Answer:
The amount of bad debt exp is 7000
Explanation:
Allowance for bad debt exp has a credit balance of 7500 before adjusting entry
Now the management wants to estimate the uncollectible accounts at 14500
So we have to increase the balance of the allowance account from 7500 to 14500
Like 14500-7500=7000
So we need to record the entry by 7000 to increase the amount of the allowance to 14500
The entry
Bad debt exp Dr. 7000
Allowance for doubtful accounts Cr 7000
Now the bad debt exp will be reported in the income statement by 7000
Answer:
$3,750
Explanation:
The computation of reliable gross profit is given below :-
= Sales of 2020 year + sale of 2021 years - Cost of Merchandise
= $19,200 + $14,300 - $29,750
= $33,500 - $29,750
= $3,750
Since we have to compute the gross profit of 2021 only so we did not take the collection of year 2022
So, the reliability of gross profit is $3,750.
A collusive agreement between two firms is likely to break down when detection of cheaters is difficult
.
Option D
<u>Explanation:
</u>
Collusion is a secret agreement between two or more parties to suppress open competition by misleading, lying or defrauding others of their rightfulness or achieving a goal prohibited by law that usually is to defraud or gain an unacceptable market advantage.
It is an agreement between companies or individuals that divides a market establishes prices, limits or limits production opportunities. It can include "strike, pay manipulation, kickbacks or the freedom of the relationship between the two parties." All collusion-driven actions are considered null and void legally.
In the USA, Canada collusion is illegal because of antitrust legislation, but implicit collusion even now takes place in the method of price management and tacit agreement.
Example: Google and Apple announced that both firms decided not to hire people to work together to stop wage growth in 2015, a statement against bullying collusion by employees.
Managers are handling complexity when they are adaptable, imaginative, and prepared to learn from mistakes.
Describe complexity.
According to the scientific theory of complexity, certain systems exhibit behavioral traits that are utterly outside the scope of any traditional examination of the system's component pieces. These phenomena, also known as emergent behavior, appear to be present in a variety of complex living organism-based systems, such as the stock market and the human brain. For instance, according to complexity theorists, a stock market crash is an emergent result of the activities of several individual investors on a complex financial system, just as human awareness is an emergent characteristic of a complex network of neurons in the brain.
to know more about complexity
brainly.com/question/4667958
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Answer:
<u>e) accounts receivable</u>
Explanation:
a) <em>allowance for doubtful accounts:</em> this is used to determinate a provision of uncollectible account. Customers that will not honor their debts.
b)<em>prepaid expenses:</em> This is use for the payment in advance for utilities and other expenses like rent. The description does not involve any payment from Dr Torres.
c)<em>unearned revenues: </em>used when the customer pays the service or goods but the business didn't perform or deliver. The Dr has perform his services so they revenues are earned.
d) <em>intangible assets: </em>refers to trademarks, patents and other assets which related to the business. the customers account are tangible, they are a know value
e) <u>accounts receivable: correct.</u>
This represent the collectible amount from customers, which is exactly what it is happening. The Dr gives a certain amount of time to receive the payment for his services. While the services aren't paid, the Dr has "Accounts to receive"
