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hoa [83]
3 years ago
8

As of January 1, 2021, Chelsea Co. had a balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2

% of Chelsea's credit sales have been uncollectible. During 2021, Chelsea wrote off $650,000 of accounts receivable. Credit sales for 2021 were $18,000,000. In its December 31, 2021 balance sheet, what amount should Chelsea report as allowance for uncollectible accounts?
Business
1 answer:
VARVARA [1.3K]3 years ago
7 0

Answer:

Chelsea should report $230,000 as allowance for noncollectable accounts

Explanation:

Allowance in beginning = $520,000

Allowance needed for 2021 sales = $18,000,000 x 2% = $360,000

Total allowance balance before write off = $880,000

Less: write off = $ 650,000

Allowance balance at year end = $520,000 + $360,000 - $650,000

                                                    = $230,000

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Inflation is 20 percent. Debt is $2 trillion. The nominal deficit is $300 billion. What is the real deficit or surplus
algol13

Answer:

Real deficit is -$100 billion.

Explanation:

Since we have a nominal deficit in the question, what we are to calculate is the real deficit.

The real deficit can be described as the actual or nominal deficit that has been adjusted for the effect of inflation on the debt. Therefore, the real deficit can be calculated using the following formula:

Real deficit  = Nominal deficit - (Debt * Inflation rate) ................. (1)

From the question, we have:

Inflation rate = 20%

Debt = $2 trillion = $2,000,000,000,000

Nominal deficit = $300 billion = $300,000,000,000

Substituting the values into equation (1), we have:

Real deficit = $300,000,000,000 - ($2,000,000,000,000 * 20%)

Real deficit = $300,000,000,000 - $400,000,000,000 = -$100,000,000,000 = -$100 billion

Therefore, real deficit is -$100 billion.

4 0
2 years ago
GDP is the: national income minus all non-income charges against output. monetary value of all final goods and services produced
olasank [31]

Answer:

The correct answer is: monetary value of all final goods and services produced within the borders of a nation in a particular year.

Explanation:

GDP of a nation can be defined as the monetary value of all the goods and services that are produced within the geographical boundaries of the nation in a year.

The GDP does not include intermediate goods and services as it may lead to double counting. The reselling of objects is also not included.

It is used to measure the health of a nation's economy. It shows the level of economic activities in a nation. An increase in GDP means economic growth.

6 0
3 years ago
then impact of risky behaviour on one's well-being by referring to social,emotional,physical and spiritual ​
maria [59]
Spiritually, risky behavior can truly take a toll. If you are religious, your actions won’t be in line with your beliefs (most likely). There is a trickle down effect from there. Lots of times, risky behavior makes a person feel paranoid because a person is doing things s/he feels is wrong. All of that takes a toll on a person physically. When you compromise yourself, you will tend to be on an emotional roller coaster. Not a great way to live
6 0
2 years ago
For a normal good, if the price of a substitute good decreases then:
geniusboy [140]

Answer:

(B) the demand curve shifts leftward while the supply curve stays the same.

Explanation:

"Substitutes are goods where you can consume one in place of the other. The prices of complementary or substitute goods also shift the demand curve. When the price of a good that complements a good decreases, then the quantity demanded of one increases and the demand for the other increases. When the price of a substitute good decreases, the quantity demanded for that good increases, but the demand for the good that it is being substituted for decreases. "

Reference: Khan Academy. “Price of Related Products and Demand.” Khan Academy, Khan Academy, 2019

8 0
3 years ago
You have a portfolio that is equally invested in Stock F with a beta of 1.08, Stock G with a beta of 1.45, and the market. What
Aliun [14]

Answer:

1.265

Explanation:

According to the situation, the solution of the beta of portfolio is as follows

Beta portfolio = (weightage of investment F × beta F) + (proportion of investment G ×beta G)

Beta protfolio =  (0.5 × 1.08) + (0.5 × 1.45)

= 0.54 + 0.725

= 1.265

Hence, the beta of your portfolio is 1.265  by applying the above formula

5 0
3 years ago
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