Answer:
The write-off to be approved by two employees
Explanation:
Allowance Method
This method is capitalizes on matching principle. The key work is to record bad debts expense in the same period as the sales revenue.
Direct Write-off Method
This is simply known as when an accounts receivable are written off and bad debts expense is recorded when the company determines that it will not be able to collect from a specific customer.
Method used
Record bad debts expense and reduce accounts receivable
Debit: Bad Debts Expense
Credit: Accounts Receivable
Recovery method
Step 1: Reverse earlier write off
Debit: Accounts Receivable
Credit: Bad Debts Expense
Allowance For Bad Debts Account
It is usually in a contra asset account, in relation to accounts receivable, that holds the estimated amount of uncollectible accounts. The account is said to limits the asset receivable in anticipation of uncollectible debts.
Answer:
When financing a vehicle, the lienholder is the bank or company that loaned you money in order to purchase the car. The lender holds a lien against the car, giving them the legal right to take possession of the car if you fail to settle your debt. That institution's name will appear on the title of your vehicle and your car insurance policy for the duration of the loan. Buying or selling a car with a lien is perfectly legal, but the process takes more work, and it poses some inherent risks to the buyer.
Explanation:
A lien is the legal right to take possession of a piece of property if the debt underlying that property is not settled. A lienholder (also known as a lienor) is a person, company, or financial institution that co-buys that property or sells it to you on credit. For example, if your local bank writes you an auto loan to finance your car, they are the lienholder. You are the practical owner of the car. You have exclusive rights to use and even sell the vehicle, assuming you can pay off the loan.
But as long as the lienholder has a financial stake in your vehicle, they're the legal owner, and their name will appear on important documents. This is a different situation than leasing a car in that, when you lease a car, the lessor is the full owner of the vehicle, and you are merely renting it from them. You cannot legally sell a car you're only leasing.
Answer:
Explanation:
Farmer:
Total cost of production of farmer = number of bushel × cost of per bushel
= 119 × $3
= $357
Total revenue of farmer = price × quantity sold
= $5 × 119
= $595
Total profit of farmer = Total revenue - Total cost
= 595 - 357
= 238
Firm F:
Total cost of production of firm F = pounds of flour × cost of per pound
= 51 × $6
= 306
Total revenue of firm F = price × quantity sold
= $10 × 45
= 450
Total profit of Firm F = Total revenue - Total cost
= 450 - 306
= 144
The answer to this question is b
Answer:
9700 students had GPA between 2 and 2.5
Explanation:
Total Number of students=34,642
28% of the total number have GPA's between 2 and 2.5=(28/100)×34642=
9699.76
An integer is whole number
9699.76 is closer to 9700 than 9699
9700 students had GPA between 2 and 2.5