Answer:
C. $52,100
Explanation:
Account Receivables On December 31, 2016,
= $53,800
Estimate of receivables that will not be collected is an indication of receivables gone bad.
Such receivables are usually written off the books by Crediting account receivables and debiting bad debit expense.
If it is only probable that the receivables may not be collected, the entries would be credit to allowance for bad debt and a debit to bad debt.
In this instance, the debt will not be collected hence
Debit bad debt expense $1,700
Credit Trade receivables $1,700
Being entries to recognize receivables that will not be collected.
Account receivables adjusted balance = $53,800 - $1,700
= $52,100
Answer:
Likelihood, impact
Explanation:
Risk exposure is defined as an estimation of future loss that can be experienced when a particular line of action is taken. There is ranking of risks according to the likelihood of them occuring multiplied by potential loss if the risk occurs.
The formula for risk exposure is the likelihood that an event will occur plus impact if the event occurs.
For example if an investor invests $1,000 in a high risk investment, he stand s the chance of losing the whole of the capital invested.
The attitude toward each other.
Answer:
It does not
Explanation:
In this question, we are asked to evaluate if a particular transaction carried out between a customer and an inn falls within the dictates of the local consumer protection law in the state.
Firstly, we look at what the local consumer protection law of the state talks about. It explicitly stated that customers should get receipts when suppliers receive deposits from them. Thus, this make the receipt act as the first thing to have if there would be any claim under the consumer protection law for the transaction carried out in the state.
Now, looking at the particular scenario we have, the customer paid for the room, but he was not issued a receipt. This makes the case not treatable within the consumer protection law of the state as the receipt which should have been a prerequisite for further exploration is not available
Answer:
Cost Reconciliation Report under FIFO Method:
The costs to be accounted for equals the cost of beginning work in process inventory plus the cost of units transferred out.
b. False
Explanation:
Instead, the costs to be accounted for under the FIFO method in the cost reconciliation report are equal to the cost of the beginning work in process inventory plus the cost of units started and completed during the period. It is under the weighted-average method that the costs to be accounted for in the cost reconciliation report equal the cost of beginning work in process inventory plus the cost of units transferred out.