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Answer:
The final payment would be of amount $9000
Explanation:
The keywords of the question state that the bank needs an equal amount of money by both of the payment procedures. Hence, no matter which payment method I choose on the outstanding loan, the bank would need a sum of 3x3000 = $9000
Complete Question:
Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $500,000, and management estimates 2% will be uncollectible. The amount of expense to report on the income statement was $8,000. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $2,000. The balance of Allowance for Uncollectible Accounts, after adjustment, will be
Answer:
The balance of Allowance for Uncollectible Accounts, after adjustment, will be
$10,000
Explanation:
a) Data and Calculations:
Net credit sales = $500,000
Uncollectible estimate = 2% of net credit sales
Uncollectible Accounts expense = $8,000
Allowance for Uncollectible Accounts = $2,000 before adjustment
Allowance for Uncollectible after adjustment = $500,000 * 2% = $10,000
Answer:
The answer is: 74% of its customers carry a credit card the store will accept.
Explanation:
- Let A denote the event a customer carries American Express credit card (24%)
- Let V denote the event a customer carries Visa credit card (61%)
- Let AV denote the event a customer carries both credit cards (11%)
P(A ∪ V) = probability that a customer carries at least one credit card
P(A ∪ V) = P(A) + P(V) − P(AV)
P(A ∪ V) = 0.24 + 0.61 − 0.11 = 0.74
Answer:
Mixed economic system
Explanation:
A mixed economy is an economy systems that combine both the attributes of capitalism and socialism. That is some of enterprises of the economy are owned and controlled by the government while the rest are left in the hands of private individuals. In some instances, both of them participate in a sector of the economy. For example, in the Nigeria's electricity sector, the federal government generates electricity while private individuals distribute it.
Further explanation for a better understanding:
Basically, there three types of economic system: capitalism, socialism and mixed economy.
Capitalism is an economic system in which the control of trade and industry is in the hands of private individuals. That is, these private individuals are the owners of means of production and the profit that may be derived from them. It believes that the government should not have any hand in running the economy but just concentrate on politics. The main characteristic of the system is that price is used in allocating the resources of the economy.
Socialism is an economic system in which the control of trade and industry of country is left in the hand of the community as a whole which is the government. That is, the means of production, distribution, and exchange are owned and controlled by the government. The main characteristic of the system is that government determines how resources are allocated in the economy.
A mixed economy combines both capitalism and socialism as explained above.
I wish you all the best.
