Democratic Leadership or perhaps Meritocracy
Answer:
Dr Bad debt expense 28,799.40
Cr Allowance for doubtful accounts 28,799.40
Explanation:
allowance for doubtful accounts balance $14,000
$880,000 not due yet 1.2% $10,560
$350,000 1 to 30 days 1.95% $6,825
$70,400 31 to 60 days 6.45% $4,540.80
$35,200 61 to 90 days 32.50% $11,440
$14,080 over 90 days 67% <u>$9,433.60</u>
total $42,799.40
Journal entry
Dr Bad debt expense 28,799.40
Cr Allowance for doubtful accounts 28,799.40
Answer:
The correct answer is $1,067.38
Explanation:
According to the scenario, the given data are as follows:
House cost = $240,000
Down payment = 20% × $240,000 = $48,000
Amount of loan (p) = $240,000 - $48,000 = $192,000
Time period ( compounded monthly) (t) = 30 years × 12 = 360 months
Rate of interest = 5.31% = 0.0531
Rate of interest Monthly (r) = 0.0531 ÷ 12 = 0.004425
In this question, we use the PMT formula which is shown in the spreadsheet.
The formula is shown below:
= PMT(Rate;NPER;-PV;FV;type)
The present value come in negative
So, after solving this, the monthly payment is $1,067.38
Answer:
1. Income determines who will get what is produced
2. Consumers decide what to produce by what they are willing to buy
3. Demand determines how much will be produced
4. Businessmen decide how to produce goods to make a profit
5. Producers the human resources that make the products or perform the services
Explanation:
1. Income determines who will get what is produced
The level of disposable income in a target market determines the quality and quantity of products that will channeled to that market.
2. Consumers decide what to produce by what they are willing to buy.
It is consumers that dictates the tune in market because they are the ones paying for the goods, they have the decision-making power on what they will buy which in turn determines what firms will roduce.
3. Demand determines how much will be produced. Demand is a measure of what consumers are willing buy and in what quantity. The size of demand determines the size of the market that firms are going to supply with their products.
4. Businessmen decide how to produce goods to make a profit.
Firms use the generic strategy of cost reduction (cost leadership) or quality improvement (Product differentiation) as strategic options to decide wihich alternative will yeild more revenue.
5. Producers the human resources that make the products or perform the services.
Producers are the people at the factory floor or service centers manufacturing the good or rendering the service.
Answer:
Net Income 180,000
Explanation:
The net income will be calculate by subtracting the expenses from the sales revenue of the firm
Sales revenue 500,000
Cost of goods sold (200,000)
Gross Profit 300,000
Operating expenses
Supplies expense (20,000)
Wages expense (100,000)
Net Income 180,000
