What does the i in the fair test of ethical business communication stand for?

Centre College, a private liberal arts college in Central Kentucky, charged (billed) tuition and fees of $50,000 based on the re

Anuta_ua [19.1K]

Answer: B. Debit to Tuition Discounts and Allowances, $12,000.

Explanation:

A scholarship is considered a discount so should be recorded as one. When recording a discount, it is debited to its own account which in this case will be the Tuition Discounts and Allowances account.

The full entries are,

DR Cash (50,000 - 12,000) $38,000

DR Tuition Discounts and Allowances $12,000

CR Tuition and Fees $50,000

4 0

2 years ago

During 2012, Robby's Camera Shop had sales revenue of $170,000, of which $75,000 was on credit. At the start of 2012, Accounts R

klio [65]

Answer:

1) December 31, 2012, bad debt write off

Dr Bad debt expense 1,700

Cr Accounts receivable 1,700

December 31, 2012

Dr Bad debt expense 1,125

Cr Allowance for doubtful accounts 1,125

2) Bad debt expense must be recorded in the income statement and it reduces net income. Both transactions reduce net accounts receivable on the balance sheet.

3) It doesn't seem to be appropriate because just one bad account (J. Doe) was higher than 1.5%. A large % of accounts receivable is still outstanding (= $27,275 / $75,000 = 36.4%) and they should include approximately four months of credit sales. This means that unless the company issues a very long credit, a much larger percent is past due.

Explanation:

net accounts receivable January 1, 2012 = $15,100

credit sales 2012 = $75,000

collections on accounts receivable $60,000

net accounts receivable December 31 = $15,100 + $75,000 - $60,000 - $1,700 - $1,125 = $27,275

8 0

2 years ago

Imagine that you are a member of the band and you want to purchase some items from a music supply store. Use what you've learned

FinnZ [79.3K]

This is a question only you and someone who is taking that course can answer. I would need more information.

7 0

3 years ago

Read 2 more answers

Bob and Serena are married and file a joint income tax return. For 2018, their modified AGI is $70,000. Their daughter, Dawn, is

Bogdan [553]

Answer:

The American Opportunity Tax Credit (AOTC) that can be claimed is $2,500.

Explanation:

As of 2018, no changes have been made to the AOTC. By law, with a modified adjusted gross income (MAGI) of $80,000 or less for single individuals and $160,000 or less for married filing jointly, the individuals can claim the full credit amount. It is a credit paid for an eligible student to cover education expenses, if in the first four years of postsecondary education. A maximum annual amount of $2,500 is given and an additional 40% of remaining amount (up to $1,000) if the tax owed falls to zero.

8 0

3 years ago

Which of the following describes business-to-business (B2B) e-commerce purchases? Group of answer choices Customers bid on items

tigry1 [53]

Answer:

Pricing can vary for each customer.

Explanation:

Under the B2B, the manufacturer sells its products directly to other businesses such as wholesalers or retailers and not the end consumers.

Hence, pricing can vary for each customer in a business-to-business (B2B) e-commerce purchases because companies that are engaged in B2B are able to improve their performance and cut down the costs of procurement for goods and services.

Business to business (B2B) markets differ from Business to consumers (B2C) markets because salespeople personally call on business customers to a far greater extent than they do consumers.

3 0

3 years ago