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4 years ago

Pick out the correct meaning listed

Business

1 answer:

Keith_Richards [23]4 years ago

4 0

Answer:

c. Average income of the country

means the total income of the country,

d. The average income includes the

value of property held.

= The average income is the same asper capita income.

Explanation:

c. Average income of the country

means the total income of the country,

d. The average income includes the

value of property held.

= The average income is the same asper capita income.

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The Manda Panda Company uses the allowance method to account for bad debts. At the beginning of 2018, the allowance account had

muminat

Answer:

1. Does this situation describe a loss contingency?

Yes, the situation reflect the necessity of report a loss contingency because the it's needed to cover the 3% of Allowance for Uncollectible Accounts

2. What is the bad debt expense that Manda Panda should report in its 2018 income statement? $11.325

3. Prepare the appropriate journal entry to record the contingency.

Please see explanation section.

4. Complete the table below to calculate the net realizable value Manda Panda should report in its 2018 balance sheet?

Explanation:

The entry to reflect the bad expenses of the contingency:

Bad debt expense $ 11.325

Allowance for Uncollectible Accounts $ 11.325

Net Realizable Value is:

Accounts Receivable $ 507.500

Allowance for Uncollectible Accounts $ 15.225

Net Realizable Value $ 492.275

Initial Balance

Accounts Receivable $ 507.500 End 2018

Allowance for Uncollectible Accounts - $ 92.400 Beginning 2018

Entry when $88,500 in receivables were determined to be uncollectible.

Allowance for Uncollectible Accounts $ 88.500

Accounts Receivable $ 88.500

(Keep in mind that the balance of Acc Rec is at the end of 2018, so this entry had already been registered.)

New Balance

Accounts Receivable $ 507.500 End 2018

Allowance for Uncollectible Accounts $ 3.900 End 2018

Bad debt expense $ 11.325 to complete the 3%

Allowance for Uncollectible Accounts $ 11.325

New Balance

Accounts Receivable $ 507.500

Allowance for Uncollectible Accounts $ 15.225 3%

Net Realizable Value $ 492.275

5 0

3 years ago

You are the vice president of engineering for a large company. For the last several years the company has experienced lower sale

xenn [34]

Answer:

Explanation:

Utilizing the information in the question;

(A) In the last several years, the company has experienced lower sales and higher operating costs

- this means that revenue (price × quantity of goods sold) is dropping

- costs of running machinery is rising

- This implies that Total Cost is rising while Total Revenue is falling. In other words, the profit gained by the firm is slimmer.

(B) Your budget for engineering activities has been cut by 5% each year, for the last 3 years

- A budget is a document which lays out proposed expenditure and expected income for a business period. If your budget has been slashed by 5% each year, it means that the funds given to you for expenditure sake, are reduced by 5 percent.

This leaves you less funds or money to do what you ought to do. It is a financial constraint.

- As your budget is slashed each year, you rearrange your priorities on a scale of preference; such that the funds given to you are used for what you deem "most important". So from the information above, the least important items on your scale of preference are

- maintenance projects

- testing activities

The effect of this is that machinery will breakdown and work will be further slowed. There will be low production of goods, fewer amount of goods to put up for sale, and then lower revenue.

If the firm's Marginal Cost is still below its Marginal Revenue though, it has some leverage to devise means of generating more funds to run the firm.

3 0

3 years ago

A company produces 500 microwave ovens per month, each of which includes one electrical circuit. The company currently manufactu

VladimirAG [237]

Answer:

A) increase by $1,200 is the correct option

Explanation:

Incremental savings [500 *26] =13000

Rental income=2,200

Total income=15200

Less:Incremental cost =[500*28] =- 14000

Incremental income 1200

4 0

3 years ago

To estimate the average time taken to complete the Stat 121 final exam, instructors randomly selected 150 students that had prev

Sidana [21]

Answer:

The population mean

Explanation:

The confidence interval gives the probability that a certain population parametwr falls in between a pair values based on the given sample mean and a stated confidence level.

The confidence interval ; (98, 142) gives the pair of interval in which the population mean time taken in stat 121 finals at 98% level of confidence.

Hence, we can be 98% confident that the the population parameter would fall within 98 and 142.

7 0

3 years ago

Opportunity cost is best defined as: A. the monetary price of any productive resource. B. the amount of labor that must be used

andreyandreev [35.5K]

Answer:

D. The amount of one product that must be given up to produce one more unit of another product.

Explanation:

Opportunity cost is defined as the potential benefits that you would recieve if you choose one option over another. This is an economic term that can easily be applied in our day to day lives: Ex. When you choose to study over work, the opportunity cost is represented by the money you could earn as payment for your work.

In business, companies must decide whether they produce a wide range of products or services or if they focus their resources in producing those products in which they are more efficient and would represent higher earnings.

4 0

4 years ago