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andrew11 [14]
4 years ago
5

Community Enhancers, a nongovernmental not-for-profit organization, received the following pledges:________Unrestricted $400,000

Restricted for capital additions 300,000All pledges are legally enforceable. However, Community's experience indicates that 5% of all pledges prove to be uncollectible.What amount should Community report as pledges receivable, net of any required allowance account?A. $700,000B. $665,000C. $380,000D. $285,000
Business
1 answer:
Dmitry [639]4 years ago
8 0

Answer:

B) $665,000

Explanation:

Total pledges receivable are $700,000 but they should be reported minus the allowance for uncollectible pledges = $700,000 - 5% = $665,000

The journal entry to record the pledges receivable:

  • Dr Pledges Receivable account 700,000
  • Cr Allowance for Uncollectible Pledges account 35,000
  • Contributions Revenue account 665,000

The allowance for uncollectible pledges account is a contra asset account that reduces the value of the pledges receivable account.

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evablogger [386]

This scenario highlights a specific business practice known as  <u>reciprocity</u>.

<h3>What is reciprocity</h3>

Reciprocity can be defined as the process in which two companies engages in a business transaction with one another by buying  product from each other . This simply means that companies A buy product from company B and company B return the favor by buying a product from company A.

Based on the given scenario the both companies engages in what is called reciprocity by exchanging business transaction  with each other.

Therefore this scenario highlights a specific business practice known as  <u>reciprocity</u>.

Learn more about Reciprocity here:brainly.com/question/15149544

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3 0
2 years ago
A South American country exports coffee and estimates the demand function to be D(p) = 75 − 3p2. If the country wants to raise r
Allushta [10]

Answer:

South American country should lower price

Explanation:

The elasticity of demand can be computed by finding the derivative of the demand function as D(p)=75-3*p^2

the elasticity of demand=-p*D'(p)/D(p)

D'(p) is the derivative of D(p)

elasticity of demand=-p*d/dp(75-3p^2)/(75-3p^2)

d/dp(75-3p^2)=0-(2*3p^2-1)

                        =-6p

elasticity of demand=-p*-6p/75-3p^2)

                               =6p^2/(75-3p^2)

since p=$3

elasticity of demand=6*(3^2)/(75-3(3^2)

                                 =6*9/(75-3*9)

                                  =54/(75-27)

                                  =1.125

Since elastic of demand is greater than 1 , a reduction in price would lead more revenues as more small % change reduction in price would bring about more % increase in quantity demanded

6 0
4 years ago
Read 2 more answers
portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of 8,738. the
Dmitriy789 [7]

Answer:

Her net pay for the month is $6274.522

Explanation:

The computation of net pay is calculated by applying an equation which is shown below:

Net pay = Total pay - fica tax for social securtity - fica tax for medical care - federal income tax

where,

total pay is $8,738

fica tax for social security = total pay × fica tax rate for social security

                                          = 8,738 × 6.2%

                                          = $541.756

fica tax for medical care = total pay × fica tax rate for medical care

                                          = 8,738 × 5.4%

                                          = $471.852

And, federal income tax is $1449.87

So, the net pay is equals to

= $8,738 - $541.756 - $471.852 - $1449.87

= $6274.522

The suta tax rate would not be considered as full information is not given in the question. So, this part should be ignored.

Hence, her net pay for the month is $6274.522

8 0
4 years ago
Suppose you are willing to pay ​$1,000 for a​ low-quality used car and ​$8,000 for a​ high-quality used car. If there is a 60 pe
Kisachek [45]

Answer:

Willing to pay $3,800 for a used car.

Explanation:

Low Quality Used Car = $1000

Probability of getting low quality used car = 60%

High Quality Used Car = $8,000

Probability of getting high quality used car = 40%

Since both the low quality and high quality are used cars, we can calculate how much to pay for used car by taking weighted average of high quality and low quality used cars, and, assign weights as the probability of getting each car:

⇒(1,000 * 60%) + (8,000 * 40%)

⇒ 600 + 3,200

⇒ $3,800

3 0
3 years ago
Customers at Carat, a premium jewelry store, are encouraged to make an appointment before a visit so that a customer service rep
babymother [125]

Answer: Full service retailer

Explanation: In a full service retailing a business organization makes use of fully trained personnel to actively attend to each customer demands. These sales representative answers questions about the product while outlining benefits of purchasing the product to the purchaser.

The carat organization is actively using the full service retailing method. Where each customer is actively attended to and appropriate explanation on the product is given

6 0
4 years ago
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