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3 years ago

Under the direct write-off method of accounting for uncollectible accounts Group of answer choices

Business

1 answer:

Temka [501]3 years ago

7 0

Answer:

b.a specific account receivable is decreased for the actual amount of bad debt at the time of write-off.

Explanation:

The journal entry to record the bad debt expense using the write - off method is shown below:

Bad debt expense XXXXX

To Account receivable XXXXX

(Being the bad debt expense is recorded)

So by passing this journal entry we get to know that the bad debt expense should be debited which reflects the actual amount as it increases the expenses while at the same time it reduces the asset account i.e account receivable

Hence, the correct option is b.

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The double-entry principle in the balance-of-payments

Sliva [168]

Answer:

The Current account is for goods and services.

The Financial account is for exchange of currencies and financial assets across countries.

Miguel, a U.S. resident, buys an HDTV set for $2,500 and sends it to Mexico as a gift to his parents. DEBIT CURRENT ACCOUNT. CREDIT CURRENT ACCOUNT.

Miguel buys the good in the U.S. and then sends it so this falls under the current account alone.

Arielle, a French tourist, stays at a hotel in San Francisco and pays $400 for it with her debit card issued by a French bank. DEBIT FINANCIAL ACCOUNT. CREDIT CURRENT ACCOUNT.

The Financial account should be debited to show that currency is coming into the U.S. from outside the country and current account should be credited for services rendered.

A U.S. computer manufacturer purchases hard drives from a Korean company, paying the funds from its bank account in Korea. DEBIT CURRENT ACCOUNT. CREDIT FINANCIAL ACCOUNT.

Current account should be debited to reflect that goods are coming into the country but the financial account should be credited to show that currency is leaving the ownership of an American entity so it is passing out of American hands.

3 0

3 years ago

Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus

Nastasia [14]

Answer

The answer and procedures of the exercise are attached in the following image.

Explanation

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

6 0

4 years ago

Sản phẩm hữu hình và sản phẩm vô hình khác biệt như thế nào?

mr Goodwill [35]

Tài sản hữu hình là bất cứ thứ gì có thể nhìn thấy và hiện diện vật chất như tiền mặt, tài sản, nhà máy và máy móc hoặc các khoản đầu tư. Mặt khác, tài sản vô hình là những thứ không thể nhìn thấy được như lợi thế thương mại của công ty, nhãn hiệu và quyền sở hữu trí tuệ.

Stop your reminding me of vietcong

8 0

3 years ago

Find out the municipal taxes you are subjected to. Calculate your average annual tax payments to your municipality.

DENIUS [597]

Answer:

I conducted an online research on the state of Virginia. The state of Virginia has 95 counties, 39 independent cities, and 190 incorporated towns. Only elected governing bodies can impose local taxes in this state of Virginia. A bulk of the local tax money comes from property taxes.

The following is the list of municipal taxes a consumer in all counties and cities of the state of Virginia is subjected to:

Items Tax Percentage Districts

Retail sales tax 0.7%

Occupancy tax 2.1% only for the Northern Virginia Planning District

Fee on grantors of real estate $0.15 to $100 of the value of property sold only for the Northern Virginia Planning District

Wholesale distributors of motor fuel 2.1% Hampton Roads Planning District

Restaurant meal 1%

Communication taxes 1.05%

Motor vehicle rental tax 4%

Explanation:

The following is the list of municipal taxes a consumer in all counties and cities of the state of Virginia is subjected to:

Items Tax Percentage Districts

Retail sales tax 0.7%

Occupancy tax 2.1% only for the Northern Virginia Planning District

Fee on grantors of real estate $0.15 to $100 of the value of property sold only for the Northern Virginia Planning District

Wholesale distributors of motor fuel 2.1% Hampton Roads Planning District

Restaurant meal 1%

Communication taxes 1.05%

Motor vehicle rental tax 4%

7 0

3 years ago

Nutech Corp. is expecting the following cash flows—$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years.

Alja [10]

Answer:

$429,560

Explanation:

Present value will be calculated through the PV formula,

$PV = \frac{C1}{1+r} + \frac{C2}{(1+r)^{2} } + \frac{C3}{(1+r)^{3}} + \frac{C4}{(1+r)^{4}} + \frac{C5}{(1+r)^{5}}$

r = 15%

C1 = $79,000 ,C2 = $112,000 ,C3 = $164,000 ,C4 = $84,000 ,C5 = $242,000

Substituting the values in the formula,

$PV = \frac{79,000}{1.15} + \frac{112,000}{(1.15)^{2} } + \frac{164,000}{(1.15)^{3}} + \frac{84,000}{(1.15)^{4}} + \frac{242,000}{(1.15)^{5}}$

PV = 68,695.66 + 84,688 + 107,838 + 48,030.2 + 120,338.14

PV = $429,560

The present value of the cash flows of Nutech Corp. over the next five years is $429,560.

8 0

3 years ago