Answer:
Correct answer is D, P3,900
Explanation:
Begging Allowance for doubtful account is P1,500 (96,000 - 94,500). Ending balance of Allowance for doubtful account is P3,000 (P108,000 -P105,000). We can now work back the provision for doubtful accounts that the company has made during 2008.
Beginning P1,500
Add:
Collection of written off accounts 800
Total P2,300
Less:
Written off 3,200
Total (P900)
Therefore, in order for the company to have an ending inventory of P3,000, They must have set up a provision for doubtful accounts in the amount of P3,900. Attached herewith is the T-account of allowance for doubtful accounts
Answer:
A. 3 business days
Explanation:
In accordance with RESPA, whenever a buyer obtains a new first mortgage loan from a chartered or insured lender, when the loan is insured by the FHA or guaranteed by the VA, or when the loan will be sold to one of the federally related secondary mortgage market agencies, a good-faith estimate of the settlement costs must be provided by the lender within 3 business days.
<u>Answer:</u><u> O</u>ption B
<u>Explanation:</u>
Negative externality means the loss suffered by the third party because of happening of a transaction. In a trade transaction two parties are involved one is the buyer and the other is the seller. The third party of the transaction are outsiders they indirectly get affected because of the transaction.
When there is negative externality the private markets will over produce due to the cost of production increases while the profits are low. The negative externalities might be like noise or air pollution which affects the outsiders.
Answer:
letter b, recording the transaction based on the information in a source document
Explanation:
The "Accounting Cycle" follows a series of steps in order to assist the accounting transactions of a company or business. It starts with the "Transaction step" <em>(the first step</em>) where<u> </u><u><em>the source documents have to be examined in order to analyzed transactions.</em></u> This also includes the recording of the transaction in the journal.
This step is followed by <em>Posting the Entries into the Ledger Accounts, Preparing the Unadjusted Trial Balance, Adjusting the Journal Entries, Preparing the Adjusted Trial Balance, Recording Reversing Entries, Preparing Post-Closing Trial Balance, Record Closing of Entries and Preparing Financial Statements.</em>
Answer:
4-Firm Concentration ratio = 20%
Explanation:
Each firm has equal share
That means 100% share of the industry is divided equally among the 20 firm
Share of 1 firm = 100/20 = 5%
4-Firm Concentration ratio = Share of 1 firm * Number of firm
4-Firm Concentration ratio = 0.05 * 4
4-Firm Concentration ratio = 0.2
4-Firm Concentration ratio = 20%
