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Nonamiya [84]
2 years ago
12

Alvin's Transport has total credit sales for the year of $182,000 and estimates that 3% of its credit sales will be uncollectibl

e. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated bad debt expense. Assume the following independent conditions existed prior to the adjustment:
a. Allowance for Doubtful Accounts has a credit balance of $570.
b. Allowance for Doubtful Accounts has a debit balance of $360
Business
1 answer:
goldfiish [28.3K]2 years ago
4 0

Answer:

S/n      Account Title and Explanation      Debit     Credit

a.         Bad Debt Expense                         $5,460

            ($182,000 sales x 3%)

                   Allowance for Doubtful Accounts       $5,460

           (To record bad debt expense)

b.        Bad Debt Expense                         $5,460

            ($182,000 sales x 3%)

                   Allowance for Doubtful Accounts       $5,460

           (To record bad debt expense)

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This is further explained below.

<h3>What is a competitive advantage?</h3>

Generally, The advantageous position that a firm strives to achieve in order to be more lucrative than its competitors is what is known as a competitive advantage.

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Complete Question

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elastic demands.

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SWOT analyses.

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9 months ago
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3 years ago
Liz Mulig earns 52,000 per year as a philosophy professor. She receives a raise of 2.5% in a year in which CPI increases by 3.8%
Sindrei [870]

Answer:

She lost $754.05.

Explanation:

Giving the following information:

Liz Mulig earns 52,000 per year as a philosophy professor. She receives a raise of 2.5% in a year in which CPI increases by 3.8%.

<u>The rise in her salary allows her to increase her purchasing power. On the contrary, inflation decreases purchasing power. We need to calculate the differences between both effects and determine whether she can buy more or less.</u>

<u></u>

Increase in salary= 52,000*1.025= $53,300

Inflation effect= 52,000/(1-0.038)= $54,054.05

To maintain her purchasing power, now, she needs to earn $54,054.05.

She lost $754.05.

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3 years ago
Ramkissoon Midwifery's cost formula for its wages and salaries is $2,060 per month plus $442 per birth. For the month of July, t
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Answer:

Spending variance will be equal to -729

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We have given wages and salary is $2060 per month plus $442 per birth

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So standard cost = $2060+117×$442 = $53774

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We have to find the spending variance

Spending variance is given by

Spending variance = Standard cost - actual cost = $53774 - $54500 = -729

So spending variance will be equal to -729

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3 years ago
A form prepared periodically for each processing department summarizing (1) the units for which the department is accountable an
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Answer:

B. cost of production report

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The cost of production report summarizes all cost activities and its allocation in a department within a specified period of time. It contains the cost for each unit, amount of unit flow, difficulties faced during production.

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3 years ago
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