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4 years ago

14

If there is a lack of competition in a market, a market failure results because the quantity of goods sold is ___ than the optim

al level while prices are ___ than the optimal level.

1 answer:

scoundrel [369]4 years ago

8 0

Goods sold is lower because less competition and then they price it higher because consumers don't have options.

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Ervin Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a p

Lera25 [3.4K]

Answer:

1) The bad debts expense for 2021 as a percent of net credit sales is $ 67,600.

2)Accounts Receivable Written Off $ 24,900

3)If direct method is used the amount of bad debts expense during the year 2021 would be $ 67,600

Explanation:

Ervin Company

Net credit sales $5,200,000,

Beginning Allowance for Uncollectible Accounts $49,000 Cr

Ending Allowance for Uncollectible Accounts $43,500 Cr

Accounts Receivable Written Off $ 24,900

Estimated Bad debts = 1.30% of $5,200,000 = $ 67,600

1) The bad debts expense for 2021 as a percent of net credit sales is $ 67,600.

<h2><u>2. All. for Uncollectibles </u></h2><h3><u>Debt Credit </u></h3>

Beg Bal; $ 49,000

Bad debts 67,600

A/R written Off

$24,900

<u> Balance $ 43,500 </u>

2) Accounts Receivable Written Off $ 24,900.

This is found by using a T - account for Allowance for uncollectibles. As the beginning and ending balances of Allowance for uncollectibles are credit balances, they would go on the credit side and bad debts expense and Account Receivable written off on the debit side as they are the expenses.

3)If direct method is used the amount of bad debts expense during the year 2021 would be $ 67,600

3 0

3 years ago

In three to five sentences, describe how you would create a graph.

Zanzabum

Answer: My explaintion is a math graph

Explanation:

I would find both values for example <em>y</em> and <em>x. </em>I would create my graph by using the values of x and y. The points will be proportional to the values given. Once the values are proportional to each other then will have a proportional graph.

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4 years ago

For the current year ($ in millions), Funky Freightways had $92 in pretax accounting income. This included warranty expense of $

sergeinik [125]

D Step by step yessirr

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3 years ago

The ____, an accord among 117 nations, called for lower tariffs around the world. a. European Union Accord b. North American Fre

Tatiana [17]

Answer:

The correct answer is letter "C": General Agreement on Tariffs and Trade (GATT).

Explanation:

The General Agreement on Tariffs and Trade (<em>GATT</em>) is a treaty effective from 1948 that pursues fairness when it comes to international trade by reducing tariffs and that promotes equal treatment among countries. The GATT was replaced by the World Trade Organization (<em>WTO</em>) in 1995 under the same objectives but with more participation of the member nations.

8 0

3 years ago

Using the information provided, analyze the affects of Lawry Lawn Service's transactions on the accounting equation.

Arlecino [84]

Answer:

Common Stock $3,400 (credit)

Mower $1,600 (debit)

Revenue Service $1,000 (credit)

Cash $2,600 (debit)

Gas Expense $100 (debit)

Dividends $0

Explanation:

See below the posting i have done to the ledger accounts.

Mower T - Account

Debit :

Accounts Payable $1,600

Credit :

Balance c/d $1,600

Revenue Service T - Account

Debit :

Balance c/d $1,000

Credit :

Account Receivable $1,000

Cash T - Account

Debit :

Common Stock $3,400

Credit :

Gas Expense $100

Dividends $700

Balance c/d $2,600

Gas Expense T - Account

Debit :

Cash $100

Credit :

Balance c/d $100

Dividends - T Account

Debit :

Shareholders for dividends $700

Credit :

Cash $700

7 0

4 years ago