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bekas [8.4K]
3 years ago
11

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $2,800 account of a customer

, C. Green. On March 9, it receives a $2,300 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. g
Business
2 answers:
andriy [413]3 years ago
8 0

Answer:

journal entry  are given below

Explanation:

given data

account of a customer = $2,800

receives payment =  $2,300

solution

we get here  journal entry  that is on

and for the cash receipt we will debit cash account and credit account receivable accounts  

On January 31

Allowance for doubtful accounts A/c =  $2800 Dr

To Account receivable A/c  = $800

Being the written off amount is recorded

On January 31

Account receivable A/c = $2300 Dr

To Allowance for doubtful accounts A/c = $2300

Being the reverse entry is made

On March 9

Cash A/c =  $2300  Dr

To Accounts receivable A/c =  $2300

Being the amount is collected

laila [671]3 years ago
7 0

Explanation:

The Journal entry is shown below:-

On Jan 31

Allowance for doubtful accounts $2,800

                     To Accounts receivable - C. Green $2,800

(Being the uncollectible amount is recorded)

Mar 09

Accounts receivable - C. Green $2,300

               To  Allowance for doubtful accounts $2,300

(Being the written off amount is recorded

Mar 09

Cash $2,300

              To Accounts receivable -  C. Green $2,300

(Being the payment is received is recorded)

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The following are common categories on a classified balance sheet. a) Current assets b) Long-term investments c) Plant assets d)
noname [10]

Answer:

Land not currently used in operations - Long-term investments

Notes payable (due in five years) - Long-term liabilities

Accounts receivable - Current assets

Trademarks - Intangible assets

Accounts payable - Current liabilities

Store equipment - Plant assets

Wages payable - Current Liabilities

Cash - Current assets

8 0
3 years ago
Suppose there are only two firms that sell smartphones: Flashfone and Pictech. The following payoff matrix shows the profit (in
Ann [662]

Answer:

Flashfone and Pictech

a. If Flashfone prices high, Pictech will make more profit if it chooses a (high,low) __low___ price, and if Flashfone prices low, Pictech will make more profit if it chooses a(high,low)___low____ price.

b. If Pictech prices high, Flashfone will make more profit if it chooses a(high,low)__low____price, and if Pictech prices low, Flashfone will make more profit if it chooses a (high,low) __low____ price.

c. Considering all of the information given, pricing high (is, is not) _is not_ a dominant strategy for both Flashfone and Pictech.

Explanation:

a) Data and Calculations:

                                 Pictech Pricing

                                     High        Low

Flashfone Pricing High 11, 11        2, 18

                             Low  18, 2      10, 10

b) A dominant strategy exists if Pictech or Flashfone would implement a particular strategy that benefits it no matter what the other firm does.

3 0
3 years ago
Shawn puts money into an account. One year later he sees that he has 6 percent more dollars and that his money will buy 5 percen
Paladinen [302]

Answer:

d. The nominal interest rate was 6 percent and the inflation rate was 1 percent.

Explanation:

Nominal interest rate = real interest rate + inflation rate

Real interest rate is nominal interest rate less inflation rate. The real interest rate represents the real purchasing power of interest paid.

If the interest rate buys 5 percent more goods ,it means that the purchasing power and the real interest rate is 5 percent.

The nominal interest rate is 6 %

Inflation rate = nominal interest rate - real interest rate

= 6% - 5% = 1%

I hope my answer helps you.

7 0
3 years ago
Suppose Ford Motor Company issues bonds with a face value of ​$5 comma 000 and an annual coupon payment of ​$200. What is the in
ankoles [38]

Answer:

Interest rate = 4%

Explanation:

Given:

Face value of bond = $5,000

Annual coupon payment = ​$200

Interest rate = ?

Computation of interest rate on bond:

Interest rate = (Annual coupon payment / Face value of bond ) × 100

Interest rate = ($200 / $5,000) × 100

Interest rate = (0.04) × 100

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4 0
3 years ago
In expanding into foreign markets, a company can strive to gain competitive advantage (or offset domestic disadvantages) by
il63 [147K]

Here's the options that completes the question:

A. building a state-of-the-art facility to fully capture scale economies via an export strategy.

B. using export, licensing, or franchising strategies so as to minimize risk and capital investment.

C. locating buyer-related activities in all countries where it sells its product.

D. dispersing its activities among various countries in a manner that lowers costs or else helps achieve greater product differentiation and transferring competitively valuable competencies and capabilities from its domestic operations to its operations in foreign markets.

E. avoiding the use of strategies that entail coordinating its domestic strategic moves with its strategic moves in the various foreign markets that it enters.

Answer:

D. dispersing its activities among various countries in a manner that lowers costs or else helps achieve greater product differentiation and transferring competitively valuable competencies and capabilities from its domestic operations to its operations in foreign markets

Explanation:

A key condition that makes a firm achieve competitive advantage or a favourable business position is it's costs and product design.

If a firm can lower it's cost in a foreign market while also maintaining quality just as it is has done in it's domestic market then it stands a better chance of success.

For example, if a firm in the clothing line industry decides to expand its operations to a foreign market eg Africa.

A key factor in determining its success is its ability to lower its cost in the foreign market as compared to competitors, while also achieving the same quality standards of products.

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