1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nika2105 [10]
2 years ago
10

Name two advantages offered by a credit union.

Business
1 answer:
marin [14]2 years ago
7 0

Answer:

Credit unions offer some of the best rates on credit products such as car loans, mortgages and credit cards. They provide fee-free checking accounts and savings accounts, too, without requiring a substantial minimum balance. That can be a huge relief when your funds dip into the single digits.

You might be interested in
Uncollectible accounts; allowance method estimating bad debts as percentage of net sales vs. direct write-off method [LO7-5, 7-6
worty [1.4K]

Answer:

1. Bad debt expense = $97,500

2. Accounts receivable written off = $109,500

3. Bad debt expense for 2021 = $109,500

Explanation:

Bad debts expense refers to an uncollectible accounts expense that occurs because goods or services are delivered on credit a company to a customer who did not paid the amount owed.

The questions can be answered as follows:

1. What is bad debt expense for 2021 as a percent of net credit sales?

Under this, bad debt can be calculated using the following formula:

Bad expense = Net credit sales * Estimated bad debt percentage ....... (1)

Where;

Net credit sales = $6,500,000

Estimated bad debt percentage = 1.50%

Substituting the values into equation (1), we have:

Bad debt expense = $6,500,000 * 1.50% = $97,500

2. Assume Ervin makes no other adjustment of bad debt expense during 2021. Determine the amount of accounts receivable written off during 2021.

This can be calculated using the following formula:

Accounts receivable written off = Beginning uncollectible balance + Bad debt expenses - Ending uncollectible balance ............ (2)

Where;

Beginning uncollectible balance = $62,000

Bad debt expenses = $97,500

Ending uncollectible balance = $50,000

Substituting the values into equation (2), we have:

Accounts receivable written off during 2021 = $62,000 + $97,500 - $50,000 = $109,500

3. If the company uses the direct write-off method, what would bad debt expense be for 2021?

Under the direct write-off method, the exact amount of uncollectible accounts as they are specifically identified are recorded.

Based on this explanation, bad debt expense for 2021 is equal to the accounts receivable written off during 2021 calculated in part 2 above. Therefore, we have:

Bad debt expense for 2021 = $109,500

7 0
3 years ago
what is the effect on the financial statements when adjust the prepaid insurance account at year-end for insurance coverage whic
yan [13]

Answer:

When prepaid insurance (or any other prepaid expense) is adjusted at year end in order to record accrued expenses, financial statements are affected in the following way:

  • income statement: costs increase, decreasing profits
  • balance sheet: assets and equity decrease
  • cash flow statement: cash from operating activities increases
  • owners' equity: decreases

5 0
3 years ago
1 If Peter temporarily takes over Thomas's job in his absence, what does this move represent? Briefly explain what this entails.
Ludmilka [50]

Answer:

This can be a positive challenge for Peter's career, as by taking on Thomas he will handle different tasks and job challenges, and by taking on the new responsibilities effectively, he will be able to be more recognized in the organization he works with and gain more trust from your superiors and Thomas, which is a positive point in the work environment that can lead to future promotions.

4 0
3 years ago
Bridget has an outstanding balance on four different credit cards. Which method of paying off her credit card debt will save her
Rufina [12.5K]
Snowballing her payments according to the highest interest rate or making fixed payments I'm not sure between those two
6 0
3 years ago
Read 2 more answers
Credit cards can help When paid off on time regularly
maks197457 [2]

Answer:

good to know.

Explanation:

5 0
3 years ago
Read 2 more answers
Other questions:
  • Mary invested cash in her new business. which effect will this have?
    7·1 answer
  • A(n) ________ includes how employees should react to security problems, whom they should contact, the reports they should make,
    7·2 answers
  • The cost of capital: a. is the price of borrowing money, which is the rate of return that borrowers must pay investors. b. tends
    8·1 answer
  • .Suppose a monopoly firm produces bicycles and can sell 10 bicycles per month at a price of $700 per bicycle. In order to increa
    13·1 answer
  • If $15,000 is considered to be material to the income statement, but $25,000 is material to the balance sheet, the auditor shoul
    5·1 answer
  • Expenses that are not easily associated with a specific department, and which are incurred for the joint benefit of more than on
    5·1 answer
  • At the end of 2018, the federal government debt of the U.S. stood at 104% of GDP. Imagine that, unlike in previous years, from 2
    11·1 answer
  • Your company has sales of $ 93,600 this year and cost of goods sold of $ 64,700. You forecast sales to increase to $ 117, 400 ne
    7·1 answer
  • Joey wants to buy a $3,000 vehicle with 20 percent down for three years at 12 percent interest. what will his monthly payment be
    12·1 answer
  • question content area if $354,000 of 10% bonds are issued at 95, the amount of cash received from the sale is
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!