<u>Answer:</u>$40,000
<u>Explanation:</u>
Bad debt expense is referred to as the noncollectable accounts receivables in a company. Allowance for doubtful accounts is made by Labrador Inc as the company is sure that the goods sold in credit will not be received by the company. The amount which has to be written in the year is the amount which cannot be recovered by the firm. The opening and closing balance of the allowances have to be adjusted in the bad debt expense to find out the final amount to be written off in the balance sheet from accounts receivable.
Bad debt expense $60000
(Add) Opening balance
Allowance for doubtful accounts $42000
(Less) Closing balance
Allowance for doubtful accounts $62000
Total write off during the year $40000
Answer:
The correct answer to the following question will be "True".
Explanation:
- The managerial or management design model or principles seems to be a self-assessment tool that allows people and communities to probably decide the aesthetic of a manager or supervisor.
- This proposed model described 5 various types of leadership styles premised on compassion for individuals and concern for manufacturing.
So that the given statement is true.
The expected annual medical expenses of a high-risk person is $3000 per year while that of a low-risk person is $1000 per year.
The expected annual medical expenses of a high-risk person will be calculated as:
= Probability of falling ill × Expenses in case of illness
= 30% × $10000
= 0.3 × $10000
= $3000
The expected annual medical expenses of a low-risk person will be calculated as:
= Probability of falling ill × Expenses in case of illness
= 10% × $10000
= 0.1 × $10000
= $1000
It should be noted that in a situation where the individuals are risk neutral, the low-risk persons will not buy insurance as only the high-risk individuals will be expected to buy<em> insurance.</em>
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The loss of potential gain from other alternatives when one alternative is chosen.
example: "idle cash balances represent an opportunity cost in terms of lost interest"