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Digiron [165]
4 years ago
15

During 2021, Jacobsen wrote off $19,300 in receivables and recovered $7,300 that had been written off in prior years. Jacobsen's

December 31, 2020, allowance for uncollectible accounts was $46,500. Using the balance sheet approach, what amount of allowance for uncollectible accounts should Jacobsen report at December 31, 2021?
Business
2 answers:
Firlakuza [10]4 years ago
7 0

Answer:

58,500

Explanation:

Begining balance of allowance for uncollectible amounts (1/1//2021) = 46,500

During the year, this balance increases by 19,300 because Jacobsen writes off a new amount of $19,300

At the same time, the balance decreases by 7,300 because Jacobsen recovers the amount which was written off in previous years ($7300)

Thus the ending balance of allowance for uncollectible amounts at 31/12/20221 would be:

46,500 + 19,300 - 7,300 = 58,500

sweet [91]4 years ago
4 0

Answer:

Allowance that will be reported at December 31, 2021  at $46,500

Explanation:

The Amount of Trade Receivables shown in the Balance Sheet must be a <em>faithful representation </em>of what the Company expects to receive from its sales on Account.

The figure of Accounts Receivables is arrived at by Deducting Accounts Written Off and Allowance for Doubtful debts.

Allowance that will be reported at December 31, 2021 remains at $46,500.

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Even though the United States has an absolute advantage in producing both refrigerators and shoes, it makes economic sense for it to specialize in the good for which it has a comparative advantage. The United States will export refrigerators and in return import shoes.

<h3>Do all countries have an absolute advantage in production?</h3>

In the production of at least one good or service, almost every nation enjoys an absolute competitive advantage. The key to absolute advantage is low-cost production. For instance, because they can benefit from low labor costs, China and other Asian nations are known to have a distinct advantage in the manufacturing sector.

<h3>What determines a nation's choice to specialize in a particular good?</h3>

When resources are scarce, a country's decision to focus on producing a specific good is also heavily influenced by its comparative advantage. Comparative advantage is based on the idea of opportunity cost, whereas absolute advantage refers to the superior production capabilities of one nation over another.

Does Japan have an absolute advantage in the auto industry?

Japan is said to have a clear advantage in the auto industry if it can produce cars just as well as the United States, but more quickly and with higher quality. The kinds of goods a nation decides to produce are greatly influenced by its absolute advantage or disadvantage in a given industry.

Learn more about U.S. auto industry:

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7 0
2 years ago
Before the development of money as a medium, goods and services were exchanged through a ________ system.
igomit [66]
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6 0
3 years ago
You are offered a chance to buy an asset for $4,500 that is expected to produce cash flows of $750 at the end of Year 1, $1,000
zzz [600]

Answer:

<em>a. 22.64%</em>

Explanation:

At first we are going to need to compute the Internal rate of return(IRR) (in which the current value of inflows = the current value of outflows)

Let's let the IRR be <em>x percent</em>

Therefore $4,500 = $750 / (1.0x)

+ $1,000 / (1.0x) <em>power 2</em> + $850 / (1.0x) <em>power 3 </em>

+ $6,250 / (1.0x) <em>power 4</em>

Thus, x = approximate return rate = <em>22.64 percent</em>

6 0
3 years ago
In the __________ method, the manager keeps a written record of both favorable and unfavorable actions performed by an employee
erica [24]

In the critical incident method, the manager keeps a written record of both favorable and unfavorable actions performed by an employee during the entire rating period.

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Critical incident method is an appraisal methods used for an employee.

The technique helps to check and analyze the behavior of an employee in a given company over a period of time.

This record can help to take critical actions and make important decision regarding the employee. It can also serve as pointer and reference for future decision.

Therefore, In the critical incident method, the manager keeps a written record of both favorable and unfavorable actions performed by an employee during the entire rating period

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5 0
2 years ago
Accountants must abide by a strict code of ethics that defines their responsibilities to
Dennis_Churaev [7]
<span>Accountants must abide by a strict code of ethics that defines their responsibilities to their clients and to the public interest. Hope this answers the question. Have a nice day. Feel free to ask more questions. Thank you.</span>
6 0
3 years ago
Read 2 more answers
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