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kumpel [21]
3 years ago
8

Click to watch the Tell Me More Learning Objective 3 video and then answer the questions below. 1. On April 4, a $2,000 account

receivable from J. P. Moore has been determined to be uncollectible. Using the direct write-off method, the entry to write off the account would include a __________ to __________..
Business
1 answer:
AleksandrR [38]3 years ago
4 0

Answer:

The correct answer is debit to Bad Debt Expense.

Explanation:

Taking into account the nature of both accounts, the registration of an account receivable is considered an asset taking into account that it is a callable value for the sale of products or services on credit, for which reason it is recorded in the debit to increase the company rights. In the exposed case, where the debt is considered uncollectible after exhausting many resources, the record is to recognize an expense (debit nature), against a credit to the account receivable with the objective of recognizing in the accounting the loss in the expense and the cancellation of the right in the asset.

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In competitive markets, which of the following is not correct? Group of answer choices No individual buyer can influence the mar
julia-pushkina [17]

Answer:

Some sellers can set prices

Explanation:

Characteristics of competitive firms:

1. All sellers are price takers. No seller can influence market price.

2. All buyers are price takers

3. Forces of demand and supply determine market price.

4. All products are homogenous

5. There are no barriers to entry or exist of firms

6. There is perfect information

3 0
3 years ago
Economic profits are:a.less than accounting profits if implicit costs are greater than zero.b.less than accounting profits even
Lady bird [3.3K]

Answer:

option (a) is correct.

Explanation:

Economic profits refers to the profits which comes out after deducting the implicit costs and explicit costs from the total revenue.

Whereas the accounting profits takes into the effect of explicit costs only.

Implicit cost refers to the loss of money income by choosing some other alternative. It is also known as the opportunity cost.

Explicit costs refers to the costs that are incurred for operating or running a business.  

Accounting profit = Total revenue - Explicit costs

Economic profit = Total revenue - Explicit costs - Implicit costs

Therefore, if the implicit costs are greater than zero then the economic profits is less than the accounting profits.

5 0
3 years ago
What is The appearance of text called?
Nezavi [6.7K]

The appearance of text is the customization or formatting of a text. For example, the font size, the font, and the color.

Middle School

Basic Rank

6 0
3 years ago
In 2022, internal auditors discovered that Axel Corp., had debited an expense account for the $2,090,000 cost of a machine purch
antoniya [11.8K]

Answer:

Debit Depreciation expense $570,000

Credit Accumulated depreciation $570,000

<em>(To record the accumulated depreciation for 3 years)</em>

Explanation:

Using a Straight-line depreciation method, depreciation expense = (Cost - Salvage value)/Estimated useful life

Depreciation expense = $2,090,000 / 11 years = $190,000 yearly

We would assume that the internal auditors detected the error at the beginning of Year 2022, so the accumulated depreciation for 3 years (Jan 2019 - Dec 2021) would be $190,000 x 3 years = $570,000

The following correctional entries will apply:

Debit Fixed asset - Machine $2,090,000

Credit Expense account $2,090,000

<em>(To appropriately record the purchase of machine)</em>

The required adjustment fot the accumulated depreciation is recorded above under the answer section.

3 0
3 years ago
Alameda Manufacturing manufactures a variety of wooden picture frames using recycled wood from old barns. Alameda Manufacturing
erica [24]

Answer:

Direct Material Cost

= Cost of hardware + cost of wood

= 42,300 + 121,200

= $‭163,500‬

Direct labor

= Wages of Assembly workers + Finishing workers

= 87,400 + 74,100

= $‭161,500‬

Manufacturing Overhead

= Depreciation + Factory prop. taxes + Factory rent + Glue + Production Supervisor salary + Utilities for factory + Wages for maintenance workers

= 32,000 + 15,500 + 50,000 + 3,030 + 41,200 + 27,800 + 33,200

= $‭202,730‬

Prime Cost

= Direct labor + Direct material

= 161,500 + 163,500

= $‭325,000‬

Conversion Cost

= Direct labor + Manufacturing Overhead

= 161,500 + 202,730

= $‭364,230‬

Total Period Cost

= Advertising + Sales Manager's salary

= 25,600 + 41,500

= $‭67,100‬

8 0
3 years ago
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