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Mice21 [21]
3 years ago
14

The Wayside Hotel uses the direct write-off method of accounting for bad debts. If the general manager of the hotel determines t

hat a $700 debt is uncollectible and the current balance of Provision for Doubtful Accounts is $100, the journal entry to recognize this bad debt would involve
Business
1 answer:
julia-pushkina [17]3 years ago
6 0

Answer:

Crediting Account Receivable $700

Explanation:

Crediting Account Receivable with $700

Because the $700 is UNCOLLECTIBLE which means they are debts which will not to be paid due to the inability to find the debtor or the debtors is bankrupt leading to decreased or reduction in the company ACCOUNT RECEIVABLES

Therefore Account Receivable can be said to mean the amount of cash or money that a company is expected to receive for services rendered or for providing goods and services to their customers on credit.

Example in a case where a cash payment is received from the debtor cash will definitely increased and the accounts receivable will eventually decreased or reduced.

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The parents of a young child decide to make annual deposits into a college savings account. The first deposit will be made on he
Gnom [1K]

Answer:

The amount of the equal, annual deposits made on birthdays 5 through 15 is $3,970.58

Explanation:

First, let's calculate the present value of the college expenses on her 17th birthday (a year before college) using NPV formula

NPV(9%, 20000...32000) = $82,839.69

Now, its value on 15th birthday should be equal to 82,839.69 / (1 + 9%)² = $69,724.51

Using the PMT formula, we can calculate the annual amount they have to invest for 11 years to get to this sum at 9% annual rate

PMT(rate = 9%, nper = 11, pv = 0, fv = 69,724.51, 0) = $3,970.58

5 0
3 years ago
Assuming two investments have equal lives, a high discount rate tends to favor Group of answer choices the investment with even
notka56 [123]

Answer:

the investment with large cash flow early

Explanation:

This can be illustrated with an example.

There are 2 investments A and B

The cash flows of A =

Cash flow in year 1 = $50,000

Cash flow in year 2 = 0

Cash flow in year 3 = 0

The cash flows of B =

Cash flow in year 1 = 0

Cash flow in year 2 = 0

Cash flow in year 3 = 50,000

Discount rate for both investment is 40%

Present value of A = $35,714.29

Pesent value for B = $18,221.57

It can be seen that the investment with the higher cash flow early has a higher present value

3 0
3 years ago
Solve 2x + 0.03x = 255​
Xelga [282]

Answer:

\frac{25500}{3}

8 0
3 years ago
Define liquidity. Rank the following assets in terms of liquidity, from most to least liquid: money market mutual fund, savings
valina [46]

Answer:

Liquidity: amount of cash or cash equivalents and its primary feature of converting quickly into money without losing any of it current value.

1)_ Dollar bill

2)_ Saving account

3)_ Checking account

4)_ Gold bar

5)_ Corporate stock

6)_ Money market mutual fund

7)_ House

Explanation:

To begin with, the liquidity is the feature of those assets to converting the most quickly as possible in cash and therefore the the most liquid asset is properly the dollar bill and the less liquid asset is the house due to the fact that it could take years to sell by a proper offer and becoming actual cash. In conclusion, it works that way with all the other assets, the liquidity of each one is higher or lower depending on the quickness of converting into cash.

3 0
3 years ago
Suppose a report on CNN says that there is an impending recession coming in the United States. As a result, Bert's family, as we
lisov135 [29]

Answer:

b) The economy is actually harmed as there is a sharp decease in consumer spending.

Explanation:

As a result of the news of a recession people will react by planning for a future that may be bleek financially.

Savings will increase, the greater the fear of recession the more people will save to cushion the impact of recession. There is the possibility of job slow down in economic activities and resultant job losses so extra cash that would have normally been spent will be saved for the rainy day

3 0
3 years ago
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