Answer and Explanation:
The preparation is presented below:
<u> McDaniel Company </u>
<u> Partial balance sheet</u>
Particulars Amount
Current liabilities
Note payable $250,000
Long term debt
Note payable refinance $950,000
Total liabilities $1,200,000
We simply added the long term debt and the current liabilities so that the total liabilities could come
A mixed economy is <span>a system mixing private and public enterprises.</span>
Option A is correct
If someone buys a car, he can sell it later when he needs some money. He can also sell the car if the car becomes obsolete or useless. In the leasing contract, the car will not be owned by the lessee (or the user). So, the lessee cannot sell the car but can use only for the specified period of time. Only the lessor can sell the car and get some money.
Therefore, from the given options, the benefit of the buying vs leasing is that the buyer can sell the car later to get some money back.
Answer:
The correct word for the blank space is: 30%.
Explanation:
The New York Stock Exchange (<em>NYSE</em>) is the largest, oldest, and best-known stock exchange in the world. The market capitalization of the NYSE's listed companies is unmatched. Its listings feature most of the world's largest and best-known corporations. The NYSE requires a high standard before the stock can be listed. This is why there is around 30% of the listed companies in the NYSE that trade in other markets because they are not considered qualified.
Answer:
The write-off to be approved by two employees
Explanation:
Allowance Method
This method is capitalizes on matching principle. The key work is to record bad debts expense in the same period as the sales revenue.
Direct Write-off Method
This is simply known as when an accounts receivable are written off and bad debts expense is recorded when the company determines that it will not be able to collect from a specific customer.
Method used
Record bad debts expense and reduce accounts receivable
Debit: Bad Debts Expense
Credit: Accounts Receivable
Recovery method
Step 1: Reverse earlier write off
Debit: Accounts Receivable
Credit: Bad Debts Expense
Allowance For Bad Debts Account
It is usually in a contra asset account, in relation to accounts receivable, that holds the estimated amount of uncollectible accounts. The account is said to limits the asset receivable in anticipation of uncollectible debts.