What is the main disadvantage of moving to e-money loading... or moving to a cashless society?

A company has $107,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts

yawa3891 [41]

Answer:

None of these

what would be the correct answer choice?

Assuming 5% of outstanding accounts receivable, the journal entry:

Dr Bad Debt Expense $ 6.320

Cr Allowance for Uncollectible Accounts $ 6.320

Explanation:

If the company applies the allowance method, it means that the account

Allowance for Uncollectible Accounts must show as balance the 5% of outstanding receivables as debit.

Because the company has a credit balance in that account it's necessary to register an entry that compensate the value as credit and reflect as debit the value estimated as 5% of account receivable.

Initial Balance

Dr Accounts Receivable $ 107,000

Dr Allowance for Uncollectible Accounts $ 970

The journal entry adjustment will be:

Dr Bad Debt Expense $ 6,320

Cr Allowance for Uncollectible Accounts $ 6,320

FINAL Balance

Dr Accounts Receivable $ 107,000

Cr Allowance for Uncollectible Accounts $ 5,350

8 0

3 years ago

Wesimann Co. issued 15-year bonds a year ago at a coupon rate of 7.5 percent. The bonds make semiannual payments and have a par

brilliants [131]

Answer:

$1,161.46

Explanation:

In order to determine the current bond price we can use an excel spreadsheet and the present value formula: =PV(Rate,Nper,PMT,FV)

where:

Nper = 14 x 2 = 28 (15 year bond issued 1 year ago = 14 years)
Rate = 5.8% / 2 = 2.9% (semiannual payments)
PMT = ($1,000 x 7.5%) / 2 = $37.50
FV = $1,000 (face value of bonds)
PV = ?

Current price =PV(Rate,Nper,PMT,FV) =PV(2.9%,28,37.50,1000) = $1,161.46

7 0

3 years ago

Supervisors who allow their rating in one area to influence their rating in another area on performanceappraisals are susceptibl

crimeas [40]

Answer:Supervisors who allow their rating in one area to influence their rating in another area on performance appraisals are susceptible to the Halo effect.

Under halo effect the evaluator lets one or two feature of the appraisal or behavior of the worker unduly influence all other characteristic of the worker's performance.

Therefore in this case the correct option is (c).

4 0

3 years ago

Dee Trader opens a brokerage account and purchases 300 shares of Internet Dreams at $40 per share. She borrows$4,000from her bro

levacccp [35]

Answer:

A. The stock is purchased for $40 x 300 shares = $12,000.

Given that the amount borrowed from the broker is $4,000, Dee's margin is the initial purchase price net borrowing: $12,000 - $4,000 = $8,000.

B. If the share price falls to $30, then the value of the stock falls to $9,000. By the end of the year, the amount of the loan owed to the broker grows to:

Principal x (1 + Interest rate) = $4,000 x (1 + 0.08) = $4,320.

The value of the stock falls to: $30 x 300 shares = $9,000.

The remaining margin in the investor's account is:

Margin on long position = "Equity in account " /"Value of stock"

= "$9,000 － $4,320" /"$9,000" = 0.52 = 52%

Therefore, the investor will not receive a margin call.

C. Rate of return = "Ending equity in account － Initial equity in account" /"Initial equity in account"

= "$4,680 － $8,000" /"$8,000" = - 0.4150 = - 41.50%

7 0

3 years ago

For a single person, 0 allowances, who made $185 last week State withholding tax: $ Federal withholding tax: $

Goshia [24]

It should be noted that when an individual claims 0 on their tax, then such a person is having the largest amount that will be withheld from their paycheck.

Your information is incomplete as you didn't give enough information. Therefore, an overview of tax will be given. A tax is a compulsory levy that's paid to the government.

In a situation when an individual claims 0 on their tax, then such a person is having the largest amount that will be withheld from their paycheck for federal taxes.

When the goal of the person is to receive a larger tax refund, then it's best that the person claims 0.

Learn more about tax on:

brainly.com/question/25783927

4 0

2 years ago

What is the main disadvantage of moving to e-money loading... or moving to a cashless​ society?

What is the main disadvantage of moving to e-money loading... or moving to a cashless society?