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3 years ago

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Business

1 answer:

Marina86 [1]3 years ago

8 0

Answer:

A. the matter was handled fairly

Explanation:

Human beings are naturally emotional beings. Even more so in a business setting because along with investment of time and effort, they have their financial stake in transactions. So, a bad news can be received very negatively by the receiver. Thus, it is necessary that the when delivering bad news, the receiver is made aware of the due process and framework that was followed to reach a rejection of what the receiver wanted or what was done to mitigate the damage in the first place. This will effectively communicate to the receiver that the sender did their best to resolve the problem at hand and will dampen any feelings of outright contempt and anger against the sender.

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Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible

yaroslaw [1]

Answer:

(1) $66,500

(3) $453,500

Explanation:

(1) Account receivable total:

= $400,000 + $50,000 + $40,000 + $30,000

= $520,000

Allowance for uncollectible account total:

= ($400,000 × 8%) + ($50,000 × 15%) + ($40,000 × 30%) + ($30,000 × 30%)

= $32,000 + 7,500 + $12,000 + $15,000

= $66,500

Balance of allowance for uncollectible accounts on 12/31/2021 is $66,500.

(2) Journal entry for adjusting the allowance for uncollectible account is :

Bad debt expense A/c Dr. $44,500

To Allowance for uncollectible account $44,500

(Adjusting entry)

Workings:

= Amount uncollectible - credit balance in its allowance for uncollectible accounts

= $66,500 - $22,000

= $44,500

(3) Net account receivable balance on 12/31/2021:

Accounts receivables total = $520,000

Allowance for uncollectible account = $66,500

Net Account Receivables:

= Accounts receivables total - Allowance for uncollectible account

= $520,000 - $66,500

= $453,500

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3 years ago

Identify which control activity is violated in each of the following situations, and explain how the situation creates an opport

Inessa05 [86]

Answer:

1. Once a month, the sales department sends sales invoices to the accounting department to be recorded.

⇒ documentation procedures

Unless all of the company's sales take place only once a month, sales should be recorded as soon as possible. Accounting records must be as precise and accurate as possible, and they must be processed on time. Stacking invoices makes no sense, since sales might be on cash or the collection period might be very short. Who holds the money until the sales records are made?

2. Leah Hutcherson orders merchandise for Rice Lake Company; she also receives merchandise and authorizes payment for merchandise.

⇒ segregation of duties

One single person cannot be responsible for the whole process, since this creates a huge opportunity for fraud. Imagine if the person in charge of the inventory is also in charge of making new purchases, paying for them and reporting ending inventory. No company would be able survive one year, while the person in charge would get rich.

3. Several clerks at Great Foods use the same cash register drawer

⇒ establishment of responsibility

If everyone is allowed to collect money, no one can be responsible for any loss.

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3 years ago

Kordel Inc. acquired 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory a

Nady [450]

Answer:

what amount of Raxston’s liability should be eliminated? d.$500,000

Explanation:

At different levels of the consolidation, certain intercompany payables and receivables balances must be eliminated. Eliminations are only required in the context of a consolidation where the trading parties are both included in a given consolidation.

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Occupying most of the market share

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Milk sold in clear bottles might be low in ___.

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