Answer:
$6,540
Explanation:
Given:
accounts receivable of $238,000
allowance for uncollectable accounts of $600 (credit)
Also, the allowance for uncollectible accounts should be 3% of accounts receivable.
Therefore the amount of the adjustment for uncollectible accounts would be
= 3% of $238,000 - $600= $(7140-600)= $6,540
Answer:
A. peer
Explanation:
The peer testimony refers to the testimony where the person does not have expertise related to the subject
Therefore in the given situation it is mentioned that the Bill Gates personal experience with respect to the caring of his aging parents so here the testimony that should be used is peer as it is directly deal with it
Therefore the correct option is A. peer
And all other options are wrong
Answer:
Journals :
Land $350,000 (debit)
Building $100,000 (debit)
Mortgage Payable $450,000 (credit)
Explanation:
The Land and Building is Initially measured at cost of acquisition not the fair market value. The cost of Acquisition in this case is the Present Value of the Mortgage Payable used to obtain the Property.
Step 1
Use the Time Value of Money Techniques to find the Present Value of the Mortgage.
Calculation of Present Value of the Mortgage
N = 20 × 12 = 240
P/YR = 12
PMT = - $3,488.85
I = 7 %
FV = $ 0
PV = ?
Using a Financial Calculator to Input the Values as above, the Present Value of the Mortgage will be $450,000.
Step 2
When Recording, apportion the Land and Building costs using their fair market value.
Land $350,000 (debit)
Building $100,000 (debit)
Mortgage Payable $450,000 (credit)
Answer: The correct answer is b).meet the information needs of a company's managers and other users of its financial statements
Explanation: Chart of accounts refers to list of accounts of an organization. It shows at a spot how an organisation receives money and spends money.
Chart of accounts contains Assets, Liabilities, Income, Expenses and Equity.
Firms would exit the market in the following circumstances:
- Price is less than average cost
- Firms post an economic loss.
The market would remain stable in the following circumstances:
- No firms earn economic profit
Firms would enter the market in the following circumstances:
- Price is greater than average cost.
- Firms earn both economic profit and accounting profit.
A competitive market industry is characterised by many buyers and sellers of identical goods and services. Market price is set by the forces of demand and supply.
In the long run, firms would earn only accounting profit. If a firm earns economics profit in the short run, firms would enter the industry in the long run. This would reduce economic profit to zero.
In the short run if firms earn economic loss, in the long run, firms would leave the market. As a result, economic profit would rise to zero.
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