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Murljashka [212]
3 years ago
6

Importance of completing client records correctly

Business
1 answer:
oksian1 [2.3K]3 years ago
6 0
The importance is particulalrly acute if your career consists of serving 
those clients, i.e., if that's how you make your living. If that's the case, 
then client records must be completed correctly, because if you don't, 
then it's only a matter of time before one of your mistakes is discovered 
and you find yourself in deep doo doo.  

Depending on exactly what kind of business you are in, correcting your
mistake might cost you big bucks.  But whether or not it costs you anything, 
the news that you don't always complete your clients' records correctly will 
spread like wildfire throughout your market of potential clients, and you will 
soon be out of business because you have no more clients. (They have all 
taken their business to somebody else.)  

You'll then be out on the street looking for another way to make a living, and 
wherever you go, your reputation for sloppy work and inaccuracy will ride into 
the employment interview on your back.  You may have to start at the bottom 
again, settling for a job where you have no clients ... and I can't even think of 
a job like that just now. 
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Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $354,000 and credit sa
Dmitry_Shevchenko [17]

Answer:

Dr Bad Debt Expense $12,760

Cr Allowance for Doubtful Accounts $12,760

Explanation:

Based on the information given the adjusting journal entry that Tanning Company will make if the Allowance for Doubtful Accounts has a credit balance of the amount of $1,400 before adjustment will be :

Dr Bad Debt Expense $12,760

Cr Allowance for Doubtful Accounts $12,760

[(4%*$354,000)-$1,400]

4 0
3 years ago
Resale price maintenance occurs when: a. the manufacturer suggested retail price. b. minimum prices are enforced. c. consignment
Gemiola [76]

Answer:

b. minimum prices are enforced

Explanation:

The manufacturer of certain products deals with their distributors by exploiting the market failures to negotiate ceiling and minimum prices with the threat of not purchase if the agreement is not validated.

This is done to prevent competition between reseller for the price. This makes the reseller profitable and therefore, the manufactured as well.

6 0
3 years ago
You want to invest $18,000 and are looking for safe investment options. Your bank is offering you a certificate of deposit that
insens350 [35]

Answer:

The correct solution is "6.09%".

Explanation:

Given:

Nominal rate,

= 6%

or,

= 0.06

As we know,

⇒ EAR = [(1+\frac{APR}{m} )^m]-1

By substituting the values, we get

             =[(1+\frac{0.06}{2} )^2]-1  

             =[(1+0.03 )^2]-1

             =1.0609-1

             =6.09 (%)  

3 0
3 years ago
Mortensen Industries, which uses a process-costing system, adds material at the beginning of production and incurs conversion co
Studentka2010 [4]

Answer: 60%

Explanation:

Find the ending work in process.

Materials are complete at inception so the Equivalent units of Materials represent the total units.

Ending WIP will therefore be:

= Materials EUP - Units started and completed

= 5,000 - 3,500

= 1,500 units

Stage of completion is based on Conversion.

Conversion EUP = Total started and completed + (x% * Closing WIP)

4,400 = 3,500 + (x% * 1,500)

4,400 = 3,500 + 15x

15x = 4,400 - 3,500

15x = 900

x = 900/15

x = 60%

<em>Conversion is 60% complete so this is the stage of completion. </em>

7 0
3 years ago
Automobile repair costs continue to rise with the average cost now at $367 per repair.† Assume that the cost for an automobile r
vovikov84 [41]

Answer:

a)  0.1728

b)  0.09183

c) 0.7354

d) $ 222.25

Explanation:

Given

mean = \mu = $367

Standard deviation = \sigma =$88

Cost of automobile repair is normally distributed.

a) We have to find P( x > 450 )

P( x > 450 ) = 1 - P( x <= 450 )

Using excel function,   P( x <= x ) = NORMDIST (x,  \mu, \sigma, 1 )

P( x > 450 )   = 1 - NORMDIST( 450 , 367, 88, 1 )

= 1 - 0.8272 = 0.1728

P( x > 450 ) = 0.1728

b)  P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183

P( x < 250 ) = 0.09183

c) P( 250 < x < 450 ) = P( x <450 ) - P( x < 250 )

P( x <450 ) = NORMDIST( 450 , 367, 88, 1 ) = 0.8272

P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183

P( 250 < x < 450 ) = 0.8272 - 0.09183 = 0.7354

P( 250 < x < 450 ) = 0.7354

d) We have P( X < a ) = 0.05

We have to find a.

Using Excel, = NORMINV ( Probability, \mu, \sigma )

a = NORMINV ( 0.05 , 367, 88 ) = 222.2529

Cost = $ 222.25

8 0
3 years ago
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