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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                

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When originally purchased, a vehicle costing $23,040 had an estimated useful life of 8 years and an estimated salvage value of $
Novosadov [1.4K]

Answer:

$5,360

(not given in the options)

Explanation:

Depreciation is the systematic allocation of cost to an asset based on estimates. It is given as

Depreciation = (cost - salvage value)/useful life

When originally purchased, a vehicle costing $23,040 had an estimated useful life of 8 years and an estimated salvage value of $1,600

Annual depreciation = ($23,040 - $1,600)/8

= $2,680

After 4 years

Accumulated depreciation = 4 × $2,680

= $10,720

The net book value then

= $23,040 - $10,720

= $12,320  

Since the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value

New depreciation = ($12,320  - $1,600)/2

= $5,360

The depreciation expense in year 5 equals $5,360

8 0
3 years ago
Over lunch, Daniela and Hassan are discussing their managers. Daniela describes her boss as extremely motivating. Work goals are
Pepsi [2]

Answer:

transformational leader

Explanation:

Based on the information provided within the question it can be said that Daniela's boss can be described as a transformational leader. This type of leadership style refers to leaders that work with their teams in order to identify and create a mental blueprint for change, as well as guide and inspire them to pursue and achieve this change. Which is what Daniela is saying about her boss as she describes him as motivating and inspiring.

8 0
3 years ago
n​ mid-2017, an article in the Wall Street Journal noted​ that: ​"The Federal​ Reserve's interest-rate increases​ aren't having
telo118 [61]

Answer:

No

Explanation:

When Congress enacted the Federal Reserve Act in 1913, they stated the FED's mandates:

  1. promote maximum employment
  2. promote stable price

The FED's main objective is to conduct monetary policy in order to stabilize the economy and promote economic growth.

By stabilizing the economy the FED will lower inflation rate, therefore stabilizing prices. When the FED promotes economic growth, the unemployment rate should decrease, hopefully reaching a full employment.

7 0
3 years ago
You own 400 shares of Stock A at a price of $50 per share, 290 shares of Stock B at $75 per share, and 700 shares of Stock C at
andreev551 [17]

Answer:

0.67

Explanation:

Beta measures the systemic risk of a portfolio

The portfolio's beta can be determined by adding together the weighted beta of each stock in the portfolio

weighed beta of a stock = percentage of the stock in the portfolio x beta of the stock  

total number of stocks in the portfolio 400 + 290 + 700 = 1390

(400 / 1390 x 0.6) + (290 / 1390 x 1.2) + (700 / 1390 x 0.5) =

0.17 + 0.25 + 0.25 = 0.67

7 0
3 years ago
An equivalent description of the holding of a receive-floating pay-fixed swap is as follows: A. An exchange of a long position i
serious [3.7K]

Answer:

The correct answer is

A)  An exchange of a long position in a fixed-rate bond for a short position in a floating-rate note.

Explanation:

Swapping a fixed interest for a floating one can occur if the fixed interest tenure in comparison to a floating exchange rate becomes less expensive for the entity who took the loan.

Also executing a swap in interest rates (that is giving up the fixed tenure for the floating tenure) helps to ensure that liabilities are kept at minimum whilst assets are maximised.

It is important to note that the capital remains unmodified.

Cheers

4 0
3 years ago
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