Which type of law governs the relationship between private individuals or companies?

QS 7-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31,

Kaylis [27]

Answer:

Jan 31

Dr Allowance for doubtful accounts $2,800

Cr Accounts receivable—C. Green $2,800

Mar 09

Dr Accounts receivable—C. Green $2,300

Cr Allowance for doubtful accounts $2,300

Mar 09

Dr Cash $2,300

Cr Accounts receivable—C. Green $2,300

Explanation:

1. Preparation of the journal entry for January 31

Jan 31

Dr Allowance for doubtful accounts $2,800

Cr Accounts receivable—C. Green $2,800

2. Preparation of the journal entries for March 9

Mar 09

Dr Accounts receivable—C. Green $2,300

Cr Allowance for doubtful accounts $2,300

Mar 09

Dr Cash $2,300

Cr Accounts receivable—C. Green $2,300

6 0

3 years ago

5. How does the critical path differ from the main project plan? (1 point)

Savatey [412]

Answer: Critical path allows teams to identify the most important tasks in a project. This provides a higher level of insight into your project's timeline and a correlation between tasks, giving you more understanding about which task durations you can modify, and which must stay the same.

7 0

4 years ago

Mateo wants to buy a new guitar and amp that will cost about $2,500. He works part time at a cafe and brings home around $500 pe

Phoenix [80]

The part of Mateo's goal that is missing in regards to buying the guitar in two months is the amount that is saved towards the goal.

<h3>What detail is missing?</h3>

The scenario painted talks about the amount that Mateo earns per week which is $500. Earning this amount, he should be able to purchase the guitar in 5 weeks if he devotes it all to the guitar.

He however says he can only buy the guitar in two months which means that the entire amount is not going towards the guitar. The missing detail is the amount that is saved every week.

Find out more on saving at brainly.com/question/341992.

7 0

3 years ago

Nicoloss is a store that sells clothes, cosmetics, travel bags, and furniture to final consumers. Customer reviews indicate that

kirill115 [55]

Answer: Department store

Explanation: When an establishment offers products and services to end or final consumers in various product segments or categories, such stores are usually referred to as department stores. The word department means each product offering is separated or segmented with varieties to choose from. In the scenario above, Nicoloss store is composed of departments ranging from Clothing, Cosmetics, travel bags, furniture, which gives shoppers the opportunity to purchase from different categories of products on offer within the walls of a single store.

6 0

3 years ago

Would your computation be different if the company reported $320,000 worth of contingent liabilities in the notes to the stateme

Juli2301 [7.4K]

Answers to all the parts are listed below.

<h3>What is working capital?</h3>

Working capital is defined as the difference between current assets and current liabilities.
It is critical to estimate and compute working capital in order to allocate cash available for working capital.
If working capital is negative, it signifies that current liabilities exceed current assets, which is a negative indicator of liquidity.

(1-a) Computation of current liabilites = $107,600.

(Go through the table given below)

(1-b) Working capital = Current assets - Current liabilities

Current assets = Total assets - Non-current assets = $590,00 - $350,000 = $240,000
Current liabilities = $107,600

So, Working capital = $240,000 - $107,600 = $132,400

(2) The computation would not alter since contingent liabilities are not recorded on the balance sheet; instead, they are disclosed in the notes to financial statements.

As a result, the $300,000 in contingent liabilities has no effect on any of the preceding calculations.

Therefore, all the answers are shown.

Know more about working capital here:

brainly.com/question/26214959

#SPJ4

The correct question is given below:

Diane Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: |Total assets |$ 590,000 |Total non current assets |350,000 |Liabilities: | |Notes payable (8%, due in 5 years) |23,000 |Accounts payable |55,000 |Income taxes payable |11,000 |Liability for withholding taxes |4,000 |Rent revenue collected in advance |9,000 |Bonds payable (due in 15 years) |105,000 |Wages payable |9,000 |Property taxes payable |5,000 |Note payable (10%, due in 6 months) |14,000 |Interest payable |600 |Common stock |180,000 Required: 1-a. What is the amount of current liabilities? 1-b. Compute working capital. 2. Would your computation be different if the company reported $300,000 worth of contingent liabilities in the notes to its financial statements?

8 0

1 year ago