The solution for this problem is get first the total sales, credit sales and receivables turnover.
187,000 / 0.086 = $2,174,418 this is your total sales
2,174,418 x 60% = $1,304,651 is your credit sales
1,304,651 / 126,370 = 10.32 times is the Receivables turnover
365 / 10.32 = 35.37 days is the day's sales in receivables
Answer:
False
Explanation:
Payables are payment the business is expected to make. Money comes from the company and goes to third parties. Payables represent goods and services obtained from suppliers, but payments have not been made. They are debts that the business owes others.
Because payables are money that the business owes others, they are listed as liabilities. Liabilities are the debts that a business acquires as it engages in its regular activities. Assets are the items of value that a business own. Payables are not assets as they are financial obligations the company is expected to meet.
Out of the choices given, B. Ask your manager beforehand what to do if the person being called is unavailable is the best answer so that the correct course of actions are taken. If you call and no one answers or even if they do, it's important to understand the correct way to handle the situation instead of being confused or doing the wrong thing. Once you've understood how your manager wants you to handle these situations, you are able to have better knowledge for future phone calls.
Answer:
What is the appropriate amount of Bad Debt Expense?
Bad debt expense $ 1,178
Allowance for Uncollectible Accounts $ 1,178
Explanation:
The total amount of Allowance for Uncollectible Accounts is a credit of $0,400
Accounts Receivable $ 10,400
Allowance for Uncollectible Accounts $ 0,400
- The aging method indicates that the total amount must be :
Acc. Rec Allow.
7% $ 7,000 $ 0,490 Not yet due
15% $ 1,700 $ 0,255 1-30 days
49% $ 1,700 $ 0,833 more than 30 days
$ 10,400 $ 1,578
- It's necessary to entry the next journal entry to meet the amount indicated by the aging method.
Bad debt expense $ 1,178
Allowance for Uncollectible Accounts $ 1,178
When the government cuts taxes to keep the economy's cyclically adjusted budget in balance when the economy is expanding. The government is engaging in "neutral fiscal policy".
<h3>What is neutral fiscal policy?</h3>
When a government choice to tax, spend, or borrow has, or is meant to have, no overall impact on the economy, the action is considered fiscally neutral. Changes in policy can be viewed as neutral in terms of either their macroeconomic, microeconomics, or both effects.
fiscal neutrality occurs when taxes and government spending have no net effect-
- on the overall budget,
- total demand,
- economic activity.
To know more about the difference between macroeconomics and microeconomics, here
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