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DIA [1.3K]
3 years ago
8

Uncollectible accounts are determined by the​ percent-of-sales method to be 22​% of credit sales. How much is​ uncollectible-acc

ount expense for 20142014​?
Business
1 answer:
dybincka [34]3 years ago
6 0

Answer:

Therefore uncollectibel account expense = 0.22 x 94,000 = $20,680

Explanation:

Uncollectible accounts are determined by the​ percent-of-sales method to be 22​% of credit sales. How much is​ uncollectible-account expense for 2014​?

Uncollectible Accounst will simply be 22% multiplied by the credit sales figure for the year.

Accounts Receivable.....26,000

Allowance for collectible account...1,500

Credit sales for 2014 ...$94,000

Cash Sales for 2014.....28,000

Collection from customers on account...100,000

Therefore uncollectibel account expense = 0.22 x 94,000 = $20,680

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Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $240,000 of 10-year, 9
34kurt

Answer:

Thomson Co.

Journal entries:

May 1:

Debit Cash Account $240,000

Credit Bonds Payable $240,000

To record the issue of 10-year, 9% bonds at face value.

Nov. 9:

Debit Interest on Bonds $10,800

Credit Cash Account $10800

To record the payment of 6-months interest.

Dec. 31:

Debit Interest on Bonds $3,600

Credit Interest on Bonds Payable $3,600

To record two-months interest accrued.

Explanation:

The journal entries made by Thomson Co. are to record the bond transactions.  For example, when the bonds were issued, cash was received.  This transaction gives rise to a debit to the Cash Account that received the value and a credit to the Bonds Payable Account that gave the value.  The bonds payable account represents the liability that is contracted by the bonds issue.  Recording these transactions in the journal show their effects on the accounting equation that requires assets to be equal to liabilities and owner's' equity following each transaction.

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3 years ago
as a country develops economically from being very low income to higher income, what are the most important changes that occur i
IrinaVladis [17]

As a nation progresses economically from low to high income, the most significant changes in the country's illness burden are that the percentage of communicable diseases decreases and the share of noncommunicable disease grows. Thus, the right answer is the share of communicable diseases declines and the share of non-communicable diseases increases.

<h3>What are communicable diseases?</h3>

Communicable diseases are illnesses that may be passed from person to person, from animal to human, or through a surface or food. Direct touch with a sick individual can spread diseases during plane travel. A sick individual sneezing or coughing spreads respiratory droplets.

Specific Communicable Disease Information

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4 0
1 year ago
An associate professor of physics gets a $200 a month raise. She figures that with her new monthly salary she can buy more goods
Alborosie

Answer:

a. Her real and nominal salary have risen

Explanation:

Her nominal salary is the amount she earns. the $200 increase is an increase in her nominal salary.

Her real salary is calculated in the amount of goods and service she can purchase given her income. Since with the $200, she can buy more goods and services, her real salary has also increased.

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3 years ago
Consider a perfectly competitive firm that produces computers. Each additional worker at this firm can produce four computers. C
Lesechka [4]

Answer:

$4,000

Explanation:

Each additional labor can produce 4 computers and each computer is sold for $1,000. This mean that the value of the marginal product of labor is $4,000 (1,000*4). At equilibrium, the value of marginal product of labor equals the wage rate. Therefore, the marginal factor cost is $4,000.

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2 years ago
Known as ____________________________________________ these ethical standards emphasize preventing unlawful behavior by increasi
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Known as <u>compliance-based ethic codes</u> these ethical standards emphasize preventing unlawful behaviour by increasing control and by penalizing wrongdoers.

Compliance-based ethical codes are those that outline moral requirements with an emphasis on preventing unethical activity by tightening regulations and punishing offenders. Integrity-based ethical codes are those that specify an organization's guiding principles and foster a culture that encourages moral behavior. A compliance-based code of ethics is created to ensure that the company and its personnel abide by all rules and regulations properly. The prevention, detection, and punishment of non-compliant conduct are three important components. For instance, Jeremy's compliance-based code might forbid his employees from materially misrepresenting the truth when acting in the course of their job.

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1 year ago
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