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4 years ago

Another term for a pre-inspection agreement is

1 answer:

7 0

Pre-inspection agreement is pre-sale inspection. As pre-inspection agreement is in essence in a contract between two parties, so it can be called contract agreement.

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On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Account

slava [35]

Answer:

1. $372,150

2. $650

Explanation:

1. Smith's preadjustment balance in accounts receivable on December 31, 2019:

= Accounts Receivable on January 1, 2019 + Credit sales - Collected accounts receivable - uncollectible accounts receivable

= $386,000 + $2,895,000 - $2,905,000 - $3,850

= $372,150

2. Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019:

= Allowance for Doubtful Accounts (a credit balance) on January 1, 2019 - uncollectible accounts receivable

= $4,500 - $3,850

= $650

3. The Journal entry is as follows:

Bad Debt Expense ($3,800 - $650) A/c Dr. $3,150

To Allowance for Doubtful Accounts $3,150

(Record adjusting entry for bad debt expense estimate)

5 0

3 years ago

Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $42,600 and $88,200, respectively,

Naily [24]

Answer:

The amount of loss to Alpha is $17700.

Explanation:

Given income sharing ratio = 1:2

The capital balance of Alpha = $42600

The capital balance of Beta = $88200

Total capital balance (Alpha + Beta) $= $42600 + $88200 = $130800$

The cash balance available = $77700

Loss = 130800 – 77700 = $ 53100

The share of loss allocated to Alpha:

$= 53100 \times \frac{1}{3} \\= $17700$

Therefore, the amount of loss to Alpha is $17700.

6 0

3 years ago

Diane is a CFO at We Do What We Want, Inc. She was just instructed by her boss, the CEO, to accelerate the recording of revenue

Elden [556K]

Answer:

The correct answer is D. Works through the chain of command within the company to avoid subordinating judgment.

Explanation:

The chain of command not only establishes the hierarchy of responsibility for management or accountability, but also the lines of authority and the decision-making power of the company. An appropriate chain of command ensures that each task, each job and each department have a person who assumes responsibility for their performance.

5 0

3 years ago

Who faces limited liability, in the form of money, for the firm's debts in a corporation?

telo118 [61]

The individual stockholders face limited liability in the form of money

8 0

3 years ago

Read 2 more answers

One-year Treasury securities yield 4.25%. The market anticipates that 1 year from now, 1-year Treasury securities will yield 6.9

8090 [49]

Answer:

5.57%

Explanation:

Assuming that pure expectation theory holds, then the compounded returns of 1 year treasury security rate multiplied by the compounded return of 1 year security rate 1 year from now is equal to the compounded return of the 2 year treasury rate.

1 year treasury security rate = 4.25%

1 year treasury security rate 1 year from now = 6.9%

To solve, we have

1.0425 * 1.069 = (1 + x)²

1.1144 = (1 + x)², finding the square root of both sides

√1.1144 = 1 + x

1.0557 = 1 + x

x = 1.0557 - 1

x = 0.0557

Therefore, the yield today for 2 year treasury securities is 5.57%

7 0

3 years ago