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4 years ago

The following events occur for Morris Engineering during 2018 and 2019, its first two years of operations.

Business

1 answer:

Firdavs [7]4 years ago

3 0

Answer:

February 2, 2018 Provide services to customers on account for $32,600.

Dr Accounts receivable 32,600

Cr Service revenue 32,600

July 23, 2018 Receive $22,500 from customers on account.

Dr Cash 22,500

Cr Accounts receivable 22,500

December 31, 2018 Estimate that 25% of uncollected accounts will not be received.

Dr Dad debt expense 2,525

Cr Allowance for doubtful accounts 2,525

April 12, 2019 Provide services to customers on account for $45,600.

Dr Accounts receivable 45,600

Cr Service revenue 45,600

June 28, 2019 Receive $6,000 from customers for services provided in 2018.

Dr Cash 6,000

Cr Accounts receivable 6,000

September 13, 2019 Write off the remaining amounts owed from services provided in 2018.

Dr Allowance for doubtful accounts 4,100

Cr Accounts receivable 4,100

October 5, 2019 Receive $40,500 from customers for services provided in 2019.

Dr Cash 40,500

Cr Accounts receivable 40,500

December 31, 2019 Estimate that 25% of uncollected accounts will not be received.

Dr Dad debt expense 2,850

Cr Allowance for doubtful accounts 2,850

Allowance for doubtful accounts = $1,575 (to cancel debit balance) + [($45,600 - $40,500) x 25%] = $1,575 + $1,275 = $2,850

Cash Accounts receivable

Debit Credit Debit Credit

22,500 32,600

6,000 22,500

40,500 45,600

69,000 6,000

4,100

40,500

5,100

Allowance for doubtful accounts

Debit Credit

2,525

4,100

2,850

1,275

3) net realizable value of accounts receivable = $5,100 - $1,275 = $3,825

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3 years ago

Next year's pro forma statement is based on an annual increase in sales of four percent. The firm is currently operating at 85 p

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Answer: a) total assets will increase by less than four percent

Explanation:

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3 years ago

Which term refers to the target toward which the open management system is directed?

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The correct answer is organizational objectives

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3 years ago

In business, managers and employees are faced with many decisions. Management writer Ken Blanchard and religious leader Norman V

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Answer: In order to answer this, we must first add the options. They are as follows:

A. Am I acting fairly?

B. Is it balanced?

C. How will it make me feel about myself?

D. Will it help me further my career?

E. Is it legal?

The correct option is D. Will it help me further my career. This is a question that should NOT be asked when facing an ethical dilemma.

Explanation:

Ethics are moral principal that guide one's actions and attitudes. Now, all the options above can be properly weighed using ethical standards.

An Ethical dilemma is a situation in which a choice must be made between two options, neither of which will resolve the situation in an ethically acceptable manner.

We will analyze the options one after the other.

Let us start with option A. Am I acting fairly?

When faced with an ethical dilemma, one good question to ask is if an individual is acting fairly, that is, are they acting according to accepted ethical standards? If one's actions go contrary to ethics, then they should probably not undertake such an action. Therefore, this question SHOULD BE ASKED.

Option B. Is it balanced?

Balance here talks about equality. In this case this question looks at whether the action will favour one party over another, or if it will favour everyone equally. Therefore, this question SHOULD BE ASKED.

Option C. How will it make me feel about myself?

This question looks at the after effect of an action, if the action will make you feel good or bad about yourself later on. If the action will make you feel good, then it should be undertaken, but if it will make you feel bad, it should not be undertaken. Therefore, this question SHOULD BE ASKED.

Option D. Will it help me further my career? (Correct option)

This is a wrong question to ask when experiencing an ethical dilemma because it is not a question about ethics or morals, only career advancement, and it does not focus on the right or wrong of an action. Also, this is a selfish question to ask and it does not take into consideration the effect that the action will have on others. This question should therefore, NOT BE ASKED, because it is not a proper reflection of one's ethics.

Option E. Is it legal?

This question looks at the legality of an action, therefore illegal actions should not be undertaken, while legal actions should be pursued. This is a question that SHOULD BE ASKED.

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3 years ago

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Dmitry_Shevchenko [17]

Answer:

dual enrollment

Explanation:

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3 years ago