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Softa [21]
3 years ago
7

Which data model has the highest level of abstraction?

Business
1 answer:
masya89 [10]3 years ago
4 0
It is an entity relationship model. Read more here- https://www.smartdraw.com/entity-relationship-diagram/
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If a gain of $225,000 is incurred in selling (for cash) a building having a book value of $900,000, the total amount reported in
Valentin [98]

Answer:

$1,125,000

Explanation:

Given;

Gain from asset disposal = $225,000

Book value of asset disposed = $900,000

Therefore,

Amount of cash received from the sale = $900,000 + $225,000

                                                                  = $1,125,000

This represents an inflow of cash and will be represented by a positive value in the statement of cash flows. The total amount reported in the cash flows from investing activities section of the statement of cash flows is $1,125,000

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3 years ago
Any attempt to verify outcomes and compare them standards can be considered a(an) _______activity, althoughmany smaller firms do
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B. auditing is your word
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Read the excerpt below from The Call of the Wild and answer the question that follows.
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The primitive vs. civilization hope this helps
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The income statement approach to estimating uncollectible accounts expense is used by Kerley Company. On February 28, the firm h
erik [133]

Answer:

Feb 28.

  • Uncollectible accounts expense would amount to 1% of net credit sales made during February.  

Dr Bad Debt Expense $ 27,860

Cr Allowance for Uncollectible Accounts $ 27,860

  • On March 10, an accounts receivable from Kathy Black for $6,100 was determined to be uncollectible and written off.  

Dr Allowance for Uncollectible Accounts $ 6,100

Cr Accounts receivable $ 6,100

  • March 31, Black received an inheritance and immediately paid her past due account in full.  

Dr Accounts receivable $ 6,100

Cr Allowance for Uncollectible Accounts $ 6,100

 

Dr CASH $ 6,100

Cr Accounts receivable $ 6,100

Explanation:

February 28  

Dr Accounts receivable $ 437.000

Cr Allowance for Uncollectible Accounts $ 2.140

Net Credit Sales February $ 3.000.000

 

Uncollectible accounts expense would amount to 1% of net credit sales made during February.  

Dr Bad Debt Expense $ 27.860

Cr Allowance for Uncollectible Accounts $ 27.860

On March 10, an accounts receivable from Kathy Black for $6,100 was determined to be uncollectible and written off.  

Dr Allowance for Uncollectible Accounts $ 6.100

Cr Accounts receivable $ 6.100

March 31, Black received an inheritance and immediately paid her past due account in full.  

Dr Accounts receivable $ 6.100

Cr Allowance for Uncollectible Accounts $ 6.100

 

Dr CASH $ 6.100

Cr Accounts receivable $ 6.100

 

If the company applies the allowance method, it means that the account Allowance for Uncollectible Accounts must show as balance the % estimated of accounts receivables as CREDIT.  

 

Bad accounts are those credits granted by the company and there is no possibility of being charged.  

"When customers buy products on credits but the company cannot collect the debt, then it's necessary

to cancel the unpaid invoice as uncollectible."  

One way is to directly cancel bad debts at the time it was decided that the credit is bad, the total amount reported as bad debt expenses negatively affect the income statement and the accounts receivable are reduced by the same amount, less assets  

 

The other way is to determine a percentage of the total amount of accounts receivable as bad debts, there are many ways to analyze accounts receivable and calculate the value of bad debts.  

When the company has the percentage of uncollectible accounts, the required journal entry is Bad Expenses (debit) with Reserve for Bad Accounts (credit)  

At the time of cancellation, since the expenses were recognized before, we only use the Allowance for Uncollectible Accounts (Debit)  with accounts receivable (credit), with this we are recognizing the bad credit of the company.  

8 0
3 years ago
This is a partial adjusted trial balance of Wildhorse Co.. WILDHORSE CO. Adjusted Trial Balance January 31, 2022 Debit Credit Su
Dominik [7]

Answer:

The entries are made as follows;

Explanation:

Service Revenue             Dr.$4,350

Income Summary            Cr.$4,350

(To close revenue account)

Income Summary

Supplies expense         Dr.$910

Insurance Expense       Dr.$540

Salaries and Wages Expense Dr.$1,770

Income Summary                                         Cr.$3,220

(To close expenses)

Income Summary (4,350-3,220)   Dr.$1,130

Retained Earnings                         Cr.$1,130

7 0
3 years ago
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