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sashaice [31]
3 years ago
14

During 2021, its first year of operations, a company provides services on account of $256,000. By the end of 2021, cash collecti

ons on these accounts total $133,000. The company estimates that 11% of accounts receivable will be uncollectible. Record the adjustment for uncollectible accounts on December 31, 2021.
Business
1 answer:
Vera_Pavlovna [14]3 years ago
8 0

Answer:

The Record for the adjustment for uncollectible accounts on December 31, 2021 would be the following:

31/12/2021                                       Debit  Credit

Bad Debts Expense                  $   9,250.00  

Allowance for doubtful accounts              $  9,250.00

(To record bad debt expense)  

Explanation:

In order to Record the adjustment for uncollectible accounts on December 31, 2021 we would have to make the following calculation:

Bad Debts Expense=(services on account-cash collections)*11%

Bad Debts Expense=($256,000-$133,000)*11%

Bad Debts Expense=$13,5330

Therefore, the journal entry would be the following:

31/12/2021                                       Debit  Credit

Bad Debts Expense                  $   9,250.00  

Allowance for doubtful accounts              $  9,250.00

(To record bad debt expense)  

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Answer:

option B                    

Explanation:

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This may occur if the behavior of an individual may validate a negative stereotyping, since the stereotyping hazard is assumed to come from a single situation, rather than from the behavioral attributes or features of an individual.

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3 years ago
A company that produces a popular brand of pasta decides against increasing product price. instead, the management decides to de
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3 years ago
Categorize each of the following items as an S-strength, W-weakness, O-opportunity, or T-threat. " WALMART SWOT ANALYSIS"
sergejj [24]

Answer:

Established Name Brand - S - Brings in more customers

Low Prices(Low Cost Leadership ) - S - Retaining customers

Unfair Employment Practices - T - Negatively affects the brand image

Pressures Suppliers on Cost - S - Have bargaining power on suppliers

Recession - T - Can bring down customer spending

Other big box retailers(Target) - T - Competition

Small Towns - O - Not many players

International Markets - O  - Growth prospects

Products Made in China - O - Lower prices

Product Safety - S - Retaining customers

Large Purchases (Buy in Bulk) - S - Cost savings

Internet Retailing - O - New growth opportunity

Customer Base - S - Large customer base

No Urban Locations - O - Opportunity to expand

Health Care for Employees - S - Employee satisfaction

Global Presence - S - Large customer base

Price Competition - O - Best in industry

Product Quality  - Retaining customers

Customer service- S - Retaining customers

Distribution/Logistics System - S - Lower costs

One Stop Shop  - S - Retaining customers

In 15 Countries—not in Europe except for United Kingdom  - Opportunity to grow in Europe

Sam’s Club - O - Customer loyalty

Minimum Wage Laws - T - Higher costs

Rising Labor Costs in China - T - Higher costs

Healthcare Costs - T - Higher costs

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Litigation by employees - T - Negatively affects the brand image

Target Superior Merchandising Capability - O - Competition

Community Resistance - T - Negatively affects the brand image

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4 0
3 years ago
The marginal benefit of a taco is measured by:
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Answer:

the price of the.

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the amount of another good a person is willing to give up to get one more taco. the amount of another good a person must give up to get one more taco

5 0
2 years ago
On July 1, 2021, Clearwater Inc. purchased 9,300 shares of the outstanding common stock of Mountain Corporation at a cost of $21
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Answer and Explanation:

1. The journal entry is given below:

Investment in Mountain $213,000

     To Cash $213,000

(Being the original investment is recorded)

Here the investment is debited as it increased the assets and credited the cash as it decreased the assets

2.

The goodwill is

Purchase price $213,000

Less : Fair value of assets purchased (30%of $660,000)  $198,000

Goodwill Purchased (difference) $15,000

3.

Cash (30% × $11,700) $3,510  

         To Investment in Mountain  $3,510

(being cash is recorded)

Investment in Mountain (30%  17,700) $5,310  

         To Investment Revenue  $5,310

(Being investment is recorded)

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