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madam [21]
3 years ago
7

Physicians' Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $44,000; Allo

wance for Uncollectible Accounts = $1,100 (credit). On December 31, 2021, Physicians' estimates uncollectible accounts to be 15% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet. 3. Calculate net accounts receivable
Business
1 answer:
ivanzaharov [21]3 years ago
6 0

Answer:

Entry: 1. Dr bad debts expense  5500

                    Cr Allowance for uncollectible accounts  5500

Explanation:

1.Account receivable =  $44000

Allowance for uncollectible accounts(Dec,31 2021) = $1100

44000* 15% = 6600 - 1100 = $5500 Allowance for uncollectible accounts

2.  Bad debts expense =  (44000* 15%) = 6600

3. Uncollecible accounts = (Open) Allowance for bad debts + Current year Allowance.

                         =  1100 + 6600 = $7700.

4. 44000 - 7700 = $36300 net account receiable

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UkoKoshka [18]

Answer:

.d. The equilibrium quantity would increase, and the effect on equilibrium price would be ambiguous.

Explanation:

The use of the machine would increase the supply of lattes and price falls. The supply curve would shift to the right. If scientists discover that coffees reduce heart attack, the demand for coffee would increase and price would increase. The demand curve would shift to the right.

The combined effect would be a rise in equilibrium quantity and an indeterminate effect on equilibrium price.

I hope my answer helps you

7 0
4 years ago
2. A fancy steakhouse in a shopping mall offers a 20% discount to employees of other stores in the mall, provided that they eat
krok68 [10]

Answer:

Different aspects to be considered:

First of all, the steakhouse probably has the most clients between 6 to 8 PM, that is why discounts are not offered during that time.

Second, the discount is offered to only a certain group, employees of other stores, because it is a promotional strategy aimed at increasing the number of clients during slow hours. Since this is a fancy place, it is probably expensive also. Most employees would not actually eat there except on a special event, e.g. birthday or anniversary dinner. Even with the 20% discount, not many of them will actually eat there.

This is something nice to offer, since a shopping mall is a close environment where a lot of different people work together, even if very few will actually take the offer. It is normal that different stores have distinct promotions for the employees that work there. It is similar to offering perks that help create a better working environment between the employees of different stores.

8 0
3 years ago
Donald operates an accounting firm and has an annual summer party for the employees and their families. He believes the party be
Vsevolod [243]

Answer:

$6000

Explanation:

Accordingly, the costs associated with throwing a party for employees and their families (spouses and significant others) are fully deductible (100%) as long as the party is hosted primarily for the employees. In this case, the party is for the employees as it is seen to benefits them, thus, total cost Donald can deduct equals cost of beverages and food plus cost of band,

That is,

= 5500 + 500

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5 0
3 years ago
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Answer:

Invalid

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Since it is stated in the will, that upon his death should the assets be transferred, it means that Silvia doesn't get anything until Mr Jacob ceases to be alive.

With the new development as regards Mr Jacob living for 6 more months before dying, Silvia has no assets yet and as such cannot transfer anything to Jacob Jnr.

Cheers

8 0
3 years ago
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<span>In development of new products, the most defined aspect is the processes.  It takes a great deal of effort and time in product creation in laboratories. Testing the feasibility of new product in actual manufacturing environment. Trials are done to capture and document actual procedures, machine specifications, safety requirement, and actual working parameters to achieve the desired specification of the new product. </span>

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