Answer:
The estimated bad debt expense for the year amounts to $9,400
Explanation:
The estimated bad debt expense for the year is computed as:
As the percentage of credit sales method is used for estimating the bad debt expense. Therefore, it is computed as:
Bad debt expense = Net Credit Sales × Estimate Percent
where
Net credit sales amounts to $188,000
Estimate percent is 5%
So, putting the values above:
Bad debt expense = $188,000 × 5%
Bad debt expense = $9,400
Therefore, the bad debt expense amounts to $9,400
Answer: The correct answer is "C) giving up rather than standing up to the boss as required by law.".
Explanation: This is a situation of: <u>giving up rather than standing up to the boss as required by law.</u>
Michael should have sued his boss before the law so that he could instead be compensated for the bad treatment and discrimination and also collect unemployment compensation in the event that the employment relationship is terminated.
Answer:
The correct answer is option c.
Explanation:
The nominal interest rate was 5 percent.
The CPI was 150.3 at the end of the year, and the CPI was 144.2 at the beginning of the year.
The 5% nominal interest rate means that the dollar value of savings increased at 5%.
Inflation rate
= 
= 0.0423 or 4.2%
The real interest rate
= Nominal interest rate - rate of inflation
= 5 - 4.2
= 0.8%
The real interest rate of 0.8% indicates that the purchasing power of savings increased at 0.8%.
Answer: $185,500
Explanation:
Total cash received = Sales revenue - Accounts receivable + owner's investment + amount borrowed
= $362,000 - $46,400 + $42,000 + $30,000
= $387,600
Total cash disbursement = Merchandise purchased - Accounts payable + Salaries + Interest + Insurance
= $200,000 - $38,600 + $28,100 + $2,700 + $9,900
= $202,100
Ending cash balance = Total cash received - Total cash disbursement
= $387,600 - $202,100
= $185,500
Answer:
In QuickBooks Online Accountant, users with admin access and Firm Owners and have the authority to access of other users in the firm. The 3 levels of access that can be granted to Team users of QuickBooks Online Accountant are:
- <u>Full
:</u> these users have access to accounting features, and books such as edit, remove and add users.
- <u>Basic
:</u> These users have access to create and read accounting.
- <u>Custom:</u> These users can access administrative functions for the firm
, access to manage clients and access to client QuickBooks
.