The problem of bankruptcy is associated with the misuse of credit in the <u>borrowing</u> component of financial planning.
Making a plan for your future, specifically one that addresses how you will handle your finances and be ready for any potential expenses and problems is known as financial planning.
Policy creation in relation to borrowing and lending, cash management, and other financial activities results from financial planning. Such policies will aid in making crucial decisions for the management of capital and achieving financial activity coordination.
To know more about financial planning, click here:-
brainly.com/question/21780268
#SPJ4
Answer:
e. Debit Allowance for Doubtful Accounts $2,000
Credit Accounts receivables A-Hopkins $2,000
Explanation:
When a company use the allowance method of accounting for uncollectible accounts, the company would actively review and book bad debt expenses for any debt in doubt of collection. The entry would be; Debit Bad debt expenses, Credit Allowance for doubtful debt
However, where there is sufficient evidence that these debts goes into default, no more expenses would be recorded , instead
Dr. Allowance for doubtful debt $2,000
Cr. Account receivable $2,000
(To record written off receivables)
Answer:
The statute of limitations is as indicated for different cases:
a: Fraud: The statute of limitations remains open.
b:Disallowance of tax deduction items: The assessment is made within three years from the later date of tax filing or due date.
c: The omission of rental income that is equal to greater than 25% of the taxpayer's reported gross income: A six year statute of limitation is applicable.
Explanation:
The statute of Limitations for the following cases are
a. Fraud (e.g., failure to file a tax return)
In this case the statute of Limitations indicate that <em>The statute of limitations remains open indefinitely if a fraudulent return is filed or if no return is filed at all.</em>
b. Disallowance of tax deduction items
In this case the statute of Limitations indicate that <em>The general rule for the disallowance of tax deduction items is that an assessment may be made against the taxpayer within three years from the later of the date the tax return was filed or its due date.</em>
c:The omission of rental income that is equal to greater than 25% of the taxpayer's reported gross income
In this case the statute of Limitations indicate that <em> A six year statute of limitations applies if the taxpayer omits an item of gross income that is in excess of 25% of the gross income that is reported on the return.</em>
<em></em>
Answer:
d. firm-specific strengths that allow a company to differentiate its products from rivals or achieve lower costs than rivals.
Explanation:
Competitive advantage refers to the ability of a country or a company to produce a good or service using fewer inputs compared to its rival. The company can manufacture a larger quantity of goods using the same amount of factors of production as others.
Distinctive competencies are unique skills, methods, and practices that increase the competitiveness of a business. They are the specials traits that give an organization an advantage over competitors in producing a particular good or service. Distinctive competence may be core skills, technology, or methodology that competitors cannot replicate easily.
According to the information in the Graph Veronique made a better decision than Lily because the final cost of her purchase is lower including finance charges (option B)
<h3>What is a finance charge?</h3>
A finance charge is an economic term that refers to additional charges made by finance companies (such as banks) to a transaction we make, such as a purchase.
In the case of Veronique and Lilly, they both bought the same suitcase with different prices. However, the better financial decision was Veronique's because she paid less ($25) for the same bag including finance charges.
While Lilly, despite having fewer fees, will have to pay $10 more than Veronique.
Note: This question is incomplete because the image is missing. Here is the image.
Learn more about payment in: brainly.com/question/15138283
