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Galina-37 [17]
3 years ago
7

Accounts Randall Company estimates its bad debts expense by aging its accounts receivable and applying percentages to various ag

e groups of the accounts. Randall calculated a total of $3,000 in possible credit losses as of December 31. Accounts Receivable has a balance of $128,000, and the Allowance for Doubtful Accounts has a credit balance of $500 before adjustment at December 31. What is the December 31 adjusting entry to provide for credit losses
Business
1 answer:
Crazy boy [7]3 years ago
8 0

Answer:

Explanation:

The journal entry will be:

Debit: Bad debt expense $2500

Credit: Allowance for doubtful $2500

Then, we will calculate the net amount of account receivable that should be included in current assets which will be:

Account receivable = $128000

Less: Allowance for doubtful = $500 + $2500 = $3000

Net amount of account receivable = $125000

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Which of the following marketing variables is concerned with design, quality,
Daniel [21]

Answer:

A. Product APEX

Explanation:

This is the correct answer.

3 0
3 years ago
as the industrial revolution came to the united states, most firms operated in a(n) orientation. a. evolutionary b. societal c.
mariarad [96]

As the industrial revolution came to the united states, most firms operated in a production orientation. The United States' transition to new industrial techniques between around 1760 and some time between 1820 and 1840 is known as the Industrial Revolution.

This transition encompassed the switch from manual to mechanical production methods, the invention of new ways for producing chemicals and iron, the expansion of steam and water power, the creation of machine tools, and the growth of the mechanized factory system. As a result of the significant increase in output, both the population and the pace of population growth saw previously unheard-of increases during industrial revolution.

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8 0
1 year ago
Why is operations management relevant to managers in other organization functions? Base your discussion on your experience of op
Mars2501 [29]

Answer:

Operations management is relevant to improve the overall productivity in an organization as it involves working with all departments in the organization.

Explanation:

Operations management involves <u>planning, organizing and controlling the production processes by which raw materials are converted into valuable goods and services to be distributed to customers.</u>

An operations manager works with managers in other organizational functions to <u>improve the overall productivity in the organization.</u>

He or she maintains contact with; the financial manager to agree on the budget needed for production, the purchasing manager to determine what raw materials will be purchased for production, the personnel manager to sort out the human resources required for the production process, and the marketing manager to ensure that customer needs are taken into consideration when producing goods and services.

4 0
2 years ago
If the price of good X rises and the demand for good X is inelastic, then the percentage fall in quantity demanded is __________
Dominik [7]

If the price of good X rises and the demand for good X is inelastic, then the percentage fall in quantity demanded is greater than the percentage change in price, and total revenue falls.

Demand elasticity, often known as the elasticity of demand, gauges how consumers react to changes in price or income. Due to the fact that the price of a good or service is the most typical economic component used to measure it, it is frequently referred to as price elasticity of demand.

The whole amount of money a seller can make by providing goods or services to customers is known as total revenue. The formula for this is P\times Q, or the purchase price times the quantity of the products sold.

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6 0
2 years ago
On January 1, Year 1, Alla Co. sold a property to Mish Co. for $400,000 and simultaneously leased it back for 3 years. The carry
vichka [17]

Answer: $30,000

Explanation:

In accounting, the treatment of the Sale and Operating Leaseback operation is such that a gain is only recognized if the sales price is more than the fair value. In such a case the difference between the fair value and the carrying price is considered the Gain on Sale.

The Difference between the sales price and the fair value is to be amortized over the period of use.

Seeing as the selling price is more than the fair value, the Gain on Sale is therefore,

= Fair Value - Carrying Value

= 310,000 - 280,000

= $30,000

$30,000 is the amount of gain on sale of the property recognized by Alla on January 1, Year 1.

7 0
3 years ago
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