Answer:
A. Debit: Bad Debt Expense 2,500
Credit: Allowance for Doubtful Accounts 2,500
250,000 x .01 = 2,500
B. Debit: Bad Debt Expense 2,750
Credit: Allowance for Doubtful Accounts 2,750
3,000 - 250 = 2,750
When airbnb customers in malibu start paying hotel taxes, this will have the potential to raise the equilibrium price in this market and, therefore, decrease efficiency. The equilibrium price refers to the market price when the quantity of goods and services supplied is equal to the demand of the goods and services. If equilibrium price rises, efficiency decreases due to the market not being equal with the supply and demand of items.
Audit services is one that is needed in Auchi polytechnic student union government to know if the student body use the money allocated to them in the right manner or for the right project.
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<h3>What is the student union?</h3>
The student union is known to be a body that is composed of student of any university, polytechnic or college institution.
It is known to be a body that is autonomous and one whose internal life set up its own by-laws.
Note that the student unions are often allocated funds by the university or polytechnic and as such they have to use the audit service because some of their leaders may squander the money given to them., So this will help to checkmate them.
Hence, Audit services is one that is needed in Auchi polytechnic student union government to know if the student body use the money allocated to them in the right manner or for the right project.
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Answer: The cost of the equipment is $66,500.
Explanation: Under IAS 16 Property, Plant and Equipment, the cost of an asset comprises:
- purchase price plus import duties and taxes
- any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management
- the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located
In the question, $60,000 was the purchase price, the transportation cost of $1,000 was necessary to bring the asset to the location intended by management, $3,000 was the sales tax and the installation cost of $2,500 was also necessary for the asset to function as intended by management. So all these costs would be capitalized as the cost of the equipment as $66,500.
