Explain briefly how the role of leader impacts the goals and objectives of an organization.

At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $654,000. Chan records it

allsm [11]

Answer and Explanation:

The journal entries are shown below:

On December 31

Bad debt expense Dr $5,232 ($654,000 × 0.80%)

To Allowance for doubtful debts $5,232

(To record the bad debt expense)

On Feb 01

Allowance for doubtful debts Dr $327

To Account receivable $327

(To record the uncollectible amount)

On June 5

Account receivable $327

To Allowance for doubtful debts Dr $327

(To record the uncollectible amount)

On June 5

Cash Dr $327

To Account receivable $327

(To record the cash received)

7 0

3 years ago

Mills Corporation acquired as a long-term investment $230 million of 8% bonds, dated July 1, on July 1, 2021. Company management

frosja888 [35]

Answer:

1) July 1, 2021, bonds purchased at a premium

Dr Investment in bonds 230,000,000

Dr Premium on bonds 30,000,000

Cr Cash 260,000,000

Sine the price paid for the bonds was higher than the face value, they were purchased at a premium.

2) December 31, 2021, coupon payment received from investment in bonds

Dr Cash 9,200,000

Cr Interest revenue 7,800,000

Cr Premium on bonds 1,400,000

amortization of bond premium = (260,000,000 x 3%) - 9,200,000 = -1,400,000

3) investment in bonds balance = $260,000,000 - $1,400,000 = $258,600,000

4) January 2, 2022, bonds sold

Dr Cash 270,000,000

Cr Investment in bonds 230,000,000

Cr Premium on bonds 28,600,000

Cr Gain on sale of investment 11,400,000

Gain on sale = selling price - carrying value of investment = $270,000,000 - $258,600,000

3 0

3 years ago

Alabama and Mississippi each have 9 units of labor. They can use their units of labor for the production of chickens and cotton.

Alekssandra [29.7K]

Answer and Explanation:

As it is given that

1. For each unit of labor, Alabama will generate 3 units of chicken.

Thus Alabama can produce a maximum of 27 units of chicken with 9 units of labor.

2. With every unit of labor, Alabama will generate 7 units of cotton.

Thus Alabama can produce a maximum of 63 units of cotton with 9 units of labor.

For each unit of labor, Mississippi will generate 4 units of chicken.

Therefore Mississippi can produce a maximum of 36 units of chicken with 9 units of labor.

For each unit of labor, Mississippi will produce 6 units of cotton.

While Mississippi can produce up to 54 units of cotton with 9 units of labor.

Alabama could be seen producing more cotton than Mississippi using all the labor while using all the labor Mississippi can produce more chicken than Alabama.

Hence,

For producing chicken, Mississippi has the absolute advantage

For producing cotton, Alabama has the absolute advantage

Now

Albama's opportunity cost for generating a chicken unit is

= (7 ÷ 3)

= 2.33 units of cotton.

Albama's opportunity cost for generating a cotton unit is

= (3 ÷ 7)

= 0.43 units of chicken.

Mississippi's opportunity cost for generating a chicken unit is

= (6 ÷ 4)

= 1.50 units of cotton.

Mississippi's opportunity cost of generating a cotton unit is

= (4 ÷ 6)

= 0.67 units of chicken

Therefore

Alabama can produce cotton relatively to Mississippi at a lower cost of opportunity.

In comparison with Alabama, Mississippi can produce chicken at lower opportunity costs.

Hence, we can conclude that

Mississippi has a competitive advantage for chicken production.

Alabama has a competitive advantage in cotton production.

Mississippi is supposed to grow chicken and Alabama is supposed to make cotton.

6 0

3 years ago

A country has passed a law setting a minimum wage for factory workers 5% below the equilibrium price. How will this law impact t

kogti [31]

This law will impact the labor market cause of low pay rate that will stop more people from applying for that job

6 0

3 years ago

The phase of the Technology Product Development Cycle that describes key technology that has been integrated into many products

Serga [27]

I believe the correct answer from the choices listed above is option B. <span>The phase of the Technology Product Development Cycle that describes key technology that has been integrated into many products is the mature phase. Hope this answers the question.</span>

4 0

3 years ago

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