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EastWind [94]
3 years ago
5

By what amount would net income differ if bad debt expense was computed using the percentage-of-receivables approach? Assume tha

t accounts written off were for sales in a prior year. Net income would be $Entry field with incorrect answer 2323416 Entry field with correct answer under the percentage-of-receivables approach.

Business
1 answer:
Murljashka [212]3 years ago
5 0

Answer:

By following the Accountants Principle and Dicksons policy of debiting Bad debt accounts as Accounts are written off, the Net income would have been impacted negatively (reduced) by the write off from Prior period of $31,330 only

However, by following the % of receivables approach, a total of $31,330 (Write off from prior period) + $9,240 (current period provision for bad debt) will impact the Net Income negatively (reduced)  = $40,570

Explanation:

Accounts receivable balance = $77,000

12% projected uncollectible debt = $9,240

Provision for bad debt under the % of receivables approach = $9,240

Amount written off related to prior year = $31,330

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Answer:

Walter company Journal $

Date

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The bond investment account is kept fixed at the amount at which it was subscribe, the corresponding interest are debited to income statement on payment to the bond holders.

In the same vein the retirement of the bond at a premium represents an expenses to the firm which has to be debited to the income statement on payment to the bond holders.

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Christie, a marketing executive who was born in 1955, advocated that her company focus on a print campaign for its new line of l
Gemiola [76]

Answer:

The correct answer is the option C: Baby Boomer.

Explanation:

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To continue, the action that Christie advocates is very common to a person of the baby boom generation due to the fact that those people born and grew in times that there was no internet and therefore they tend to give no importance to the online ads and stuff like that.

8 0
3 years ago
The panel of economists appointed by the senate finance committee estimated that the cpi ______ inflation by approximately _____
exis [7]

The panel of economists appointed by the senate finance committee estimated that the cpi <u>overestimates</u> inflation by approximately <u>1</u> percentage point(s) per year.

An economist is a professional and practitioner within the social technology subject of economics. The individual may additionally take a look at, increase, and follow theories and ideas from economics and write about economic coverage.

Economists look at the manufacturing and distribution of sources, items, and services by gathering and studying facts, gaining knowledge of trends, and comparing monetary problems.

An economist is a person who studies the reasoning behind the back of choices humans make and is interested in using the information to boost income, create better public coverage, or conduct research.

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8 0
1 year ago
If April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a h
goldfiish [28.3K]

If April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a holiday): TRUE

<h3>What are tax returns?</h3>
  • A tax return is a form or form that is filed with a tax authority and discloses income, expenses, and other relevant tax information.
  • Tax returns enable taxpayers to assess their tax liability, plan their tax payments, and receive refunds for overpayments.
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Complete question:

If April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a holiday). TRUE or FALSE

4 0
2 years ago
Which of the following is not a characteristic of intangible assets?(a)They lack physical existence.(b)They are not financial in
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Answer: Option C

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A. Assets with physical existence are called tangible assets.

B. There are several financial instruments that lacks physical substance but are not considered as intangible assets.

C. Intangible assets can be either long term or short term.

D. Only those intangible assets that have definite lives are amortized, others with indefinite life are not.

4 0
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