Answer:
a. June 30, 2016 adjusting entry for bad debt expense
Dr Bad debt expense 9,108
Cr Allowance for doubtful accounts 9,108
b. August 15, 2016, uncollectible accounts are written off
Dr Allowance for doubtful accounts 3,251
Cr Accounts receivable 3,251
c. Allowance for doubtful accounts
debit credit
June 30, 2016 $38,565
August 15, 2016 <u>$3,251 </u>
August 15, 2016 $35,314
Explanation:
Number of Days Total Accounts Historical % Total
Unpaid Receivable Uncollectible
Not yet due $128,200 3% $3,846
1-30 days past due $90,900 13% $11,817
31-60 days past due $55,300 19% $10,507
<u>Over 60 days past due $33,500 37% $12,395 </u>
Total $38,565
Answer:
B
Explanation:
A is valid but i would be more worried about B when editing C and D say to fix something but it never says anything is wrong so the wording makes those answers wrong/very highly unlikely
Answer & Explanation:
Most balance sheets are arranged according to this equation:
Assets = Liabilities + Shareholders’ Equity
The equation above includes three broad buckets, or categories, of value which must be accounted for:
1. Assets
An asset is anything a company owns which holds some amount of quantifiable value, meaning that it could be liquidated and turned to cash. They are the goods and resources owned by the company.
Assets can be further broken down into current assets and noncurrent assets.
- Current assets are typically what a company expects to convert into cash within a year’s time, such as cash and cash equivalents, prepaid expenses, inventory, marketable securities, and accounts receivable.
- Noncurrent assets are long-term investments that a company does not expect to convert into cash in the short term, such as land, equipment, patents, trademarks, and intellectual property.
2. Liabilities
A liability is anything a company or organization owes to a debtor. This may refer to payroll expenses, rent and utility payments, debt payments, money owed to suppliers, taxes, or bonds payable.
As with assets, liabilities can be classified as either current liabilities or noncurrent liabilities.
- Current liabilities are typically those due within one year, which may include accounts payable and other accrued expenses.
- Noncurrent liabilities are typically those that a company doesn’t expect to repay within one year. They are usually long-term obligations, such as leases, bonds payable, or loans.
3. Shareholders’ Equity
Shareholders’ equity refers generally to the net worth of a company, and reflects the amount of money that would be left over if all assets were sold and liabilities paid. Shareholders’ equity belongs to the shareholders, whether they be private or public owners.
Just as assets must equal liabilities plus shareholders’ equity, shareholders’ equity can be depicted by this equation:
Shareholders’ Equity = Assets - Liabilities
— Courtesy of Harvard Business School
I hope this helped! :)
Answer:
The statement represents the Straw Man fallacy.
Explanation:
A Straw Man fallacy is a version of an argument that is misrepresented, simplified so that it will be easier to defeat. It replaces or represents whatever actual argument is being made. The Straw Man fallacy in some cases is not provided intentionally. They could also be the result of talking about something with little to no previous knowledge of it.
Thus, as the evolutionary theory does not only proposes that humans come from monkeys with less hair and bigger brains, <em>the statement is oversimplifying the different researches on that topic</em> falling into a Straw Man fallacy.
