What amount should be recorded as Bad Debt Expense for the current year?
Not yet due:
22,000
Estimated Percentage Uncollectible: 3%
Estimated Amount Uncollectible: 660
Up to 120 days past due:
6500
Estimated Percentage Uncollectible: 14%
Estimated Amount Uncollectible:
910
Over 120 days past due:
2800
Estimated Percentage Uncollectible: 34%
Estimated Amount Uncollectible: 952
Estimated Balance in allowance for doubtful accounts: 2522
Current balance in allowance for doubtful accounts: 1200
Bad Debt Expense for the Year: 1322
Answer: The statement is <u>TRUE.</u>
Financial intermediaries are those people or companies that offer financial services to the investor without the latter having to contact the issuer of the financial instrument.
Its function is that of intermediation between people who save and people who need financing, that is, between buyers and sellers.
This is answer could be true I think
These is a major advantage of a market economy is it can change direction rapidly when needed as markets change. Thus second option is correct.
<h3>What is Market Economy?</h3>
Market Economy refers to the economy in which the prices of the goods and services are determined by the two market forces that are supply and demand.
There is a less control of the government in the market economy and therefore all the decisions are taken by the private individuals. Thus option 1st is incorrect.
The Prices of the goods and services are determined by the supply and demand forces and the prices are kept as per the affordability of the customers. Thus option 3rd is also incorrect.
Therefore the correct option is 2nd one as the market changes the price of the good and services are also effected and get changed.
Learn more about Market economy here:
brainly.com/question/14164189
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