Economic Growth (sometimes considered similar to GDP) can have a Business Cycle with which of the following?

Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of credit sales will

defon

Answer:

$2,540

Options are inconsistent with given question

Explanation:

Allowance for uncollectible accounts is a contra asset account and it has credit nature. It needs to be debited to decrease the balance and credited to increase the balance. Balance of this account is adjusted in the account receivable to report the net receivable balance in the balance sheet.

As per given data

Beginning allowance for uncollectible accounts balance = $3,700

Write off is the adjustment mad in this account and it needs to be debited in this account, this transaction will reduce the balance.

Adjusted Balance = $3,700 - 2,700 = $1,000

Credit sales = $118,000

Estimated allowance for uncollectible accounts balance = $118,000 x 3% = $3,540

As allowance for uncollectible accounts has already have balance of $1,000, Bad debt expense for the year is $2,540 ($3,540 - $1,000).

4 0

3 years ago

What statement about risks in social and behavioral sciences research is most accurate: Anonymizing data effectively manages the

diamong [38]

Answer:

Anonymising data effectively manages the risk of creating emotional distress.

Explanation:

This is the most accurate because when you do research, you need to compile information trough interviews, for example. If it's a social research you're gonna talk with people about their issues.

So, anonymising you save their integrity, because <u>nobody is comfortable charing their personal problem</u>. In order to publish your scientific results, you need to hide their personal information. In this way, you also avoid emotional distress to people whom you interviewed.

7 0

3 years ago

The CECL model:_______.A. Is a good example of an income-statement approach to estimating bad debts. B. Recognizes bad debts whe

Dafna1 [17]

Answer:

The correct answer is the option D: Allows a company to use an account receivable aging as part of its methodology for estimating credit losses.

Explanation:

To begin with, the name of "Current Expected Credit Losses" in the field of business and accounting refers to an specific model used by the companies that was issued by the Financial Accounting Standards Board and its main purpose is to focus on estimation of expected losses according to the complete life of the loan. So therefore that this model allows the companies to use an accounts receivable aging ar part of its methodology for estimating the credit losses. And that is also why this system has had an important impact in the financial institutions of the United States of America.

5 0

3 years ago

Can disposable income be spent and lent

Veseljchak [2.6K]

Yes it can be !!!! Because of

6 0

3 years ago

Suppose that the market for candy canes operates under conditions of perfect competition, that it is initially in long-run equil

Paul [167]

Answer:

The price of candy canes, in the long run, will be $0.15.

Explanation:

The price of the candy cane is $0.10.

The firm is in the long-run equilibrium so the price will be equal to marginal cost and average total cost.

Now, with the increase in sugar prices, the ATC will increase to $0.15.

This will cause losses to some of the firms.

In the long run, the loss incurring firms will exit the market. As a result, the market supply will decline. This consequently leads to an increase in the price to $0.15 where ATC is being covered.

Answer:

The price of candy canes, in the long run, will be $0.15.

Explanation:

The price of the candy cane is $0.10.

The firm is in the long-run equilibrium so the price will be equal to marginal cost and average total cost.

Now, with the increase in sugar prices, the ATC will increase to $0.15.

This will cause losses to some of the firms.

In the long run, the loss incurring firms will exit the market. As a result, the market supply will decline. This consequently leads to an increase in the price to $0.15 where ATC is being covered.

In the long-run equilibrium price will be equal to ATC. So, the price of candy canes will be $0.15.

4 0

3 years ago