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siniylev [52]
3 years ago
5

At December 31, Gill Co. reported accounts receivable of $268,000 and an allowance for uncollectible accounts of $750 (credit) b

efore any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:_______
Business
1 answer:
Andrei [34K]3 years ago
4 0

Answer:

: $4,610

Explanation:

The allowance for uncollectible accounts should be 2% of accounts receivable. So first we wil find out the 2% of $268,000.

($268,000 x 2%) = $5,360

Then we will subtract the $750 allowance for uncollectible accounts before any adjustments.

$5,360 - $750 = $4,610

The amount of the adjusting entry for uncollectible accounts would be: $4,610.

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Suppose that capital becomes more productive. What would we expect to happen? Choose one:
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<u>Answer:</u>

<em>D. The equilibrium interest rate and amount invested would both increase </em>

<em></em>

<u>Explanation:</u>

Investment spending is a significant classification of actual GDP. Not exclusively is it the most unstable piece of real GDP; however, speculation spending on physical capital is additionally a significant supporter of financial development. Things being what they are, if a firm needs to construct another processing plant, where does it get the assets to assemble it? The investment of loanable assets depends on investment funds. The interest in loanable assets depends on getting.

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3 years ago
The table below provides the total revenues and costs for a dental practice for one year.
RoseWind [281]

<u>Answer: </u>7.1 92000

7.2 70000

7.3 30000

7.4 -40000

<u>Explanation:</u>

7.1  Explicit cost means the cost which occurs to meet the expenses for the business operations

The explicit cost is calculated below.

Wages and salaries  700000

Interest on bank loan 50000

Cost supplies             150000

Depreciation                20000

Total Explicit cost     $920000

7.2  Implicit cost means the opportunity cost that is foregone by investing in other type of investment. Implicit cost is not incurred by the business actually.

Risk free return     30000

Risk premium        40000

Total Implicit cost $70000

*7.3  The difference between the cost and the revenue provides the accounting profit of the firm.

Accounting Profit

= Revenue - Explicit Cost

=950000 - 920000

Total accounting profit firm= $30000

7.4  Economic profit means the profit arrived by the firm after deducted the total of explicit and implicit cost.

Economic Profit

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Total Economic Loss incurred= $-40000

5 0
3 years ago
use the traditional model of supply and demand to explain how an increase in the price of ice-cream would affect the price of fr
pochemuha

Answer:

Endogenous variable - frozen yogurt

exogenous - ice cream

If ice cream become more expensive the demand for ice cream would fall and consumers would shift to the consumption of frozen yogurt which is cheaper. This changes are in line with the law of demand. According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded. According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

There would be a rightward shift of the demand curve for frozen yogurt equilibrium price and quantity of frozen yogurt would increase would increase

Explanation:

Frozen yogurt is a substitute for ice cream.

Substitute goods are goods that can be used in place of another good

3 0
3 years ago
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