Answer:
Annual depreciation= $15,950
Explanation:
Giving the following information:
On January 2, 2017, the Matthews Band acquires sound equipment for concert performances for $65,800.
The band estimates it will use this equipment for four years. It estimates that after four years it can sell the equipment for $2,000.
We need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (65,800 - 2,000)/4= $15,950
Answer:
Debit Bad debt expense $15,120
Credit Allowance for doubtful debt $15,120
Being entries to record estimated bad debts
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.
Account receivables balance as at year end
= $257,000 - $131,000
= $126,000
Allowance for doubtful debt = 12% * $126,000
= $15,120
Inflation is undesirable because it redistributes income from those who can raise prices to those who cannot.
<h3>What is inflation?</h3>
- In the field of economics, inflation refers to an overall rise in the cost of goods and services throughout a nation.
- Each unit of currency may purchase fewer products and services as the general price level rises, hence inflation is associated with a decline in the purchasing power of money.
- A general increase in prices over time diminishes customers' purchasing power because a constant quantity of money will eventually allow for less consumption.
- Whether inflation is running at 2% or 4%, consumers still lose purchasing power; the higher inflation rate only doubles that loss.
- Those interest rates that are fixed for the duration of the loan, won't fluctuate in line with inflation.
To learn more about Inflation refer to:
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Answer:
The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck. As an employee, the information on your W-2 is extremely important when preparing your tax return.
Answer:
a. By establishing cross-functional teams.
Explanation:
Cross functional teams are the ones in which there are people from different departments. In this people from different departments works on the same common goal as set by the management to be achieved by the organization.
As the company has been working in the centralized functional structure, that means all the major decisions were taken by the executive management personnel, and accordingly the company can even in the establishment of cross functional team, can make this possible.
As all together each department will be working on this, and at the same time the management can keep access to the controls.
