Answer:
confirmation bias
Explanation:
Confirmation bias is the tendency to search for, interpret, favor, and recall information in a way that confirms or strengthens one's prior personal beliefs or hypotheses. It is a type of cognitive bias.
The inductive method is also sometimes called a scientific method. The method starts off by stating many observations of nature then arriving to the conclusion. The goal is to find a few and powerful ending statement based on the previously stated individual reasons.
Answer:
The answer is: Ms. Crocker LTCL is $0 and her basis for her 1,000 shares purchased in 2020 is $8,000
Explanation:
Ms. Crocker initially bought 1,000 stocks at $10,000, then she sold her stock at $9,000 losing $1,000. Then she again bought the same stock for $7,000. She can offset her initial loss ($1,000) and instead add it to the value of the stock purchased later. So instead of having 1,000 shares with a $7,000 value, she can value her stock at $8,000.
Answer:
B
Explanation:
When a company issues shares, ‘cash’ is debited because money has come into the firm (debit means addition). ‘Equity’ is credited however because it is money the business is owing to the business owners (credit means negative)
Equity is always a credit balance when new shares are issued. It means the business is owing more to the business owners.
Note that Equity is a credit balance (in negative position) while Asset is a debit balance (positive)
In our case, we have added more business owners by getting more money to the business to the tune of $100,000. We will therefore credit equity by -$100,000). Since money came in, we also debit cash by adding an equivalent +$100,000.
The entry is therefore balanced and correct!
Answer:
$4,720
Explanation:
<h2>Tricky, but EASY!</h2><h2 /><h3>The balance for <em><u>ALLOWANCE FOR DOUBTFUL ACCOUNTS</u></em> should be 2% of Credit Sales. </h3>
That is 2%(247,000)= 4,940.
<h3 />
However, there is already a balance of 220. So we must adjust it to be equal to 4,940 by adding the difference!
4,940 -220= 4,720
<h2>And the entry is</h2><h2 />
Bad debt expense 4,720
Allowance for Doubtful Accounts 4,720
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