Logical: Plan ahead and set multiple alarms to ensure that you have no snags in your transport to and from your interview.
Illogical: Open a portal in the fabric of space and time and just teleport there 10 minutes before the interview.
Answer:
d.No effect on the expenses of the current period.
Explanation:
In the case when the credit balance of the allowance for doubtful debt more than the bad debt amount i.e. written off
So the entry for writing off against the allowance would result in no effect on the expense for the present period
As the bad debt expense is debited and the allowance for doubtful debt would be credited therefore the option d is correct
Answer:
FV= $34,993.05
Explanation:
Giving the following information:
Annual deposit= $1,475
Number of periods= 15 years
Interest rate= 6.25%
<u>To calculate the future value, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {1,475*[(1.0625^15) - 1]} / 0.0625
FV= $34,993.05
Answer:
$206,667
Explanation:
Calculation for What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2020
Using this formula
Total Amortization expense=Cost/useful life*Number of months
Let plug in the formula
Total Amortization expense=$1,162,500/180*32
Total Amortization expense=$206,667
Note that 15 years*12months will give us 180 months which is the useful life while May 1, 2018 - December 31, 2020) will give us 32 months
Therefore the total amount of amortization expense should have been recorded on the intangible asset by December 31, 2020 will be $206,667
