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IRINA_888 [86]
3 years ago
10

Graham Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $ 1

30 comma 000​, and management estimates 1​% will be uncollectible. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $ 3 comma 000. The amount of expense to report on the income statement will be:
Business
1 answer:
Nana76 [90]3 years ago
3 0

Answer:

The amount of expense to report on the income statement will be -$ 1700

Explanation:

Allowance for Doubtful Debts is a Provision or estimate of the Accounts that are likely to be unrecoverable.

Allowance for Doubtful Debts at end of year is used to reduce the Amount of Trade Receivables Outstanding so as to show a Faithful representation of the amount of Assets (Future benefits) the entity has.

Any adjustments to the Provision Account - Allowance for Doubtful Debts is recorded in the Profit and Loss Account

<u>Allowance at End of the year is Calculated as:</u>

$130,000 × 1%

$ 1300

In comparison with the Balance of $ 3,000 this is a decrease in the Allowance and the Profit and Loss is adjusted with a Decrease in allowance for doubtful debts of $ 1700 that is ($3000-$1,000)

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<em>Telemedicine</em>

Explanation:

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3 years ago
Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of:__________________
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Answer:

The correct answer is

B) Items that require adjusting entries.

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3 0
3 years ago
Assume that you have the following decision-making options: (1) make the decision on your own with available information, (2) co
raketka [301]

Answer:

(2) consult others before making a decision.

Before I make a recommendation, I will consult my team members.  Individually, some may have new ideas and modifications which we can incorporate into the project to even beat the competition and cause management to continue supporting the project.

Explanation:

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This is where the SCRUM framework becomes important.  This framework for project management emphasizes teamwork, accountability, and iterative progress toward a well-defined goal, while allowing for tweaks.

Developing this project based on this framework must have made it possible for us to receive the report from the marketing department in the first place.  The principles of Scrum are Openness, Respect, Courage, Commitment, and Focus.  So, the best we can do will be to prioritize, come up with new improvement ideas, and convince top management not to cancel the project.

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3 years ago
Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 3.5 percent;
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20 years (scenario A) and 16 years (scenario B)

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The real GDP will double in "n" number of years, with "n" estimated by interpolation using the formula below.

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In the solutions below, we assumed current GDP to be 1, and as a result, the GDP will double to 2.

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1 * (1+0.35)^{n} =2

When you substitute 20 for "n" in the left hand side (LHS) of the equation, you will arrive at 1.99 which is approximately equal to 2. Any number below 20 will result in a number less than 2.

Thus, with an average annual real GDP growth rate of 3.5%, real GDP will double in about 20 years.

Scenario B

1 * (1+0.45)^{n} =2

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A

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