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BabaBlast [244]
3 years ago
6

Stephanie Roe utilizes the direct write-off method of accounting for uncollectible receivables. On September 15, she is notified

by the attorneys for Jacob Marley that Jacob Marley is bankrupt and no cash is expected in the liquidation of Jacob Marley. Write off the $4,970 of accounts receivable due from Jacob Marley.
Business
1 answer:
Iteru [2.4K]3 years ago
5 0

Answer:

Dr Bad Debts $4,970

Cr Accounts Receivables $4,970

Explanation:

The bad debts are confirmed and once it is confirmed it is written off by decreasing the accounts receivables by the amount as the amount is not now receivable and increase the bad debt expense because this is cost to the company. The bad debts confirmed are accounted for as under:

Dr Bad Debts $4,970

Cr Accounts Receivables $4,970

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The Lend-Lease Bill, introduced in Congress: Group of answer choices authorized the president to sell, transfer, lend, lease, or
tankabanditka [31]

Answer:

Authorized the president to sell, transfer, lend, lease, or otherwise dispose of other equipment and supplies to any country whose defense the President deems vital to the defense of the United States.

Explanation:

Lend-Lease Act

This bill was said to come into existence on 11th of March, 1941. The Congress passed the Lend-Lease Act. The legislation gave the President at that time, President Franklin D. Roosevelt the right, powers to sell, transfer, exchange, lend equipment to any country to help it defend itself against the other powers.

It was said that with the Lend-Lease bill stated that country of any kind whose defense the President thinks is very important to the defense of the United States will be given or can be able to receive military equipment, supplies, and other necessary materials even if that country is unable to generate funds to pay for those items.

6 0
2 years ago
The kenosha company has three product lines of beer mugslong dash​a, ​b, and clong dashwith contribution margins of $ 5​, $ 4​,
Tema [17]

Answer:

break even point in units:

  • a = 11,700
  • b = 46,800
  • c = 35,100

Explanation:

beer mugs          contribution margin         expected sales

a                                $5                                   25,000

b                                $4                                  100,000

c                                $3                                   50,000

fixed costs = $351,000

if the sales proportion remains the same, we can assume a bundle of products = 1a + 4b + 3c (1 for every 25,000 units) whose contribution margin = $5 + $16 + $9 = $30

break even point = fixed costs / bundle's contribution margin = $351,000 / $30 = 11,700 bundles

break even point in units:

a = 11,700

b = 11,700 x 4 = 46,800

c = 11,700 x 3 = 35,100

3 0
3 years ago
Suppose Becky has her choice of $10,000 at the end of each month for life or a single prize of $1.5 million. She is 35 years old
yaroslaw [1]

Answer:

The answer is $3,456,000.

Explanation:

Annuity is a set amount of money that is paid every year for the person's life. She is 35 years old and expected to live to 75. So for $10,000 at the end of each month, the annuity is, 40 x 12 = 480 months, 480 months  x $10,000 = $4,800,000. If we take the $10,000 as the principal amount, and calculate the interest at 7,2% monthly, in 40 years it would be $3,456,000.

I hope this answer helps.

3 0
3 years ago
Brief Exercise 5-8 Cullumber Company has a unit selling price of $630, variable costs per unit of $300, and fixed costs of $327,
IRISSAK [1]

Answer:

(a)

Mathematical Equation for break-even

F = QP - QV

Where

F = fixed cost

Q = Break-even quantity

P = Selling price

V = Variable cost

F = Q ( P - V )

Q = F / ( P - V )

Q = $327,030 / ( $630 - $300 )

Q = $327,030 / $330

Q = 991 units

(b)

Contribution Margin = Price per unit - Variable cost per unit

Contribution Margin = $630 - $300 = $330

Break-even Point in Units = Fixed Cost / Contribution margin per unit

Break-even Point in Units = $327,030 / $330 = 991 units

Explanation:

Mathematical equation use the the break-even equation which represent the behavior of each element towards the break-even point.

Contribution per unit method use the contribution of each unit to calculate the break-even point.

5 0
3 years ago
Government debt in the United States can be categorized a number of different ways. For each debt definition below, please indic
Nitella [24]

Answer:

Explanation:

The national debt includes ;Treasury bonds bought by a little old lady in Peoria

The public debt includes ;Treasury bonds bought by the Social Security Administration, First National Bank of Dallas the government of China First National Bank of Dallas a citizen of Germany the government of China a citizen of Germany a little old lady in Peoria the Social Security

Administration Internally held debt includes; bonds owned by the Social Security, Administration First National Bank of Dallas the government of China a citizen of Germany a little old lady in Peoria.

Externally held debt includes bonds owned by the Social Security Administration First National Bank of Dallas the government of China a citizen of Germany a little old lady in Peoria

7 0
3 years ago
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