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2 years ago

If an account is collected after having been previously written off:

Business

2 answers:

Orlov [11]2 years ago

8 0

Answer:

d. there will be both a debit and a credit to accounts receivable.

Explanation:

Bad debt is defined as the portion of accounts receivable that is considered to be lost and is written off as a loss to the business within a given period.

When a bad debt is written off it impacts directly on the profit of the business.

If an account has been collected after previously being written off, there will be a credit to accounts receivable to show an increase in a recievable by the business.

Also there is a debit to accounts receivable to show that the recovered funds has been moved to profit or revenue account of the business.

siniylev [52]2 years ago

7 0

Answer:

There will be both a debit and a credit to accounts receivables ( D )

Explanation:

The accounts receivable should be debited and credited because when an account has been written off it is considered a bad debit ( account that is lost to debt or cannot be collected or retrieved by the company from the debtor ) and Bad debits are debited in the accounts receivables.

When an account written off ( bad debit ) is collected by the company the accounts receivables should be credited in order to offset the bad debit that was previously debited in the accounts receivables of the company. this is necessary so that the collected account will reflect on the Revenue of the company.

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All of the accounts of the Grass is Greener Company have been adjusted as of December 31, 2016, with the exception of income tax

yulyashka [42]

Answer:

The income before tax is $370450, the income tax is $111135 and the net income is $259315.

Explanation:

As the data table is not visible,online a similar question is found for which the data is attached here with.

From the given data

Service Revenue=$943,000

Interest Revenue=$127,1000

Total Revenue=Service Revenue+Interest Revenue=$1070100

Now The expenses are given as

Supplies Expense=$349,200

Repairs and Maintenance Expense =$258,300

Depreciation Expense=$60,350

Rent Expense=$ 31,800

Total Expense=Supplies Expense+Repairs and Maintenance Expense+Depreciation Expense+Rent Expense=$699650

So the income before tax is given as

Income=Total Revenue-Total Expense

Income=$1070100-$699650

Income=$370450

So the income before tax is $370450.

Now the tax is estimated at 30% as given tax rate as

Tax=Rate*Income

Tax=30%*$370450

Tax=$111135

So the income tax is $111135.

Now the Net income is given as

Net Income=Income-Tax

Net Income=$370450-$111135

Net Income=$259315

So the Net Income is $259315.

8 0

3 years ago

Jessica teaches business studies in a reputed college. As part of the curriculum, she needs to demonstrate to her students the s

nata0808 [166]

Answer:

In the first step jessica should discuss the basic and general ideas of creating business.

Explanation:

As mentioned in the question jessica teaches business studies in a college and she has to demonstrate her students the steps which would be involved in the starting of a business.

So, she has thought to demonstrate the ideas in a sequential order with proper examples and all the steps should be explained nicely.

So,here in the first step she will need to:

Start with the most basic and general idea of creation of new business.

Here we should know why a business basic idea so important:

Because a proper plan will only lead to a business reality.
The idea will work as a blueprint in the guidance of business
The best idea will progressively lead to well settled company from a start-up.

6 0

3 years ago

Harry leads the international marketing department of a smartphone manufacturer, Myfone. Myfone has recently decided to expand i

wlad13 [49]

Answer:

Availability of data.

Explanation:

The term “data availability” refers to the ability to ensure that required data is always accessible when and where needed within an organization's IT infrastructure, even when disruptions occur.

3 0

3 years ago

When a sales representative wishes to sell an exempt security to an out of state customer, which statement is TRUE?

GaryK [48]

Answer: A. Both the broker-dealer and the registered representative must be registered in the state where the sale of the exempt security is going to be made

Explanation:

When a sales representative wishes to sell an exempt security to an out of state customer, it should be noted that both the broker-dealer and the registered representative must be registered in the state where the sale of the exempt security is going to be made.

It should be noted that when though the exempt securities aren't typically registered under the Federal law and the State law, the broker-dealers along with the sales employees must be registered unde the state law where the security is being offered.

7 0

2 years ago

Why would american soybean producers care about the weather in south america? Is this distinction macro, micro, or a mixture of

dimulka [17.4K]

Answer: Macro

Explanation:

This is a macro distinction as the producers of soybean in America are concerned about the crop grown in South America as it will affect the overall price level of soybean in America. When the weather in South America is favorable and the crop produce is large, the supply curve for soybean will shift to the left driving down the overall price level of soybean in America.

Thus, because the concern here is about the overall produce and overall price level it is a macro distinction.

6 0

3 years ago