Answer:
$3,900
Explanation:
December 15: The company sold $2,000 of product to the customer with terms 2/15, n/45. December 31:The company has a fiscal year end of December 31. The company estimates using the aging-of-Accounts Receivable.
Accounts Receivable were $140,000, 3% is the estimate for doubtful accounts, and the Allowance for Doubtful Accounts balance is a $300 debit prior to any adjustment.
Therefore the amount to be credited to doubtful account = 0.03 x 140,000 = $4,200
The amount of bad debts = $4,200 - $300 = $3,900
Answer:
2 years
Explanation:
According to the PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS 225 ILCS 454/20-90, it is stated that "No action for a judgment that subsequently results in a post-judgment order for collection from the Real Estate Recovery Fund shall be started later than 2 years after the date on which the aggrieved person knew, or through the use of reasonable diligence should have known, of the acts or omissions giving rise to a right of recovery from the Real Estate Recovery Fund." Therefore in order to receive payment the suit must be filed within 2 years of the violation's occurrence.
Answer: critical ratio
Explanation:
The priority rule which processes jobs according to the smallest ratio of due date to processing time is refered to as the critical ratio.
The critical ratio (CR) is typically used in sequencing work especially during projects or in organizations. For this sequencing, the job that has the lowest critical ratio will be the one that will have to be scheduled first for processing.
To achieve the social optimum, the government could set a tax equal to $6 per unit sold.
Explanation:
The social optimum seems to be the distribution chosen by a good social planner who is limited by resources allocation only. In particular, the social optimum can not be achieved if there are limitations on the social planner's policy tools.
Proponents of significant increases or cuts in the United States marginal tax rates have long provided statistical evidence of the existence of their proposals.
The elasticity of earned income figures was actually a relatively new description of behavioral reactions to marginal taxes that have historically been studied.
Answer:
33.33%
Explanation:
Given:
Sales revenue = $360,000
Cost of goods sold = $240,000
Net income = $53,000
Now,
the gross profit = Sales revenue - Cost of goods sold
or
The gross profit = $360,000 - $240,000 = $120,000
Thus,
the company's gross profit ratio = 
or
The company's gross profit ratio = 
or
The company's gross profit ratio = 33.33%
