Answer: See explanation
Explanation:
a. The amount of the adjusting entry for uncollectible accounts will be:
= Estimated balance required in Allowance account - Unadjusted balance existing in Allowance account
= $14800 - $4000
= $10800
b. The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense will be:
Account receivables = $440,000
Allowance for Doubtful accounts = $14,800
Bad Debt expense = $10800
c. The net realizable value of accounts receivable will be:
= Account receivables - Allowance for Doubtful accounts
= $440,000 - $14800
= $425200
Answer:
B) no competitive producer of the same product
Explanation:
Monopoly refers to a single seller selling a unique product to a large number of buyers. A monopoly dominate the industry has total control of the market.
Characteristics of a Monopoly
1) High barrier to entry: This implies that competitors are restricted. New sellers are not allowed entry.
2) Single seller and large buyers: There is a single seller selling to a large number of consumers in the market.
3) Unique product: The product sold in a monopoly are unique have little or no close substitute.
4) Price Maker: A monopoly decides on the price he wants to sell his product. He can increase the price at will.
5) Economies of scale: A monopoly enjoys economies of scale because he can buy raw materials in large quantity at a reduced price, thereby reducing the cost of production and increasing Profits.
6) No competitor: Since the market is characterised by a single seller, high barrier to entry, then, competitor does not exist in a monopoly market.
Answer:
The correct option is B,-$5,200 as found in the attached.
Explanation:
The net cash flows provided/used by investing activities are cash flows(both inflows and outflows) on assets that are capable of generating earnings directly or indirectly for the business.
By direct ,I mean assets that are used directly in the business to enhance the business earnings while indirect relates those that are not used in core business operations.
Cash flow from investing activities is computed:
Cash received from sale of equipment $14,800
cash paid to purchase investment ($20,000)
Cash flow used in investing activities ($5,200)
The correct option is B as found in the attached .
Answer:
Inventory turnover ratio = Cost of Goods sold / Average Inventory
Explanation:
To calculate this we need to take same time period for both cost of goods sold and average inventory. Average inventory is used instead of ending inventory because of inventory fluctuations in many companies.
Answer:
C. someone with the ability to combine other resources in a productive enterprise
Explanation:
An entrepreneur creates a business from scratch and makes it a success. A business begins as an idea that is transformed and developed into a successful enterprise. The entrepreneur forms the ideas and sources for means and ways of actualizing it into a successful venture.
The entrepreneur provides the factors of production required to actualize his or her idea. Entrepreneurship is one of the inputs in production. The entrepreneur put together the other factors of capital, land, and labor and forms an enterprise that produces other goods and services at a profit.
