The required journal entries are:
Income statement:
Operating expense:
Bad debts expense-----------------------$1,125
Balance sheet:
Current assets:
Accounts receivable $29,300
Less: allowance for doubtful accounts ($325)
Net realizable value $28,975
Where,
Ending accounts receivable = Beginning balance + Credit sales - Cash collection - Written-off
= $16,000 + $75,000 - $60,000 - $1,700
= $29,300
Ending allowance for doubtful accounts = beginning balance + Bad debts expense - written-off
= $900 + $1,125 - $1,700
= $325
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Answer:
d. $16.
Explanation:
The computation of the total monthly access fee is shown below:
Given that
p = 5 - 0.5q
Constant Marginal cost = 1
Based on the above information,
As we know that
In case of the two-part pricing, the monopolist is equal to the hourly rate
i.e (p) = MC
5 - 0.5q = 1
0.5q = 4
So, q = 8
And,
p = MC = $1
Moreover,
Total monthly access fees equal the whole consumer surplus
As per the demand function,
when q = 0 and p = $5
So,
Monthly Access fee is
= (0.5) × ($5 - 1) x 8
= 4 × $4
= $16
The answer is B. this is because your talking about a man made tool used to carry out production.