Answer:
total net income = $109,000
Explanation:
given data
Blake receive = $103,000
Matthew capital account is credited = $3,000
solution
we know that both partner get equal part in remaining loss or income
so here Blake get $3,000 as share of the net income
so that here net income for the period, that will Blake's salary allowance + amount shared in both persons of net income
as that
total net income = $103,000 + $3,000 +$3,000
total net income = $109,000
The Peter Principle is an observation in most organizational hierarchies such as: That of the company is that each employee works his way up the hierarchy through promotions until he reaches the appropriate level of incompetence.
1. Lack of legal capacity, especially to testify or bring to trial. Also called "impossible". It can be caused by various kinds of disqualification, incapacity or incompetence. A court may appoint a guardian for a person found to be unsound by a formal hearing.
The definition of incompetent is a person or something that is unqualified, inadequate, or inadequate for a particular purpose. An example of incompetence is someone who is behind the wheel of a manual transmission car and does not know how to operate a stick shift. Lack of qualities necessary for effective action or action.
Learn more about incompetence at
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<u>Explanation:</u>
Business environment refers to the factors pertaining to internal or external to the organisation that affects the working of the organisation. The environment provides threats and challenges for the business organisations. So the business organisations should know about their environment to smoothly function the business activities.
Economic environment means the economic situation in a country that affects the business and consumer behavior in a country. The performance of the organisation can be affected by the buying pattern of the consumers. Economic environment is an external and macro environment factor which affects the business.
Answer:
Accounts receivable $361,000 debit
Allowance for uncollectible accounts $560 debit
Net Sales $806,000 credit
0.4% of credit sales are uncollectible = 0.4% x $806,000 = $3,224
adjusting entry:
December 31, 202x
Dr Bad debt expense 3,224
Cr Allowance for doubtful accounts 3,224
Allowance for doubtful accounts is a contra asset account that reduces accounts receivable.
