Answer:Bad debt expenses will be $2000 on the income statement and Allowance for uncollectible Accounts will be ($3000) on the balance sheet.
Explanation:
The bad debt accounts and allowance for uncollectible accounts are stated in the income and balance sheet statement respectively yearly to monitor activities on collectible debts.
A firm based on his experience determined an estimated percentage of debts outstanding for the year that are likely to go bad. If the new estimate is greater than the previous year, the difference is debited to income statement and if the new estimate is less than the previous year estimate the difference is credited to the income statement.
In the above scenario the new year estimate is greater than previous year by $ 2000 and that lead to $2000 to be debited to income statement.
The balance is made to reflect the total of the new estimate to be deducted from collectible debt and this is why ($3000) goes to the balance sheet.
Answer: Specific performance
Explanation: In simple words, specific performance refers to a remedy in a law under which the court orders the guilty party to perform a specific act in a specific manner.
In the given case, Salim wants to acquire the land he was expecting from Jenna thus no other performance can satisfy that specific need.
Hence he will get remedy under specific performance.
The answer would be decrease, decrease, rise. Hope this helps! <3
Answer:
cash flow on total assets ratio = 4.8 %
so correct option is a) 4.8%
Explanation:
given data
net cash flows = $120,000
total cash flows = $500,000
average total assets = $2,500,000
to find out
cash flow on total assets ratio
solution
we get here cash flow on total assets ratio that is equal to
cash flow on total assets ratio = Operating cash flow ÷ Average total assets ..................1
put here value we get
cash flow on total assets ratio =
cash flow on total assets ratio = 4.8 %
so correct option is a) 4.8%