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WITCHER [35]
3 years ago
8

Ophelia Inc. just learned that Patton Inc., one of its customers with an outstanding accounts receivable balance, filed for bank

ruptcy. Assuming that the company utilizes the allowance method, Ophelia should record a(n): Multiple choice question. increase in Sales Revenue decrease in Accounts Receivable increase in Accounts Receivable increase in Allowance for Doubtful Accounts decrease in Sales Revenue
Business
1 answer:
wlad13 [49]3 years ago
4 0

Answer:

Ophelia Inc.

Assuming that the company utilizes the allowance method, Ophelia should record a(n):

decrease in Accounts Receivable

Explanation:

This means that the accounts receivable will be credited while the allowance for doubtful accounts is debited to record the decreased value.  The Patton Inc. account may not be recovered fully.  However, the amount of the decrease depends on the amount that can be recovered from Patton.  Thereupon, the accounts receivable will first be credited with the cash recovered with the corresponding debit entry in the Cash account.

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Acceptance. Altisource Portfolio Solutions, Inc., is a global corporation that provides real property owners with services, such
baherus [9]

Answer:

Throughout the clarification segment elsewhere here, the definition including its issue is mentioned.

Explanation:

  • The very first e-mailed submission from Altisource that doesn't even dispute Lucas' suggestion would have been the proposal which most definitely meets the part of the arrangement to create a contract. It is when Altisource's e-mail was approved that they committed to it. Today, if a new arrangement with added provisions is presented two days after ratification, it can not be accepted as an aspect of the binding agreement.
  • If they could have some trouble with the arrangement, they could've just discussed the based distribution and therefore not approved the agreement. It would never be altered until they have approved it but the same could be known as either a contract arrangement.

5 0
3 years ago
Assume an after-tax savings interest rate of 7 percent and a tax rate of 28 percent. (a) Calculate the total rental cost and tot
Readme [11.4K]

Complete Question

Annual rent $ 7,380

Insurance 145

Security deposit 650

Annual mortgage payments $9,800 ($9,575 is interest)

Property taxes 1,780

Insurance/maintenance 1,050

Down payment/closing costs 4,500 Growth in equity 225

Estimated annual appreciation 1,700

Assume an after-tax savings interest rate of 7 percent and a tax rate of 28 percent.

(a) Calculate the total rental cost and total buying cost.

Answer:

Explanation:

(a)Rental Costs

Buying Costs $7,380

Rent $9,800

The following calculations were made:

Interest lost on security deposit

= Security deposit × 7%

= $650 × 0.07 = $45.5

Interest lost on down payment and closing cost

= Down payment × 7%

= $4,500 × 0.07 = $315

Tax savings for mortgage interest =

Interest × 28%

$9,575 × 0.28 = $2,681

Tax savings for property taxes =

= Property taxes × 28%

$1,780 × 0.28 = $498

8 0
2 years ago
Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $60,000 for 6-months serv
Sedbober [7]

Answer:

d. Credit to Unearned Management Fees for $60,000.

Explanation:

In the given question, it is mentioned that the management services provide service to clients, and one client gives the advance amount of $60,000 to the management service.  

So, in case of advanced received by the customer, the journal entry would be  

Cash A/c Dr       $60,000

   To Unearned Management Fees    $60,000

(Being amount received in advance)

The asset account should be debited and the liabilities account should be credited.

4 0
3 years ago
Two power plants provide power to Chapel Hill residents: plant UNC and plant Duke. Both plants burn coal to produce electricity,
Sveta_85 [38]

Answer:

a. The socially efficient levels of abatement for UNC power plant is 10.

Explanation:

Note: See the attached Microsoft word file for the calculations of the anwers above.

7 0
3 years ago
1. Dominic Joseph deposits $5,000 in a new savings account at his local bank. The account pays 5.5 percent interest compounded a
klasskru [66]

Answer:

The future value is $6,894.21

Explanation:

Giving the following information:

Dominic Joseph deposits $5,000 in a new savings account. The account pays 5.5 percent interest compounded annually.

To calculate the future value, we need to use the following formula:

FV= PV*(1+i)^n

PV= 5,000

i= 0.055

n=6

FV= 5,000*(1.055)^6= $6,894.21

5 0
3 years ago
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