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Marianna [84]
3 years ago
13

Sanders Inc. is a small brick manufacturer that uses the direct write-off method to account for uncollectible accounts. At the e

nd of 2021, its balance for Accounts Receivable is $32,000. The company estimates that of this amount, $3,700 is not likely to be collected in 2022. In 2022, the actual amount of bad debts is $2,600.
Record, if necessary, an adjustment for estimated uncollectible accounts at the end of 2021 and the actual bad debts in 2022. (If no entry is required for a transaction/event, indicate "No journal entry required".)
Business
1 answer:
Paladinen [302]3 years ago
7 0

Answer:

JOURNAL ENTRIES

Dr. Bad Debts.......................3,700

Cr. Accounts Receivable.............3,700

Explanation:

an adjustment for estimated uncollectible accounts at the end of 2021

JOURNAL ENTRIES

Dr. Bad Debts.......................3,700

Cr. Accounts Receivable.............3,700

for the actual bad debts in 2022. we have adjust for the difference between the estimate and the actual amount which is $1,100

JOURNAL ENTRIES

Dr. Accounts receivable...(3700-2600)...1,100

Cr. Bad debts recovered.....................................1,100

Being bad debts recovered, a shortfall in actual estimates

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An approach of open communication and collaborative decision making suggests which the democratic type of leadership. This type of leadership which includes <span> participative role of the members in the decision-making process is also called </span>participative leadership or shared leadership.
Mutual respect and understanding is crucial in order this type of leadership to be successful. 
4 0
3 years ago
Suppose that when disposable income decreases by $2,000, consumption spending increases by $1500. Given this information, we kno
sdas [7]

Answer:

the marginal propensity to consume is 0.75

Explanation:

The computation of the marginal propensity to consume is shown below:

MPC = Change in consumption ÷Change in disposable income

where,

The Change  in consumption is 1500

ANd, the Change in disposable income is 2000

So,

MPC is

= $1,500 ÷ $2,000

= 0.75

hence, the marginal propensity to consume is 0.75

4 0
3 years ago
Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60
Taya2010 [7]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for employment; and 10 would like employment but do not have employment and are not actively looking for employment.

Total labor force= 60 + 20 + 20= 100

Unemployed= 20

Unemployment rate= (20/100)*100= 20%

4 0
3 years ago
Which of the following is a disadvantage of a market economy?a. consumer satisfaction is lowb. it limits freedom for producers a
patriot [66]

Answer: The correct answer is c) It does not provide for everyoned.

Explanation:

In a market economy, the problem is that we are not born with the same opportunities, nor the possibility of accessing the same factors of production, nor are we equally qualified in all fields. That is, those who are born in a family with less economic resources, or simply are not enabled in activities that have more benefits, are at a disadvantage compared to the rest of the individuals. These inequalities end up generating inequalities in income distribution.

4 0
3 years ago
Oriole Co. reports net income of $59,000. Partner salary allowances are Pitts $15,000, Filbert $5,000, and Witten $6,000. Indica
loris [4]

Answer:

Oriole Co

Division of net income to each partner:

                                     Pitts      Filbert       Witten      Total

Total income           $33,480   $13,580    $11,940  $59,000

Explanation:

a) Data and Calculations:

Net income = $59,000

Salary allowances = $26,000

Remaining shareable income = $33,000

Allocation of net income to each partner:

                                     Pitts      Filbert       Witten

Income sharing ratio    56     :     26      :      18

Salary Allowances    $15,000   $5,000    $6,000

Shareable income      18,480      8,580       5,940

Total income           $33,480   $13,580    $11,940

b) Calculation of shareable income:

Pitts = $33,000 * 56% = $18,480

Filbert = $33,000 * 26% = $8,580

Witten = $33,000 * 18% = $5,940

6 0
3 years ago
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