<span>In most cases, the company is not simply seeking a sale. rather, it wants to engage the customer over the long haul in a mutually profitable relationship. With this kind of goal, a company will have a higher chance of prosperity and stability in the long run.</span>
The item is followed by three dots
Answer:
The net realizable value of Accounts Receivable = 1,985,538
Explanation:
The journal entry will be: Allowance for Uncollectible Accounts (Debit - Decreased) 6,000 and Accounts Receivable (Credit - Decreased) 6,000.
After the journal entry the credit balance in the Allowance for Uncollectible Accounts will be: 2,005,000 - 6000 = 1,999,000, and the debit balance in Allowance for Uncollectible Accounts will be: 19,462 - 6,000 = 13,462.
Then net realizable value of Accounts Receivable will be: 1,999,000 - 13,462 = 1,985,538.
Answer:
D.
Explanation:
The word 'iterative' is derived from the Latin word 'iterare', which means 'to repeat.'
Iterative is a term used to define a process of repetition to attain the desired outcome. It is a repetitive process performed to improve or do better than before.
The statement that correctly defines the term 'iterative' is option D. The statement talks about working in cycles (repetition) to get a desired result of (refined product).
Therefore, option D is correct.
Answer:
c. Net income will be overstated for the current year.
Explanation:
Depreciation is defined as the reduction in the value of an asset over the period of it's useful life.
The deductions are calculated and taken out of the asset value on the balance sheet.
The adjusting entry for depreciation at the end of year is a debit to Depreciation Expense and a credit to Accumulated depreciation.
If this entry is no passed it means that Depreciation Expense is not recognised for that year.
Net income will be overstated because generally expenses will be understated.
