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ELEN [110]
3 years ago
8

If everyone paid taxes equal to 10 percent of their total annual income, the value of correlation coefficient for income and tax

es would be nearest to____________.
Business
1 answer:
antoniya [11.8K]3 years ago
3 0

Answer:

the value of correlation coefficient for income and taxes would be nearest to 1

Explanation:

Correlation coefficient measures the strength of relationship between two variables. If r is close to one there is a positively strong correlation between the two variables, if it is close to -1, the is negatively weak relationship between the two variables.

the value of correlation coefficient for income and taxes would be nearest to 1, if everyone paid taxes equal to 10 percent of their total annual income.

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alderwood estimates bad debt expense assuming that 1.5% of credit sales have historically been uncollectible. what is the balanc
gladu [14]

After accounting for bad debt expense, the remaining amount in the allowance for doubtful accounts is $7,950.

<h3>What is bad debt?</h3>

Bad debt, sometimes referred to as uncollectible accounts expense, is a sum of money owed to a creditor that is unlikely to be paid and for which the creditor is not willing to take action to collect for a variety of reasons, frequently due to the debtor not having the money to pay, for example due to a company going into liquidation or insolvency. Depending on accounting practices, regulatory considerations, and the institution provisioning, there are many technical definitions of what a bad debt is. Bank loans in the USA are referred to as "problem loans" if they are more than 90 days overdue. Accounting sources recommend deducting the entire amount of a bad debt from profit and loss or from a provision for bad debts as soon as it is anticipated.

To learn more about bad debt, visit:

brainly.com/question/28138659

#SPJ4

7 0
1 year ago
Carby Hardware has an outstanding issue of perpetual preferred stock with an annual dividend of $5.10 per share. If the required
DerKrebs [107]

Answer:

PV = $78.46153 rounded off to $78.46

Explanation:

A perpetuity is an unlimited series of cash flows that are of constant amount and occur after equal intervals of time. As they are unlimited in number, we say that they are perpetual. A perpetual preferred stock can also be said to be in form of a perpetuity as it pays a constant dividend after equal intervals of time. To calculate the price of the preferred stock, we use the present value of perpetuity formula which is,

PV = Cash flow / r

Where,

  • r is the required rate of return

PV = 5.1 / 0.065

PV = $78.46153 rounded off to $78.46

4 0
3 years ago
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: (If an amou
lakkis [162]

Answer:

Journal entries

Explanation:

a. Cash $25,000

            To Sales $25,000

(Being the sale is recorded)

Costs of Goods Sold $17,500

          To  Inventory $17,500

(Being the cost is recorded)

B.  Accounts Receivable $98,000

             To  Sales $98,000

(Being the sales is recorded)

Costs of Goods Sold $58,800

           To inventory $58,800

(Being the cost is recorded)

C.   Accounts Receivable $475,000

             To  Sales $475,000

(Being the sales is recorded)

Costs of Goods Sold $280,000

           To inventory $280,000

(Being the cost is recorded)

D.  Accounts Receivable $63,000

             To  Sales $63,000

(Being the sales is recorded)

Costs of Goods Sold $39,000

           To inventory $39,000

(Being the cost is recorded)

E.  Cash $524,550

    Credit card Expense $13,450

               To Accounts Receivable $538,000

(Being the cash is recorded)

 Sales $661,000

            To Income Summary $661,000

(Being the closing is recorded)

Income summary $408,750

         To Costs of Goods Sold $ 395,300

          To Credit Card Expense $ 13,450

(Being the credit card expense and the cost of goods sold closing is recorded)

Income Summary $252,250

   To  Retained Earnings $252,250                

(Being the transfer is recorded)

5 0
3 years ago
Should I cover for my coworker who sneaks out
zheka24 [161]

no then you would get in trouble, but then again it would be nice for you to do it fir him. tell the boss that he needed to go do something if he gets cureas.(can't spell)

7 0
3 years ago
1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.
Svetradugi [14.3K]

Solution :

       Assets          =   Liabilities   +   Paid in capital   +   retained earnings

1.   $ 300,000                                  $ 300,000

2.   $ 30,000             $ 30,000

3.   $ 90,000             $ 90,000

4.   $ 50,000                                                                        $ 50,000

5.   $ 5,000                                                                          $ 5,000

6.   $ 6,000                                                                          $ 6,000

7.   $ 70,000            $ 70,000        

8.      --

9.    $ 1,000                                                                          $ 1,000

Point 4 -- the accounts receivable will increase by $ 120,000 due to the credit sales and the cost of goods sold.

Point 6 -- Adjustments entry at the year end for 3 months from January to March 2022 should be reduced from both assets and retained earnings and the adjusted amount would be $ 4500.

Point 8 -- No impact as the cash is collected against the account receivable and both are assets.

5 0
3 years ago
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