Answer:
Chelsea should report $230,000 as allowance for noncollectable accounts
Explanation:
Allowance in beginning = $520,000
Allowance needed for 2021 sales = $18,000,000 x 2% = $360,000
Total allowance balance before write off = $880,000
Less: write off = $ 650,000
Allowance balance at year end = $520,000 + $360,000 - $650,000
= $230,000
Answer:
- Loss of confidential/product information
- Loss of Time :
- Loss of money
- Loss of company property
Explanation:
When employees take advantage of the benefits of employment which includes access to company's/employer's assets and the indulge in what is known as employee theft ( misuse of company's assets ), The losses that the company might experience will include some or all of the following :
- Loss of confidential/product information
- Loss of Time : this is when company pays the employees for work time that they did not put in
- Loss of money
- Loss of company property
Answer:
Direct Material Quantity Variance = $2,000 Unfavorable
Explanation:
For the provided information we have,
Actual quantity used = 6,500 lbs
Standard quantity allowed for actual production = 6,000 lbs
Actual price = $3.80
Standard price = $4.00
Direct Material Quantity Variance = (Standard Quantity - Actual Quantity)
Standard Price
= (6,000 lbs - 6,500 lbs)
$4.00
= - $2,000
As we can see that actual quantity used is more than the allowed standard quantity, thus, the variance is unfavorable.
Direct Material Quantity Variance = $2,000 Unfavorable
<u>Calculation of period of the loan:</u>
It is given that The loan amount is $6,071 and the annual interest rate is 8%, that means the interest for one year shall be $6,071*8% = $485.68.
Now we are given that the total interest paid is $1,700. The time period of the loan can be calculated by dividing the total interest by the annual interest amount. Hence the period of the loan shall be = 1700 / 485.68 = 3.5 Years.
Hence he had the loan for <u>3.5 years</u>.