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FromTheMoon [43]
2 years ago
6

At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $302,000 and in Allowance for Uncollectible A

ccounts of $940 (credit) before any adjustments. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 6% of accounts receivable. Bad debt expense for the year should be:
Business
1 answer:
marin [14]2 years ago
7 0

Answer:

$5,230

Explanation:

Account receivable balance = $310,000

Credit balance in allowance for uncollectible accounts = $970

Given percentage = 2%

So by considering the above information, the bad debt expense is

= Account receivable balance × given percentage - credit balance in allowance for uncollectible accounts

= $310,000 × 2% - $970

= $6,200 - $970

= $5,230

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The amount of time it takes for an investment to double in value is called the doubling time for the investment. If the doubling
Paul [167]

Answer:

Compounding interest rate, r = 10.41%

Explanation:

As the investment will be doubled after 7 years from now, the future value of the current investment will be = $10,000 × 2 = $20,000

Therefore,

Number of periods (years), n = 7

Future value, FV = $20,000

Principal = Present Value, PV = $10,000

we have to determine the compounding interest rate, r.

We know,

r = [(\frac{FV}{PV})^{\frac{1}{n}} - 1]

Putting the values into the formula, we can get,

r = [(\frac{20,000}{10,000})^{\frac{1}{7}} - 1]

or, r =(2^{\frac{1}{7}} - 1)

With the help of calculator, we can find the value of 2^{\frac{1}{7}} = 1.1041

or, r = (1.1041 - 1)

or, r = 0.1041

Therefore, interest rate = 10.41%

7 0
3 years ago
Which of the following best describes a dividend? ​
iragen [17]

Answer:

The answer is C.

Explanation:

8 0
3 years ago
Costs of Acquiring Fixed Assets
Zepler [3.9K]

Answer:

The answer is given below:

Explanation:

a.

1.Yes

2.Yes

3.Yes

4.Yes

5.Yes

6. Yes

b.

7.No

8.Yes

9.Yes

10.No

11.No

12.No

As a rule of thumb,those costs which increase the value or useful life of asset should be capitalized where as those costs that are incurred to maintain the usage of asset are revenue expenditure and should be charged to income statement not the asset.

8 0
3 years ago
Read 2 more answers
As a new investment adviser (IA) firm, your company wants to obtain more clients. In an attempt to do so, one of the employees s
IRISSAK [1]

Answer:

D) is not acceptable because such a guarantee would cause a conflict of interest pertaining to the IA's fiduciary duty to each client

Explanation:

The members of the North American Securities Administrators Association (NASAA) must follow their Model Rule which prohibits investment adviser firms from guaranteeing investment results, in other words they cannot guarantee a minimum profit.

In this case the employee suggested that if their clients didn't earn a minimum 12% profit, then they would refund any fees collected. But the IA firm is not allowed to guarantee the 12% value increase or profit.

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3 years ago
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EleoNora [17]

Answer:

Hold meeting with employees, volunteers and representatives of other local shelters and listen carefully as they brainstorm ideas.

Explanation:

A leader can be defined as an individual who motivates and inspires a group of people towards achieving a common goal. A good leader must possess the following characteristics:

1) A leader must be a good communicator, he/she must be able to deliver information to the group in an orderly manner.

2) A good leader must be able to inspires others.

3) A leader must lead with honesty.

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5) A good leader should be able to account for his/her various activities.

8 0
3 years ago
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