debit to Bad Debt Expense for $3,800
<h3>What is
Bad Debt Expense ?</h3>
When a receivable is no longer collectible because a customer is unable to fulfil their obligation to pay an outstanding debt due to bankruptcy or other financial problems, a bad debt expense is recognised.
If a company with $2,000,000 in sales expects 2% of sales to be uncollectible, their bad debt expense would be $40,000 ($2,000,000 * 0.02). Consider a roofing company that agrees to replace a customer's roof on credit for $10,000.
Are bad debts a cost or a liability? Bad debts are an expense to the business rather than a liability because the amount expected to be received from the debtor is irrecoverable and has a negative impact on the books of accounts by reducing accounts receivable.
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Answer:
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1. Many FirmsAs a rule, monopolisticallycompetitive markets are notmarked by economies ofscale or high start-up costs,allowing more firms.2. Few Artificial Barriers toEntryFirms in a monopolisticallycompetitive market do notface high barriers to entry.3. Slight Control over PriceFirms in a monopolisticallycompetitive market have somefreedom to raise prices becauseeach firm's goods are a littledifferent from everyone else's.4. Differentiated ProductsFirms have some control overtheir selling price because theycan differentiate, or distinguish,their goods from other productsin the marke
Answer:
$45,111.41
Explanation:
For calculation of value of the payments today first we need to find out the value at 3 years which is shown below:-
Value at 3 years = PMT × (1 - (1 ÷ (1 + r^n))) ÷ r
= $3,000 × (1 - (1 ÷ (1.0265 ^24))) ÷ 0.0265
= $52,776.45
Now, The value of the payment today = Value at 3 year ÷ (1 + r^n)
= $52,776.45 ÷ (1.0265^6)
= $45,111.41
Therefore we have applied the above formula.
Answer:
it is supported by the government because in order for you to pay taxes you need a job and when you have a job you get you payed and you use the money to pay for the taxed. really it is just a big circle
