A personal net worth statement lists income and expenses.true or false

Rush Corp. has outstanding accounts receivable totaling $500,000 as of December 31 and sales during the year of $250,000. There

Dominik [7]

Answer:

$20,000

Explanation:

Calculation for what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense

Using this formula

Balance in the allowance for doubtful accounts=

(Outstanding Accounts Receivable

* Percentage uncollectible)- Eebit balance of in the allowance for uncollectible accounts.

Let plug in the formula

Balance in the allowance for doubtful accounts=($500,000*8%)-$20,000

Balance in the allowance for doubtful accounts=$40,000-$20,000

Balance in the allowance for doubtful accounts=$20,000

Therefore the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense is $20,000

8 0

3 years ago

Employee rights during ______ inspections include the right to refuse to be interviewed, or if an employee agrees to an intervie

Colt1911 [192]

Answer: Affordable Care Administration

Explanation:

The Affordable Care Act was out in place in order to give health insurance coverage to the people in America that are uninsured.

It should be noted that the rights of an employee rights during the Affordable Care Administration inspections include the right to refuse to be interviewed, or if an employee agrees to an interview, they can request that an employer representative be present or that the interview be held in private.

4 0

3 years ago

Based on your understanding of the impact of macroeconomic factors, identify which of the following statements are true or false

lawyer [7]

Answer:

True
False
True
True

Explanation:

When an economy has a strong balance sheet and a declining budget deficit, it means that there is less need to borrow from the market which would keep rates lower.

When the economy is weakening, the Fed will try to stimulate it by engaging in actions that weaken short term interest rates so that people and businesses can borrow at lower cost and invest or buy goods and services.

When investors are worried about the riskiness of other financial assets, they usually come to safer assets like U.S. Treasury bonds so that they do not lose money and this is what happened in the credit crisis of 2008. More demand for the bonds led to a rise in their price.

3 0

3 years ago

Why do people need to buy and sell products or services answers?

blagie [28]

It is on account of nobody is independent.A service is the creation of a basically elusive advantage, either in its own particular right or as a critical component of a substantial item, which through some type of trade, fulfills a distinguished need.

4 0

3 years ago

Nadia Company, a merchandising company, prepares its master budget on a quarterly basis. The following data has been assembled t

pentagon [3]

Answer:

Nadia Company

1. Schedule of expected cash receipts from customers :

April May June

Cash 20% $52,500 $55,125 $57,880

Credit 80% 48,000 210,000 220,500

Total receipts $100,500 $265,125 $278,380

2. Schedule of expected cash payments for purchases :

Payment for purchases: April May June

50% (month of purchase) $81,900 $85,995 $90,293

50% (following month) 18,300 81,900 85,995

Total cash payment $100,300 $167,895 $176,288

3. Statement of Cash budget for the second quarter ended June 30:

April May June Total

Beginning cash balance $9,000 ($58,363) ($23,649) $9,000

Cash receipts from customer 100,500 265,125 278,380 644,005

Total cash available $109,500 $206,762 $254,731 $653,005

Cash payments:

Purchases $100,300 $167,895 $176,288 $444,483

Selling & Administrative 76,063 79,516 82,615 238,194

Equipment purchase 11,500 3,000 14,500

Dividends 3,500 3,500

Total cash payments: $187,863 $250,411 $262,403 $700,677

Cash shortfall ($78,363) ($43,649) ($7,672)

Bank overdraft 20,000 20,000 16,000 56,000

Cash balance ($58,363) ($23,649) $8,328 $8,328

Explanation:

a) Data:

Nadia Balance Sheet as of March 31:

Cash $9,000

Acct Receivable 48,000

Inventory 12,6000

Buildings & Equip. (net) 214,100

Total $283,700

Acct. Payable $18,300

Common Stock 190,000

Retained Earnings 75,400

Total $283,700

b) Sales:

Month Quantity Unit Price Total

March 10,000 units $25.00 $250,000

April = 10,500 (10,000 x 1.05) " $262,500

May = 11,025 (10,500 x 1.05) " $275,625

June = 11,576 (11,025 x 1.05) " $289,400

July = 12,155 (11,576 x 1.05) " $303,875

c) Sales Terms:

March April May June

Cash 20% $52,500 $55,125 $57,880

Credit 80% 48,000 210,000 220,500

d) Inventory:

March April May June

8,400 8,820 9,261 9,724

Ending $126,000 $132,300 $138,915 $145,860

Beginning $126,000 $132,000 $138,915

e) Selling & Administrative Expenses

April May June Total

Salaries and wages $7,500 $7,500 $7,500 $22,500

Shipping 15,750 16,538 17,364 49,652

Advertising 6,000 6,000 6,000 18,000

Others 10,500 11,025 11,576 33,101

Depreciation 6,000

Sales commissions 32,813 34,453 36,175 104,441

Sales Manager's Salary 3,500 4,000 4,000 11,500

Total $76,063 $79,516 $82,615

f) Purchases of Inventory

April May June Total

Ending Inventory 8,820 9,261 9,724

Units of Inventory sold 10,500 11,025 11,576

Inventory available for sale 19,320 20,286 21,300

less beginning inventory 8,400 8,820 9,261

Purchases 10,920 11,466 12,039

Cost of purchases x $15 $163,800 $171,990 $180,585

Payment for purchases: April May June

50% (month of purchase) $81,900 $85,995 $90,293

50% (following month) 18,300 81,900 85,995

Total cash payment $100,300 $167,895 $176,288

g) April May June

Equipment purchase $11,500 $3,000

h) Nadia Company's preparation of quarter budgets helps it to foresee cash shortages and make necessary arrangements to meet up with cash obligations. It focuses management efforts to achieve sales and deliver on other perimeters, including the control of expenses. It is important for the master budget to be prepared with inputs from other subsidiary budgets so that management plans ahead.

4 0

3 years ago