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VLD [36.1K]
2 years ago
12

An arbiter is consulted when

Business
1 answer:
Studentka2010 [4]2 years ago
6 0
An arbiter is consulted when neither side can agree to move forward.
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Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to ​, and man
yanalaym [24]

Complete Question:

Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to ​$500,000, and management estimates 2% will be uncollectible. The amount of expense to report on the income statement was $8,000. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $2,000. The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be

Answer:

The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be

$10,000

Explanation:

a) Data and Calculations:

Net credit sales = $500,000

Uncollectible estimate = 2% of net credit sales

Uncollectible Accounts expense = $8,000

Allowance for Uncollectible Accounts = $2,000 before adjustment

Allowance for Uncollectible after adjustment = $500,000 * 2% = $10,000

6 0
3 years ago
Casey Motors recently reported net income of $55 million. The firm's tax rate was 40.0% and interest expense was $19 million. Th
nadezda [96]

Answer:

$31.76 million

Explanation:

Economic Value Added is the residual wealth left for shareholders after having accounted for the financing needs of the company as shown by the formula below:

EVA=NOPAT-(WACC*invested capital)

NOPAT is the net operating profit after tax =operating profit(EBIT)*(1-tax rate)

Net income=Earnings before tax*(1-tax rate)

net income= $55 million

EBT=unknown

tax rate=40.0%

$55=EBT*(1-40.0%)

$55=EBT*0.60

EBT=$55/0.60

EBT=$91.67

EBIT=EBT+interest

EBIT=$91.67+$19

EBIT=$110.67

NOPAT=$110.67*(1-40%)

NOPAT=$66.41

WACC=9.0%

perating capital employed=$385

EVA=$66.41-(9.0%*$385)

EVA=$31.76 million

operating capital em

3 0
2 years ago
Russell Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing th
zloy xaker [14]

Answer:

1. The company's shareholders and management are the stakeholders in this circumstance.

2-a. The president's request is unethical.

2-b. Zoe's action is unethical.

3. It is possible for Zoe to accrue revenues and defer expenses while remaining ethical.

4. Again, it is possible for Zoe to accrue revenues and defer expenses while remaining ethical.

5. The person that can discover Zoe’s accrued revenues and deferred expenses is the auditor

Explanation:

1. Who are the stakeholders in this situation?

The company's shareholders and management are the stakeholders in this circumstance. The reason is that, in this circumstance, manipulating the company's profitability will have a direct impact on stock prices, which will affect the company's shareholders. The company's management is also a stakeholder in this scenario because they are involved in decision-making and make accounting-related choices and changes to the books of accounts. Lenders, employees, vendors, and lenders are secondary or non-primary stakeholders who will be impacted by the decision of the management to accrue as much revenue as feasible and defer every possible expenses.

2. What are the ethical considerations of (a) the president’s request and (b) Zoe dating the adjusting entries December 31?

2-a. The president's proposal goes against sound accounting practices. This will be interpreted as an attempt to window dress and manipulate accounting entries by the management in order to present a profit figure that is higher than reality. This is unethical behavior.

2-b. Zoe's decision to date the adjusting entries December 31 rather than January 17 was carried out with the explicit intention of distorting accounting figures, and inflating revenues by incorrectly accruing certain revenues and deflating expenses by incorrectly deferring some expenses. This is not only unethical, but also unlawful behavior.

3. Can Zoe accrue revenues, defer expenses, and still be ethical?

It is possible for Zoe to accrue revenues and defer expenses while remaining ethical if he does it in accordance with accounting principles and the GAAP and IFRS framework. It will not be ethical otherwise. When sales have occurred but have not been recorded through standard invoicing paperwork, it is legitimate to record them as accrued sales. However, declaring such transactions as accrued revenues will be unethical if buyers have paid in advance and items will be supplied next year.

4. Can Zoe’s accrued revenues and deferred expenses be illegal?

Again, it is possible for Zoe to accrue revenues and defer expenses while remaining ethical if he does it in accordance with accounting principles and the GAAP and IFRS framework, and if the federal and IRS regulations have not been breached. However, Zoe's behavior of accruing revenues and deferring expenses will be against the law if those modifications break accounting conventions and federal regulations.

5. Who do you think can discover Zoe’s accrued revenues and deferred expenses?

The person that can discover Zoe’s accrued revenues and deferred expenses is the auditor when he is reviewing the books of accounts of the company.

5 0
2 years ago
(Zaxbys)
OLga [1]

Answer:

Fried Caesar, grilled Caesar, Buffalo blue, fried cobb

Explanation:

Salads are made with various vegetables and meat base. The regular salad is green salad which is most commonly used. There are many benefits of having salad with meal. Many people do not like vegetables so they add little meat with salad to consume it. Most regular salad base are fried Caesar and fried cobb.

5 0
3 years ago
Myron quit gambling after he lost over a thousand dollars betting on horse races. this best illustrates the effects of:
Elena-2011 [213]

Negative reinforcement.

When Myron gambled, he experienced the negative consequence of losing money. In order to avoid this consequence, he stopped gambling.

5 0
3 years ago
Read 2 more answers
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