Answer: The correct answer is "B, C, and D".
Explanation: All of these are corrects statements regarding the direct write-off method for calculating bad debt expense.
- This method is generally not consistent with GAAP and accrual accounting.
- Using this method generally causes an over estimate of accounts receivable in the company's balance sheet.
- One of the peculiarities of this method is that it only recognizes the expense for bad debts when a specific account is determined uncollectible.
Answer:
E) incomplete market and product protocol.
Explanation:
Kimberly-Clark's Avert Virucidal failed in test marketing, because the researchers in charge of product development failed to clearly define how it would satisfy consumers' wants and needs. The idea itself wasn't bad, but the concept testing was poorly done. During concept testing, the marketing researchers must determine if the consumers understand the product's idea or not, and obviously that didn't happen. The product does satisfy consumers' needs and if the marketing process was properly done, they would have probably accepted the product.
The amount of gain that will be recognized in 2021 under the installment method, is $27, 857 . 14
<h3>How to find the gain recognized?</h3>
First, find the profit margin on the land sold by Allen to Stan:
= ( Selling price of land - Allen's basis in the land) / Allen's basis in the land
= ( ( 300, 000 + 65, 000) - 255, 500) ) / 255, 500
= 109, 500 / 255, 500
= 42. 857 %
The gain to be recognized, using the installment method is:
= Profit margin x Amount paid by Allen in 2021
= 42. 857 % x $ 65, 000
= $27, 857 . 14
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Answer:
The correct answer is the letter b. “The cost of goods sold to be understated.”
Explanation:
In calculating its indirect profit rate, Brady Company no longer included a cost component. By dividing the total cost by the products sold, the cost of each individual product will be underestimated, this will underestimate all the production sold, meaning the costs of the products will appear to be lower than they really are, and your profits will appear to be higher than they really are.
