Answer:
General Journal
Debit
Credit
a(1)
Accounts receivable
$1,349,100
Sales
$1,349,100
a(2)
Cost of goods sold
$977,100
Merchandise inventory
$977,100
b
Allowance for doubtful accounts
$18,100
Accounts Receivable
$18,100
c
Cash
$669,200
Accounts Receivable
$669,200
d
Bad Debt
Expense
[Refer working note 1]
$35,307
Allowance for doubtful accounts
$35,307
e(1)
Accounts receivable
$1,514,600
Sales
$1,514,600
e(2)
Cost of goods sold
$1,299,000
Merchandise inventory
$1,299,000
f
Allowance for doubtful accounts
$26,700
Accounts Receivable
$26,700
g
Cash
$1,110,700
Accounts Receivable
$1,110,700
h
Bad Debt
Expense
[Refer working note 2]
$36,507
Allowance for doubtful accounts
$36,507
.
.
Working note 1 - Computation of bad debt expense for the
year 1
Accounts receivables beginning balance
$0
Add: Credit sales
$1,349,100
Less: Collections
($669,200)
Less: Write-off's
($18,100)
Accounts receivables ending
balance
(a)
Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. Corporate governance essentially involves balancing the interests of a company's many stakeholders<span>, such as shareholders, management, customers, suppliers, financiers, government and the community. Since corporate governance also provides the framework for attaining a company's objectives, it encompasses practically every sphere of management, from action plans and </span>internal controls<span> to performance measurement and corporate </span>disclosure
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hope this helps
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The historical cost principle requires that when assets are acquired, they be recorded at cost.
The historical cost principle is an accounting principle under the US GAAP. It entails recording the cost of an asset on the balance sheet at the cost with which the asset was purchased regardless of the changes in the value of the asset.
For example, if a machine was purchased at a cost of £2000. If the historical cost principle is used, the machine would be recorded at £2000 on the balance sheet.
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Answer: consist mainly of short-term securities because they pay higher rates.
Explanation:
The yield curve is a curve depicting several yields to maturity or the interest rates across several contract lengths for identical debt contract. The yield curve shows the relationship that exist between the interest rate and time to maturity,
If the yield curve is upward sloping, the marketable securities which are held in a firm's portfolio, and assumed to be held in case of emergencies will consist of short-term securities in order to reduce interest rate risk. As the yield curve is upward sloping, therefore long term securities will be expected to have higher interest rate in the future and therefore a price decline. Because the securities are in case of emergency, it is advisable to have short term securities.