1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alina [70]
3 years ago
10

At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 1,285,070 Credit sales $ 3,610,0

00 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 1,093,830 debit Allowance for doubtful accounts $ 15,160 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. Bad debts are estimated to be 3% of credit sales. Bad debts are estimated to be 2% of total sales. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible.
Business
1 answer:
Lady_Fox [76]3 years ago
7 0

Answer:

Explanation:                                              Dr                      Cr

1)

Allowance for doubtful account

3%*3610000                                                                    108300

Bad debt expense                                  108300

2)Allowance for doubtful account

2%*(1285070+3610000)                                                 146,852.10

Bad debt expense                                 146,852.10

3)Allowance for doubtful account

1093830*6%                                                                       65,629.80

Bad debt expense                                    65,629.80                

You might be interested in
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 200 units is $4
sattari [20]

Answer:

It must shut down

Explanation:

Even at the lower average variable cost, which is 3.50 dolllar will be lossing money given a market price of 3.00 dollar

Considering is not making enough to cover the variable cost the best option is to shut down and only take a hit for the fixed cost  until it can totally exit the market. If it tries to produce it will only make thinks worse as producing generates more losses

6 0
3 years ago
Taxes that have wealthy people pay a higher rate of tax than average or poor people are called __________.
Furkat [3]
Taxes that have wealthy people pay a higher rate of tax than average or poor people are called Progressive tax. It is the type of tax that goes on increasing with increase of income. The people with higher income pays a higher amount of tax than the people with lower income. I hope the answer has helped you.
4 0
3 years ago
There is an inverse relationship between bonds' quality ratings and their required rates of return. Thus, the required return is
beks73 [17]

Answer:

The statement is true.

Explanation:

The investor aversion to risk must be compensated with an increased return to make it more feasible.

If all bonds' return were the same then, investor will not invest on high risk bonds.

Company's will not issue the bond to yield higher than they can pay nor higher if they can do it the same as AAA. They do it as the only way to attract investment to his business.

6 0
3 years ago
When a human resource staff at Big Bend Inc. reviewed bids for running their employee assistance program, one company stood out
hodyreva [135]

Answer:

E. Being influenced by initial impressions

Explanation:

It is well known and practically proven that initial or first impressions have long-lasting effects. This is clearly seen in the scenario presented before us. The managers at Big Bend Inc. were thoroughly impressed by the wonderful presentation of the company such that even when the company's gross incompetence was uncovered, the managers opted to still choose the aforesaid company

The managers decision was not influenced by data, because the data clearly showed the company's incompetency but yet they were chosen. Hence, <u>option A is wrong</u>

The managers decision was not perpetuating the status quo, because this company had a bad reputation but they chose them nonetheless. Hence, <u>option B is wrong</u>

The managers were not seeking to defend prior decisions, their decision was based solely on the wonderful presentation. Hence, <u>option C is wrong</u>

The managers were not justifying past decisions, their decision was based solely on the wonderful presentation. Hence, <u>option D is wrong</u>

The managers decision was based solely on the wonderful presentation. Hence, the error made by these managers is apparent. Hence, <u>option E is correct</u>

6 0
3 years ago
Glimmens, a continental restaurant, started its operations by renting the ground floor of a three-storied building. As the busin
WITCHER [35]

Answer:

D) The negotiator role

Explanation:

Business managers often have to negotiate with suppliers, employees or in this the landlord in order to solve a potential conflict, lower costs or maximize revenues. When two parties negotiate, they both seek to maximize their own benefit, so a negotiation process can either result in a better or worse position for the company.

In this particular case, Marvin negotiated with his landlord in order to lease another floor of the building at a lower than market cost which benefits the financial situation of the restaurant. He did a good job and was a good negotiator since his company will benefit from this negotiation process.

5 0
3 years ago
Other questions:
  • A nation seeking to increase its overall productivity might be best served by investing money into which area?
    13·2 answers
  • 1. The IS curve plots the relationship between the interest rate and ______ that arises in the market for ______.
    5·1 answer
  • ​You've just bought a new flat screen TV for ​$3 comma 000 and the store you bought it from offers to let you finance the entire
    12·1 answer
  • A builder has located a piece of property that she would like to buy and eventually build on. The land is currently zoned for fo
    13·1 answer
  • In case of an emergency, once you or someone already on the scene has contacted 9-1-1, the next thing to do is: A) Move them to
    15·1 answer
  • When the weighted average cost method is used in a perpetual inventory system, a weighted average unit cost for each item is com
    6·1 answer
  • Prior to recording adjusting entries, the Office Supplies account had a $372 debit balance. A physical count of the supplies sho
    15·1 answer
  • In an inert organizational culture, poor working relationships frequently develop between the organization and its employees. th
    7·1 answer
  • Suppose the cost curves for a firm in a perfectly competitive market have the typical shapes. At what point does the firm achiev
    9·1 answer
  • What is a limited liability company (LLC)?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!