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oksano4ka [1.4K]
3 years ago
11

Galen and Leslie are directors, but not officers, of Tropical Travels, Inc. Tropical Travels becomes embroiled in a controversy

over airline kickbacks. As directors, Galen and Leslie can be named in any lawsuit that may result from the company's actions. Because of their right of: a. indemnification, the company may reimburse them for legal fees and judgments. b. compensation, they have been adequately paid in the event that they require legal representation. c. inspection, they have access to all the company documents that are necessary for the legal proceedings.
Business
2 answers:
OverLord2011 [107]3 years ago
7 0

Answer:

a. indemnification, the company may reimburse them for legal fees and judgments

Explanation:

Galen and Leslie are representatives of the company and are held accountable for any action taken by the company.

In this case there was a lawsuit charged against the company and both will bear the brunt indirectly.However the company bears the brunt by providing enough support through indemnification.

LekaFEV [45]3 years ago
5 0

Answer:

A.indemnification, the company may reimburse them for legal fees and judgments.

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At the end of the current year, the accounts receivable account has a debit balance of $762,000 and sales for the year total $8,
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a. Adjustment for bad debts expenses in scenario a - $ 32,900

b. Adjustment for bad debts expenses in scenario b - $ 22,700

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d. Adjustment for bad debts expenses in scenario d - $ 73,500

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Computation of bad debts adjustment under scenario a

Receivables balance                                                                   $    762,000

Sales                                                                                             <u>$ 8,640,000</u>

Estimated bad debts expenses 1/2 % of sales                           $      43,200

Pre adjustment balance of allowance for uncollectible            <u>$ (     10,300)</u>

Adjustment to provide doubtful accounts                                  $      32,900

Computation of bad debts adjustment under scenario b

Estimated bad debts expenses based on ageing                     $      33,000

Pre adjustment balance of allowance for uncollectible            <u>$ (     10,300)</u>

Adjustment to provide doubtful accounts                                  $      22,700

Computation of bad debts adjustment under scenario c

Receivables balance                                                                   $    762,000

Sales                                                                                             <u>$ 8,640,000</u>

Estimated bad debts expenses 3/4 % of sales                           $     64,800

Pre adjustment balance of allowance for uncollectible DR.      <u>$       7,900</u>

Adjustment to provide doubtful accounts                                  $      72,700

The pre adjustment balance is a debit balance of $ 7,900, so it has to be added to the required allowance balance

Computation of bad debts adjustment under scenario d

Estimated bad debts expenses based on ageing                     $      65,600

Pre adjustment balance of allowance for uncollectible  DR      <u>$        7,900</u>

Adjustment to provide doubtful accounts                                  $      73,500

The pre adjustment balance is a debit balance of $ 7,900, so it has to be added to the required allowance balance

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