they have postponed or cancelled a doctor's appointment because of weight issues.

An important component of treating obesity is increasing physical activity or exercise: Exercise. For those who are obese, 150 minutes a week of moderate-intensity exercise is required to either maintain current weight loss or to stop further weight gain.

Weight gain that is abnormal or excessive and poses a risk to health is what is meant by the terms "overweight" and "obesity." Overweight is defined as a body mass index (BMI) of 25, and obesity as a BMI of greater than 30. Obesity in the United States has dramatically increased in prevalence over the past few decades, leading to a huge public health concern.

Read more on obesity here: brainly.com/question/1646944

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1 year ago