Answer:
1. Using the percent-of-sales method, calculate the amount of Uncollectible-Account Expense if Summer Corporation estimates its uncollectible-account expense using a rate of 3% of credit sales. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario?
14100
Summer Corporation has $ of uncollectible-account expense using the percent-of-sales method.
3100
Calculate the amount of its Uncollectible-Account Expense. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario?
15000
The ending balance of the Allowance for Uncollectible Accounts is $ under this scenario.
Dont have enough information.
Explanation:
Account receivable 88000
Allowance for uncollectible -11000
Service revenue 470000
Estimate uncollectible 3%
Ending balance of the allowance 14100
Expense 3100
Allowance for Uncollectible 26000
Uncollectible expense account 15000
Answer:
The correct word for the blank space is: lower; buyers to offer higher prices.
Explanation:
In a market driven by supply and demand laws, shortages are caused because of excess in demand as a result of lower prices. Thus, that price is lower than the equilibrium price. Besides, if there is a need to push that price to its equilibrium level, sellers will have to increase the price implying buyers will have to offer higher prices.
The answer is the 3rd one.
My explanation would be that the other reasons listed are for personal use such as friends birthdays, music, and a new clock, but the third answer is listing things appropriate for a business.
Hope I helped !