Answer: $420,000 of expense in the income statement as an ordinary item. Douglas’ accounts for this change in estimate in the period of change by reporting the newly calculated amount of bad debt expense as an ordinary item of income. Changes in estimate are not considered an extraordinary item, an error correction, or a change in accounting principle.
Answer:
$5837 approx
Explanation:
Amount = 
Amount deposited at the end of year 1 would yield = $2500 
= $2500 × 1.41158 = $3528.95
Amount deposited at the end of year year 3 would yield = $750 
= $891.075
Amount deposited at the end of year 4 would yield = $1300 
= $1417
Total deposit at the end of year 5 = $3528.95 + $891.075 + $1417 = $5837 approx.
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A creative boutique is an organization of talented artists who work for advertisers and occasionally subcontract to advertising agencies. Its mission is to develop exciting creative concepts and to produce fresh, distinctive advertising messages.
US commerce in goods and services that are now being produced is outlined in the balance of payments statement's current account section.
<h3>What does a favorable or unfavorable trade balance mean?</h3>
A surplus in trade is shown by a positive trade balance, while a deficit in trade is indicated by a negative trade balance. The BOT is crucial in figuring out a nation's current account. The following equation can be used to determine the trade balance: The value of goods and services sold to customers in other nations is known as the value of exports.
<h3>The balance of payments categorizes transactions into which accounts?</h3>
Transactions are split between the current account and the capital account in the balance of payments. When a distinct, typically very modest capital account is reported separately, the capital account is occasionally referred to as the financial account. Transactions in commodities and services are included in the current account.
<h3>What is the current trade balance?</h3>
For a country, the trade balance includes both exports and imports. This element makes up the majority of the current account, which is also the balance of payments' biggest component. Trade deficits are beneficial for emerging countries even if the majority of countries want to avoid them.
Learn more about balance of trade:
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