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4 years ago

Prepare adjusting journal entries, as needed, for the following items.

Business

1 answer:

podryga [215]4 years ago

6 0

Answer:

Explanation:

Journal Entry is the way to record transactions, i.e business transactions into the record of account which is called Journal Book. It involves the identification of those account present in the transaction,know the type of account, then with accounting rule, record the transaction.

CHECK THE ATTACHMENT FOR THE PREPARED JOURNAL

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Your product Belch has an actual market share of 14.2%, and a potential market share of 17.6%. The most likely scenario to expla

jok3333 [9.3K]

Answer: Your budget for sales and promo are excessive, and you reached diminishing returns on your spend.

Explanation:

You can check the options online.

The market share refers to the percentage of total sales that is generated by a company in an industry.

If the potential market share is higher than the actual market share, the reason for this will be due to the fact that the budget for sales and promo are excessive, and you reached diminishing returns on your spend.

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3 years ago

On December 31, 2017, Extreme Fitness has adjusted balances of $960,000 in Accounts Receivable and $87,000 in Allowance for Doub

Paladinen [302]

Answer:

What amount would the company report as its net accounts receivable on December 31, 2017?

Accounts Receivable $873,000

Prepare the journal entry to write off the accounts on January 2, 2018.

Allowance for Uncollectible Accounts $ 26,000

Accounts Receivable $ 26,000

Assuming no other transactions occurred between December 31, 2017, and January 3, 2018, what amount would the company report as its net accounts receivable on January 3, 2018?

The same amount reported on December 31, 2017, if the company doesn't report any movement with the credit debtor there is nothing to do.

Has net accounts receivable changed from December 31, 2017?

The net accounts are the same there is not change in the balance because the write-off it's just a reclassification between the accounts, so the balance keep the same as before.

Explanation:

Accounts Receivable $873,000

The company reports as net accounts receivable the total amount on Accounts Receivable minus the total amount on the Allowance for Uncollectible Accounts which represent the amount of credit that won't be possible to collect, the result it's the total value on net accounts receivable.

Allowance for Uncollectible Accounts $ 26,000

Accounts Receivable $ 26,000

As the company just recognized the accounts not collectible, at the moment of the write off it's just a reclasification between the accounts of Allowance for Uncollectible Accounts and Accounts Receivable.

At this moment it's a certainly that the accounts won't be collected, that is why the entry is recorded.

6 0

3 years ago

When the demand curve for a good is unit elastic, raising the price of the good by 25 percent will change the revenue of the fir

san4es73 [151]

Answer: 0%

Explanation:

Elasticity measures the change in demand resulting from a change in price. The law of demand holds that when prices increase, quantity demand would decrease and elasticity is meant to show the magnitude of this change.

A unit elastic good means that prices and quantity demanded change by the same amount. This means that for a unit elastic good, if the price change is a 5% increase, the quantity demanded will decrease by 5%.

In terms of revenue, if the price increases by the same amount that quantity demanded decreases, the effects will cancel out so there will be no revenue effect.

4 0

3 years ago

What is Philip's curve long and short ones?

Veronika [31]

In the Philip's curve the long run usually refers to the vertical line and the rate of unemployment the short run Philips curve denotes inflation and is in L shaped and the relationships indicates the trade-off between the inflation and the unemployment

Explanation:

This curve in general shows the relationship between the rate of increase in the nominal wages and the rate of unemployment and usually lower the rate of inflation higher will be the wages allotted and it will be the vice versa

There will be a shift in the Philips curve when there is a hike in the oil prices abroad and this will cause the curve to shift leftwards so in the long run it will indicate the unemployment rate and in the short run it will indicate the inflation rate

3 0

3 years ago

Assume the market basket contains 20X, 30Y, and 50Z. The current-year prices for goods X, Y, and Z are $2, $6, and $10, respecti

Aneli [31]

Answer:

CPI for the current year = 200

Explanation:

Given;

Contents in market basket

20X, 30Y, and 50Z

The current-year prices for goods

X = $2

Y = $6

Z = $10

The base-year prices are

X = $1

Y = $3

Z = $5

Now,

Total cost of market basket in the current year

= ∑ (Quantity × Price)

= 20 × $2 + 30 × $6 + 50 × $10

= $40 + $180 + $500

= $720

Total cost of market basket in the base year

= ∑ (Quantity × Price)

= 20 × $1 + 30 × $3 + 50 × $5

= $20 + $90 + $250

= $360

also,

CPI for the current year = $\frac{\textup{Cost of market basket at current year prices}}{\textup{Cost of market basket at base year prices}}\times100$

CPI for the current year = $\frac{\$720}{\$360}\times100$

CPI for the current year = 200

8 0

4 years ago