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4 years ago

which of the following statements best describes why a client record system is called a "living" record

1 answer:

4 0

A living record is one that changes and grows over time, so because you will be constantly updated your system with new client info it is a "living" record of your client.

Examples of changes in a living record system are phone numbers, addresses, emails, etc.

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The movement and storage of materials into a firm refers to:

Alexus [3.1K]

<span>The movement of storage of materials into a firm is material management. This is a technique that concerns itself with organizing, planning, and controlling how and what materials flow from the time they are originally purchased until they reach their destination.</span>

4 0

4 years ago

A company uses the percent of receivables method to determine its bad debts expense. At the end of the current year, the company

Setler79 [48]

Answer:

C) Debit Bad Debts Expense $4,300; credit Allowance for Doubtful Accounts $4,300

Explanation:

accounts receivable $375,000

allowance for uncollectible accounts $500

net sales $800,000, all on credit

estimated bad debts = net credit sales x 0.6% = $800,000 x 0.6% = $4,800

since the balance of the allowance account is just $500, it must e adjusted to include the remaining estimated bad debt = $4,800 - $500 = $4,300

the journal entry should be:

December 31, adjustment of bad debt expense

Dr Bad debt expense 4,300

Cr Allowance for uncollectible accounts 4,300

Allowance for uncollectible accounts is a contra asset account that reduces the value of accounts receivable and has a credit balance.

6 0

3 years ago

On January 1, 2017, Sandhill Inc. purchased land that had an assessed value of $322,000 at the time of purchase. A $517,000, zer

Mnenie [13.5K]

Answer:

Land amount= 367,990

Interest amount= 149,010

Explanation:

this question can be solve applying the concept of future value, as it is a zero interest or zero coupon it only, it means the bond does not pay money in the time, so

$FV=PV*(1+i)^{n}$

where FV is future value, PV is the present value, i is the periodic interest rate and n is the number of periods. So applying to this particular problem we have:

$517,000=PV*(1+0.12)^{3}$

solving we have PV=367,990

so the land value is 367,990 and the interest expenses are 517,000 - 367,990=149,010

3 0

3 years ago

The legal form of business ownership that is owned by two or more people is a ____

denpristay [2]

Answer:

Explanation:

partnership

6 0

3 years ago

Read 2 more answers

Tenpenny Tower was built in 1985. However, the building has been constantly maintained and remodeled. In valuation terms, the bu

sattari [20]

Answer: effective age, chronological age

Explanation:

Effective age is the estimate of the age of a particular structure which is typically based on the condition and the utility of such structure.

Chronological age has to do with the amount of time from the day the building was constructed to the present age.

6 0

3 years ago