Answer and Explanation:
The journal entries are shown below:
On December 31
Bad debt expense Dr $5,232 ($654,000 × 0.80%)
To Allowance for doubtful debts $5,232
(To record the bad debt expense)
On Feb 01
Allowance for doubtful debts Dr $327
To Account receivable $327
(To record the uncollectible amount)
On June 5
Account receivable $327
To Allowance for doubtful debts Dr $327
(To record the uncollectible amount)
On June 5
Cash Dr $327
To Account receivable $327
(To record the cash received)
Answer:
merit-based
Explanation:
Financial aid takes many forms, and most often does not need to be paid back.. merit based need is based on academic excellence
Answer:
The correct answer is B. Trend analysis.
Explanation:
The trend analysis is the method of analysis that consists in observing the behavior of the different items of the Balance Sheet and the Income Statement, to detect some significant changes that may have their origin in administrative errors.
This method allows us to know the direction and speed of the changes that have occurred in the financial situation of the company over time, so it is considered as a method of horizontal analysis.
It helps us to detect failures; but it is only an exploratory method, so it is always necessary to investigate further to find the causes of the failures. It is necessary to determine the changes suffered in the balances of the financial statement items that we are interested in analyzing. The trend analysis allows us to know the financial development of a company.
Answer:
$745,000
Explanation:
The computation of the net account receivable is shown below:
The net account receivable is
= Adjusted balance of account receivable - allowance for doubtful debts
= $800,000 - $55,000
= $745,000
We simply deduct the allowance for doubtful debts from the adjusted balance of account receivable so that the net account receivable could come
Answer:
Statements Arguments
A The Infant-Industry Argument
B The Protection-as-a-Bargaining-Chip Argument
C The Jobs Argument
D The Unfair-Competition Argument
Explanation:
The Jobs Argument: Domestic jobs need to be protected for the good of the national economy, according to this argument.
The National-Security Argument: Some products and services are, by their nature, issues reserved under national security. To expose the internal security systems of a nation may have untold consequences.
The Infant-Industry Argument: Nascent industries require domestic protection from foreign competitors if they must grow to competitive levels.
The Unfair-Competition Argument: This is more pronounced in developing countries without the manufacturing facilities to compete fairly with developed economies.
The Protection-as-a Bargaining-Chip Argument is argues that trade restrictions may be imposed to force other countries to reverse or remove trade restrictions.
