Do you have a picture or anything??
Answer:
The appropriate amount of Bad Debt Expense is $3,345.20.
Explanation:
The appropriate amount of Bad Debt Expense can be calculated as follows:
Bad debt expense = (Percentage of accounts receivable not yet due it will not collect * Accounts receivable not yet due) + (Percentage of receivables up to 30 days past due it will not collect * Amount of receivables up to 30 days past due) + (Parentage of receivables of receivables greater than 30 days past due it will not collect * Amount of receivables greater than 30 days past due) - Allowance for Uncollectible Accounts (credit) ……………………… (1)
Substituting the relevant values into equation (1), we have:
Bad debt expense = (7% * $7,500) + (20% + $2,300) + (46% * $2,000) - $400 = $3,345.20
Therefore, the appropriate amount of Bad Debt Expense is $3,345.20.
Answer:
c. Record no revaluations, bonus, or goodwill
Explanation:
As new incoming partner is giving more than the investment required it means there is some goodwill or revaluations or bonus involved which requires to be treated in the books otherwise it will be assumed that accounts are not properly reported and capital accounts will not be justified. Third option says no revaluations, bonus or goodwill will be recorded which is wrong.
Answer:
There is sacrifice to having your own business. Sam wasn't ready to invest the hours needed to make it on his own.
Explanation:
There are many advantages to opening a new business. When you are an entrepreneur it is easy to get lost in all the benefits and don't pay attention to many os its disadvantages.
A big disadvantage is that you are always at work, you are working everywhere at all times. There are no off days, if you’re not working, then you’re not earning. You don’t need to be engaged 24/7 to have a chance at success in the world of entrepreneurship, but you will be working a lot more often.
Most people who find success in the world of entrepreneurship are working longer, harder days than the average “traditional” employee. You do have some flexibility when putting in those hours, so you can structure medical appointments, school visits, and other family needs within your day. You do not have the luxury of cutting back on your hours most days.
There is sacrifice to having your own business. Sam wasn't ready to invest the hours needed to make it on his own.
