Products whose demand rises when another product's price increases are called: Substitute goods
Answer:
Total Current Assets $ 100,800
Explanation:
The current asset are those assets which are cash cash or the firm expect to convert in cash within a 12 month period (one-year)
Assets with a useful life or collection date longer than a year will be considered non-current thus, non included in current asset
Cash $ 38,600
Short-term investments $ 4,600
Accounts receivable $ 51,000
Supplies <u> $ 6,600 </u>
Total Current Assets $ 100,800
False. The actions of the company that are expected by society but are not specified by legislation are included in its ethical duties. The need that the company be environment friendly is one of the ethical responsibility criteria.
The company should be constantly mindful of its operations and how they impact the environment. It is the moral and ethical responsibility of every human and every business. A business that upholds the law is also a business that values social responsibility. The company is free to operate whatever it sees fit, but only within the confines of the rules set down by numerous laws, including labor, environment, and criminal laws.
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<u>Answer:</u>$40,000
<u>Explanation:</u>
Bad debt expense is referred to as the noncollectable accounts receivables in a company. Allowance for doubtful accounts is made by Labrador Inc as the company is sure that the goods sold in credit will not be received by the company. The amount which has to be written in the year is the amount which cannot be recovered by the firm. The opening and closing balance of the allowances have to be adjusted in the bad debt expense to find out the final amount to be written off in the balance sheet from accounts receivable.
Bad debt expense $60000
(Add) Opening balance
Allowance for doubtful accounts $42000
(Less) Closing balance
Allowance for doubtful accounts $62000
Total write off during the year $40000