<span>The answer in the given statement above is the accounts
receivable conversion. This type of process allows an individual to receive the
amount that he or she converts from paper check into a real amount when scanned
under an electronic machine in which is being described above.</span>
Answer:
PV= $81,947.83
Explanation:
Giving the following information:
Future value= $95,000
Interest rate= 0.03
Number of periods= 5
To calculate the initial investment required to reach the objective, we need to use the following formula:
PV= FV/(1+i)^n
PV= 95,000/(1.03^5)
PV= $81,947.83
Answer:
(a)
1. Kalispell State Bank
2. Glacier Boutique
3. Big Sky Sports
4. Kalispell State Bank
5. Big Sky Sports
6. Big Sky Sports
7. None of the above
8. Glacier Boutique
9. None of the above
10. Big Sky Sports
(b) Business transactions refers to the transactions that are related to only business, such as purchase of land, machinery, goods for business purposes. Any type of personal transaction is not included in business transaction.
Answer:
Allowance for uncollectible accounts
Explanation:
This account is a contra asset account which says that the account receivable amount is not collected in near future
It is shown in the asset side of the balance sheet
Assets side
Current Assets
Accounts receivable XXXXX
Less: Allowance for doubtful debts (XXXXX)
Net accounts receivable XXXXX
It is an estimated amount which is not to be paid by the customer in respect to goods delivered to them
The journal entry would be
Bad debt expense A/c Dr XXXXX
To Allowance for uncollectible accounts A/c XXXXX
(Being the uncollected amount is recorded)
Answer: partial release clause
Explanation:
The partial release clause is regarded as a clause which provides for deeds to portions of land to be conveyed as certain percentages of the contract price are paid.
The partial release clause simply states that when the balance on a mortgage has been paid to a particular amount, the lenders will have to release a parcel.
