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ICE Princess25 [194]
3 years ago
10

At the end of 2017, Grouper Company has accounts receivable of $916,100 and an allowance for doubtful accounts of $42,400. On Ja

nuary 16, 2018, Grouper Company determined that its receivable from Ramirez Company of $6,330 will not be collected, and management authorized its write-off. Prepare the journal entry for Grouper Company to write off the Ramirez receivable.
Business
1 answer:
Gennadij [26K]3 years ago
8 0

Answer:

Since the debt has already been provided for by Debiting bad debt expense $42,400 and Crediting Allowance for doubtful debt $42,400, the entries required to write off the debt from Ramirez Company of $6,330 will be

Debit Allowance for doubtful debt $6,330

Credit Accounts receivable $6,330

Being entries to writeoff debt due Ramirez Company of $6,330

Explanation:

When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.  

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.

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Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indica
Xelga [282]

Answer: a. -$150 b. $9810 c. $9660

Explanation:

Stock B and E were chosen as the short term for the holding period while stock A, C, D were chosen as long term for the holding period because the time duration is longer.

For question (a), Grayson's net short-term capital loss from these transactions was -150.

For question (b), Grayson's net long-term gain from these transactions was $9810.

For question (c), Grayson's overall net gain from these transactions was:

= $9810 - $150

= $9660

Kindly check the attached document for further analysis.

8 0
3 years ago
Ziff Corp. was a leading electronics firm for about three decades. As new competitors entered the industry, Ziff Corp's market s
Viktor [21]

Answer:

The correct answer is competitive inertia.

Explanation:

In physics the principle of inertia is studied, which is explained as "Every body that is not subjected to any force will remain at rest" or also as "The resistance of the bodies to change their state of rest or movement without the intervention of any strength". These concepts fit perfectly into the world of organizations, since these bodies can be seen as a team of people who interact with each other (work team), towards a common vision.

Competitive inertia refers to the tendency of companies to remain at rest or to continue moving in a certain strategic line unless stimulated by some external force.

4 0
3 years ago
Which sentences in the passage correctly describe the intermediaries in the distribution process?
pshichka [43]

Answer:

sentence C and D

Explanation:

choose both sentences!!

"Distributors facilitate the logistics function of storing goods at a suitable location until they can be dispatched. They also finance the sale at times, which implies that they provide credit to retailers."

6 0
2 years ago
Read 2 more answers
In determining contract formation, what is the overriding focus of the uniform commercial code (ucc)?
postnew [5]

Answer:

The intent of the parties is to be bound by the contract.

<h3>What is the UCC battle of the forms rule?</h3>
  • Typically these so-called battles of the forms occur when a buyer and seller of goods exchange pre-printed order forms with their own different terms on the back and then proceed with the transaction without ever signing any final contract or reaching an agreement on the terms of the deal.

To learn more about it, refer

to brainly.com/question/24553900

#SPJ4

7 0
1 year ago
Manson Industries incurs unit costs of $7 ($5 variable and $2 fixed) in making an assembly part for its finished product. A supp
sergiy2304 [10]

Answer:

Manson Industries

The total cost savings that Manson will realize by buying the assembly part instead of making it is:

($14,700), showing that more costs will be incurred.

Explanation:

a) Data and Calculations:

                                   Make       Buy

Variable cost per unit   $5            $6

Fixed cost per unit          2              2

Total cost per unit        $7            $8

Total units required 14,700       14,700

Total costs           $102,900   $117,600

Cost saving = ($14,700)

b) Based on the above calculations, it benefits Manson more to produce the part internally than to buy from an outside supplier.  There is a cost difference of $1 because the fixed costs will still be incurred whatever decision is taken.

4 0
3 years ago
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