The Uniform Commercial Code was written to achieve consistency in?

Suppose that the United States fixes the dollar-pound exchange rate. In the process of maintaining the fixed exchange rate, if t

maks197457 [2]

Answer:

the fixed dollar-pound exchange rate is consistently below the equilibrium exchange rate that would be produced by a private foreign exchange market.

Explanation:

Fixing an exchange rate means that the government is trying to intervene in valuation of its currency. It is fixing it's currencie's rate to another and using reserves to handle fluctuations in market price.

When the fixed rate is below equillibrum there is surplus of the countrie's currency at the fixed rate. The government will buy this surplus (if not the value will fall) by selling their foreign currency reserves. This is done to maintain the fixed exchange rate.

Reduced reserves of pounds noticed by the Central bank is as a result of fixed price below equilibrium.

5 0

3 years ago

Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided

il63 [147K]

Answer:

What journal entry did Pincus record to write off uncollectible accounts during 2021

In 2021, the company wrote off uncollectible accounts of $10,800.

Dr Allowance for Uncollectible Accounts $ 10,800

Cr Accounts receivable $ 10,800

and to recognize bad debt expense for 2021?

Pincus estimates that 5% of the accounts receivable balance at 12/31/2021 will prove uncollectible

Dr Bad Debt Expense $ 1,520

Cr Allowance for Uncollectible Accounts $ 1,520

Explanation:

Pincus provided a total of $268,000 of services on account

Dr Accounts receivable $ 268,000

Cr Sales $ 268,000

In 2021, the company wrote off uncollectible accounts of $10,800.

Dr Allowance for Uncollectible Accounts $ 10,800

Cr Accounts receivable $ 10,800

If the company use the allowance method to account for bad debts, at the moment of the write off the company debits the Allowance for Uncollectible Accounts that was previously estimated with a credit to account receivable, to reflect the new accounts receivable balance.

By the end of 2021, cash collections on accounts receivable totaled $226,800

Dr CASH $ 226,800

Cr Accounts receivable $ 226,800

BALANCE

Dr Accounts receivable $ 30,400

Pincus estimates that 5% of the accounts receivable balance at 12/31/2021 will prove uncollectible

Dr Bad Debt Expense $ 1,520

Cr Allowance for Uncollectible Accounts $ 1,520

5 0

3 years ago

Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California, to be operated as a partnershi

algol [13]

Answer:

thast way too long for just 10 points

Explanation:

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7 0

2 years ago

4 pressures to your income (financial)

Alexxx [7]

Answer: what are you asking for? can you specify your statement

4 0

2 years ago

Many banks and phone companies now charge fees for once-free services to ensure minimum customer revenue levels. This helps bank

inn [45]

Complete Question: Many banks and phone companies now charge fees for once-free services to ensure minimum customer revenue levels. This helps the banks to ________.

A) reduce the rate of customer defection

B) make low-profit customers more profitable

C) enhance the growth potential for each customer through cross-selling

D) increase the longevity of the customer relationship

E) focus disproportionate effort on high-value customers

Answer:

B) make low-profit customers more profitable

Explanation:

Many banks and phone companies now charge fees for once-free services to ensure minimum customer revenue levels. This helps the banks to make low profit customers more profitable.

The basic logic behind this strategy is that when customers find something coming free, then they start taking it for granted, they don't pay much attention to it, therefore, when the some services are free, customers will not be spending much on them, like upgrading, monthly plan up-gradations, monthly or annual subscriptions. Consequently, to turn the those customers into highly valuable customers, companies charge for the services which were free of cost in the past.

3 0

2 years ago