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3 years ago

It is estimated that a first time dui costs roughly ______ once all potential costs are factored in.

1 answer:

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The estimated cost of first time DUI roughly around $1,000 dollars once the potential cost are factored in. The potential cost of a contract is the sum of all the estimated and actual cost of all the fees and reimbursable expenses associated with contact.

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The Manda Panda Company uses the allowance method to account for bad debts. At the beginning of 2018, the allowance account had

muminat

Answer:

1. Does this situation describe a loss contingency?

Yes, the situation reflect the necessity of report a loss contingency because the it's needed to cover the 3% of Allowance for Uncollectible Accounts

2. What is the bad debt expense that Manda Panda should report in its 2018 income statement? $11.325

3. Prepare the appropriate journal entry to record the contingency.

Please see explanation section.

4. Complete the table below to calculate the net realizable value Manda Panda should report in its 2018 balance sheet?

Explanation:

The entry to reflect the bad expenses of the contingency:

Bad debt expense $ 11.325

Allowance for Uncollectible Accounts $ 11.325

Net Realizable Value is:

Accounts Receivable $ 507.500

Allowance for Uncollectible Accounts $ 15.225

Net Realizable Value $ 492.275

Initial Balance

Accounts Receivable $ 507.500 End 2018

Allowance for Uncollectible Accounts - $ 92.400 Beginning 2018

Entry when $88,500 in receivables were determined to be uncollectible.

Allowance for Uncollectible Accounts $ 88.500

Accounts Receivable $ 88.500

(Keep in mind that the balance of Acc Rec is at the end of 2018, so this entry had already been registered.)

New Balance

Accounts Receivable $ 507.500 End 2018

Allowance for Uncollectible Accounts $ 3.900 End 2018

Bad debt expense $ 11.325 to complete the 3%

Allowance for Uncollectible Accounts $ 11.325

New Balance

Accounts Receivable $ 507.500

Allowance for Uncollectible Accounts $ 15.225 3%

Net Realizable Value $ 492.275

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3 years ago

Adapting to new conditions like new innovations by competitors, fast-changing technological developments, and constantly evaluat

IgorLugansk [536]

Answer: The correct answer is "C.an emergent strategy.".

Explanation: Adapting to new conditions like new innovations by competitors, fast-changing technological developments, and constantly evaluating what is working result in an emergent strategy.

Although not intentional, adopting an emerging strategy can help a company adapt more flexibly to the practical aspects of changing market conditions.

With this strategy a destination or a planning point is not assumed. On the contrary, the approach is that the strategy will emerge and develop as the organization advances.

The strategy arises as more is discovered about the environment and the views on the world, the needs of the clients, proposals and intentions are evaluated. It is a process of learning and adaptation.

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4 years ago

All of the following are considered routine business messages except a. an all-staff memo that outlines the new procedures for p

dsp73

Answer:

d. a letter to a customer denying a request for credit.

Explanation:

Routine messages are part of a business' daily operations; It communicates the what, who, where and when elements of operations. They are usually simple and positive requests for information or action by one person to another, daily meeting with coworkers, new updates and instructions as well as replies to customers. Among the choices given, a letter to a customer denying a request for credit is not part of it.

3 0

3 years ago

If $13,300 is invested at 3.7% interest compounded semi-annually, how much will the investment be worth in 18 years?. . A.$25,73

Alla [95]

Principal (P) = $13300
Rate of interest (r) = 3.7%
Number of times compounded in a year (n) = 2
Number of years (t) = 18 years
Then
Amount = P(1 + r/n)^nt
= 13300[1 + (0.037/2)]^36
= 13300[1 + 0.0185]^36
= 13300(1.0185)^36
= 13300 * 1.9346
= 25730.54 dollars
From the above deduction, it can be concluded that the correct option among all the options that are given in the question is the third option or option "C".

7 0

4 years ago

Read 2 more answers

Which among the 4 common errors that leads to unbalanced account is the EASIEST to resolve. Explain Why.

NISA [10]

The common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication.

In accounting, there are different type of error that could result to the unbalanced account, that is, leaving the Trial balance or Balance sheet unbalanced.

Generally, the recognized type of errors in accounting includes:

Error of Original Entry
Error of Duplication
Error of Omission
Error of Entry Reversal
Error of Principle
Error of Commission
Transposition Errors
Rounding Errors etc

In conclusion, the common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication because they are easy to correct.

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3 years ago