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3 years ago

8

______ can be defined as the general plan of action that describes resource allocation and other activities for dealing with the

environment and helping the organization attain its goals and achieve the vision.

1 answer:

Mamont248 [21]3 years ago

5 0

Business can be defined

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All sales are made on credit. Based on past experience, the company estimates 1% of credit sales to be uncollectible. What adjus

fenix001 [56]

Answer:

Debit : Bad Debts account : $2000 (appearing in the income statement)

Credit : Provision for doubtful debts account : $2000 (appearing in the balance sheet)

Explanation:

This is an example of provision for doubtful debts. Provision for doubtful debts is an estimated amount of bad debts from accounts receivables that has been issues but not yet collected. This is done under the accrual accounting concept where an expense is identified as soon as invoices have been issued rather than waiting long periods to find out which invoice is irrecoverable. It is typically an estimate based on past experience.

In this question, the sales value has not been provided, hence an assumption is made:

Sales : $200,000

If provision for doubtful debts is 1% of sales and all sales is on credit, then the provision for doubtful debts amount is = 1% x $200,000 = $2000

Provision for doubtful debts is an accounts receivable contra account and thus has a credit balance and is recorded in the balance sheet, listed directly under accounts receivables.

The entry is recorded as:

Debit : Bad Debts account : $2000 (appearing in the income statement)

Credit : Provision for doubtful debts account : $2000 (appearing in the balance sheet)

5 0

3 years ago

In preparing its cash flow statement for the year ended December 31, 2021, Green Co. gathered the following data: Gain on sale o

vazorg [7]

Answer:

$77,000

Explanation:

Data provided as per the question below:-

Proceeds from sale of common stock = $153,000

Cash dividends paid = $76,000

The computation of net cash from financing activities is given below:-

Cash inflow from Financing Activities = Proceeds from sale of common stock - Cash dividends paid

= $153,000 - $76,000

= $77,000

Therefore for computing the net cash from financing activities we simply applied the above formula.

5 0

3 years ago

Which of the following statements is more likely if cash and marketable securities increase by $5,000 during a period in which c

Goryan [66]

Answer:

C) Debt increases by more than cash dividends paid

Explanation:

Based on the information given the statements that is more likely based on the below calculation will be : DEBT INCREASES BY MORE THAN CASH DIVIDENDS PAID reason been that the NET INCREASE IN THE CASH from financing activities was the amount of $4,500

Net Increase In The Cash from financing activities = $5000 - $1000 + $500

Net Increase In The Cash from financing activities= $4500

4 0

3 years ago

according to sfac 5, the four criteria that must be met for an item to be recognized in the basic financial statements are

Ilia_Sergeevich [38]

These are the 4 main criteria that must be met for an item to be recognized in the basic financial statements according to sfac 5.

Relevance
Measurability
Definition
Reliability

<h3>What is meant by financial analysis?</h3>

Financial analysis is the process of examining a company's various finances in order to assess its financial stability and future prospects. Financial analysis assists business owners in determining any necessary courses of action to remain afloat, make a profit or avoid bankruptcy. It also assists investors in deciding whether to invest in your company. During this process, a company's financial statements, such as its income statement and balance sheet, are examined.

1. Vertical

Vertical financial analysis examines the relationship between various items on a financial statement. During one accounting period, for example, one item is measured against another item that is considered the base, and the relationship is expressed as a percentage. Despite the fact that it only accounts for one time period, it can assist you in recognizing changes over time and comparing various entities.

2. Horizontal

Horizontal analysis is the examination of how financial statement figures change over time. To put it another way, it compares one item to another from a different time period. As a result, it can aid in the analysis of a company's finances from one year to the next.

3. Availability of liquidity

Ratios are used in liquidity analysis to determine whether or not a company will be able to repay any debts or other expenses. This type of analysis is useful because if a company is unable to pay off its liabilities, it will face financial difficulties in the near future. Liquidity analysis is especially useful for lenders or creditors who want to know about your financial situation before extending you a loan or credit. In a liquidity analysis, various ratios such as the cash ratio and current ratio are used.

Thus the financial analysis is of different types and can be used according to the need.

For more information on financial analysis, refer to the given link:

brainly.com/question/14234253

#SPJ4

8 0

1 year ago

is starting her own accounting firm and hires , a freelance web designer who specializes in responsive design to build her busin

sasho [114]

Answer:

No, contracts for personal services are not assignable.

Explanation:

According to a different source, these are the options that come with this question:

Yes, as long as the assignment does not increases the burden on Max.

Yes, Claire can assign her obligations under the contract to anyone who accepts.

No, contracts for personal services are not assignable.

No, the assignment is not valid since Max did not give any consideration.

This is most likely not a good strategy for this woman. The fact that this woman has been hired as a freelance web designer means thta the woman is beig paid for her professional expertise. No one else can perform the job in the way that she can perform it. Therefore, she cannot assign this duty to another person.

8 0

3 years ago