Answer and Explanation:
The journal entries are shown below:
On December 31
Bad debt expense Dr $5,232 ($654,000 × 0.80%)
To Allowance for doubtful debts $5,232
(To record the bad debt expense)
On Feb 01
Allowance for doubtful debts Dr $327
To Account receivable $327
(To record the uncollectible amount)
On June 5
Account receivable $327
To Allowance for doubtful debts Dr $327
(To record the uncollectible amount)
On June 5
Cash Dr $327
To Account receivable $327
(To record the cash received)
Answer:
Option A, Fixed quota models are risky because slight miscalculations can result in fish population extinction
Explanation:
Some of the major drawbacks of modelling fishing are as follows –
a) The fixed quota model is very risky as a miniscule change in attributes can result into extinction of fish.
b) On the other hand fixed effort harvesting can decrease the risk of fish population extinction
Hence, option A is correct
Answer:
The Contribution Format Income Statement is utilized for internal decision-making purposes.
Explanation:
The contribution format income statement is a most and useful tool for the planning and decision-making as it represents the revenue that is produced after subtracting the variable and fixed expenses. So it would be utilized for the decision-making motive for internal.
Answer:
Option A is correct one.
<u>Wes has a loss of $25,000 suspended under the passive loss rules.</u>
Explanation:
Wes has no passive income. The measure of inactive misfortunes restricted by in danger impediment rules (which would be $25,000) must be set-off just against the easy revenue. As Wes has not earned any easy revenue during the year, the whole measure of $25,000 (as restricted by in danger confinement rules) will get suspended under the latent misfortune rules. Before applying latent movement rules, it is important to apply in risk limitation rules.
Answer:
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