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Lostsunrise [7]
3 years ago
7

Which of the following constitutes constructive receipt in the current year ended December​ 31?a. A salary check received at​ 6:

00 p.m. on December​ 31, after all the banks have closed.b. A rent check received on December 30 by the manager of an apartment complex. The manager normally collects the rent for the owner. The owner was out of town.c. A paycheck received on December 29 that was not honored by the bank because the​ employer's account did not have sufficient funds.d. A check received on December 30. The check was postdated January 2 of the following year.e. A check received on January 2. The check had been mailed on December 30.
Business
1 answer:
zubka84 [21]3 years ago
6 0

Answer:

a. A salary check received at​ 6:00 p.m. on December​ 31, after all the banks have closed.

b. A rent check received on December 30 by the manager of an apartment complex. The manager normally collects the rent for the owner. The owner was out of town.

Explanation:

The principle of constructive receipt is determined by when the person who receives the income had control over it. An individual or company is considered to have control over income when it is credited to that person or company. Basically, it's when you could spend that income if you wanted, even if you don't spend it.

From the principle of constructive receipt in the above paragraph, only option a (A salary check received at​ 6:00 p.m. on December​ 31, after all the banks have closed.) and b ( A rent check received on December 30 by the manager of an apartment complex. The manager normally collects the rent for the owner. The owner was out of town.) fall within the category. The other three options, the person is unable to spend the check even if they wanted to, until after December 31.

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In 8 years, Dania Corporation's sales would be $936.33 million.

Solution:

Since last year sales = $525 million,

Let last year be Year 0

So, in year 0 = $525 million.

Sales grow = 7.5% per year,

Year 1,

525 x 1.075 = $564.375 million.

Year 2,

564.375 x 1.075 = $606.7 million

Year 3,

606.7 x 1.075 = $652.2 million

Year 4

652.2 x 1.075 = $701.12 million

Year 5

701.12 x 1.075 = $753.7 million

Year 6

753.7 x 1.075 = $810.23 million

Year 7

810.23 x 1.075 = $871 million

Finally in year 8

871 x 1.075 = $936.33 million

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Which of the following statements is true of the new product development process? Question 8 options: 1) Commercialization is th
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Explanation:

The Business Analysis stage of the New Product Development Process is a more in-depth analysis of the product to find out the viability of the product in the market and what it means for the firm.

Here the big questions are asked such as;

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____ occurs when soldiers or employees follow questionable orders, such as when nurses willingly follow a physician's order to g
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Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on t
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Answer:

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Dr Allowance for doubtful accounts $780

Accounts receivable (Patty's Bake Shop) Cr $780

1b . Dec-31

Dr Bad debt expense $1,000

Cr Allowance for doubtful accounts $1,000

2a. Bad debt expense $1,000

2b. Doubtful accounts $25,170

Explanation:

1. Preparation of the journal entries

First step is to adjust for estimated bad debt expense for current year

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Up to 120 days past due 5,000*11%=$550

Over 120 days past due 3,000*30%=$900

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Less Current balance in allowance for Doubtful Accounts ($830)

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Now let prepare the Journal entry:

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Dr Allowance for doubtful accounts $780

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2aCalculation to Show how the amounts related Bad Debt Expense would be reported on the income statement and balance sheet for the current year.

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Operating expenses:

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2b. Calculation to Show how the amounts related to Accounts Receivable would be reported on the income statement and balance sheet for the current year.

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Balance Sheet (Partial)

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(Less)Allowance for doubtful accounts ($1,830)

Accounts receivable, net of allowance for Doubtful accounts $25,170

Accounts receivable =$ 19,000+$5,000+$3,000 Accounts receivable =$27,000

Allowance for doubtful accounts = $380+$550+$900

Allowance for doubtful accounts = $1,830

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