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torisob [31]
3 years ago
10

A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time p

ast due is the:
Business
1 answer:
3241004551 [841]3 years ago
8 0

Answer:

The answer is aging of accounts receivable method.

Explanation:

This method helps accountants in determining how much of a company’s account receivables would not be collected. This is related to unpaid invoices of a company’s customers. Though invoices usually have due dates, according to the company, customers who haven’t paid even after the due date has passed must be calculated using this method for more accurate accounting reporting.

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The question of when revenue should be recognized on the income statement according to GAAP is addressed by the:
sleet_krkn [62]

Answer:

a. Revenue recognition principle

Explanation:

The revenue recognition principle refers to the principle in which the revenues are recorded when it is realized or earned. It follows the accrual basis of accounting

It is not recorded when the cash is actually received.

When the sale is made, the same is to be shown in the books of accounts

Therefore as per the GAAP, the revenue should be addressed by revenue recognition

hence, the correct option is a.

4 0
3 years ago
Would Davidson Masonry automatically be taxed as a partnership or a corporation? Is Davidson Masonry member managed or manager m
vichka [17]

Answer: The answers are provided below.

Explanation:

In Papagos Arizona, a deteriorating bridge on a prominent public roadway needed a repair. The city posted notices seeking proposals for an artistic bridge design and reconstruction. Davidson Masonry, LLC owned and managed by Carl Davidson and his wife - Marilyn Rowe, decided to submit a bid for a decorative concrete project that incorporated artistic metalwork. They contacted Shana Lafayette, a local sculptor who specialized in large-scale metal forms, to help them design the bridge. The city selected their bridge design and awarded them the contract for a commission of $184,000. Davidson Masonry and Lafayette then entered into an agreement to work together on the bridge project. Davidson Masonry agreed to install and pay for concrete and structural work, and Lafayette agreed to install the metalwork at her expense. They agreed that overall profits would be split, with 25 percent going to Lafayette and 75 percent going to Davidson Masonry. Lafayette designed numerous metal sculptures of salmon that were incorporated into colorful decorative concrete forms designed by Rowe, while Davidson performed the structural engineering. The group worked together successfully until the project was completed. Using the information presented in the chapter, answer the above question.

1. Would Davidson Masonry automatically be taxed as a partnership or a corporation?

2. Is Davidson Masonry member managed or manager managed?

3. When Davidson Masonry and Lafayette entered an agreement to work together, what kind of special business form was created? Explain.

4. Suppose that during construction, Lafayette had entered into an agreement to rent space in a warehouse that was close to the bridge so that she could work on her sculptures near the site where they would eventually be installed. She entered into the contract without the knowledge or consent of Davidson Masonry. In this situation, would a court be likely to hold that Davidson Masonry was bound by the contract that Lafayette entered? Why or why not?

1. A limited liability company will be taxed as a partnership unless the firm declares that it wants to be taxed as a corporation. A limited liability company that has at least two members can either choose to be taxed as a partnership or as a corporation.

In this case, the parties involved haven't declared to be taxed as a corporation, therefore they'll be taxed as a partnership.

2. Most states assume that a limited liability company is manager managed unless when it's otherwise stated by the articles of the organization. However, in this case, the text said that Davidson Masonry, was owned and managed by both members and since all the members of the LLC participates in management, then Davidson Masonry was member managed.

3. The kind of special business formed is a joint venture. Masonry and Lafayette then entered into an agreement to work together on the bridge project. Davidson Masonry agreed to install and pay for concrete and structural work, and Lafayette agreed to install the metalwork at her expense. They agreed to share the profit by ratio of 75% to 25%.

Joint Venture is a kind of business that is formed when two businesses combine their resources together and meet their different skill set in order to achieve a common business objective.

4. Joint venture possesses less power to bind members underlying the venture when compared to partnership. In this scenario, Lafayette had entered into an agreement to rent space without the knowledge or the consent of Davidson Masonry.

Based on this, Davidson Masonry is bound on the contract that Lafayette enters based on the principles of joint venture as both the members will be held liable for the agreement concerning the warehouse space.

4 0
3 years ago
When you decide to go and have a dinner with your friends in a world class hotel such as the Golden Tulip or La Pleasure Beach,
bezimeni [28]

Answer:

A. Price makers

B. Brand name

Explanation:

A. The hotels charge very high prices for wine and soft drinks because they are not price takers. They do not consider the price prevailing in the market for the products they are offering to the customers. They are price makers and select to charge the price they want to maintain their current hospitality. It their perception that wine and soft drinks are part of luxury. The food is an essential and people are not allowed to bring outside food in the hotel so they will buy it but when they will consume food they will also require the drinks as a part of their meal.

B. The people in today's world are so much brand conscious. They will pay for a name tag so they will be regarded for their high status in the society despite of low quality products. The ease of shopping at the branded stores is another reason for their high sales.

5 0
3 years ago
Assume that you have the following decision-making options: (1) make the decision on your own with available information, (2) co
raketka [301]

Answer:

(2) consult others before making a decision.

Before I make a recommendation, I will consult my team members.  Individually, some may have new ideas and modifications which we can incorporate into the project to even beat the competition and cause management to continue supporting the project.

Explanation:

Even though our competitor's "product appears to utilize radical new design principles that expand the functionality of the product," we can still modify our product.  This will not only incorporate the features of our competitor's product, but also further introduce new features that will emanate from the challenge from competition.

This is where the SCRUM framework becomes important.  This framework for project management emphasizes teamwork, accountability, and iterative progress toward a well-defined goal, while allowing for tweaks.

Developing this project based on this framework must have made it possible for us to receive the report from the marketing department in the first place.  The principles of Scrum are Openness, Respect, Courage, Commitment, and Focus.  So, the best we can do will be to prioritize, come up with new improvement ideas, and convince top management not to cancel the project.

3 0
3 years ago
Rues and West Inc. is an automobile manufacturing firm. It produces and assembles all the parts of automobiles in its factory an
Alexxandr [17]

Answer:  Wholesalers

Explanation: In simple words, push pull strategy refers to the flow of the merchandise from different levels of supply chain management. Wholesalers refers to an individual or an entity that produces a commodity at large quantities to ultimately sell it to retailers of that commodity.

In the given case,the rues and west were producing the commodities in large quantities and are supplying it to their stores where it is further sold to retailers.

Hence they are wholesalers.

3 0
3 years ago
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