Answer and Explanation:
The journal entry is shown below:
Bad debt expense Dr $13,472
To allowance for doubtful debts $13,472
(Being the bad debt expense is recorded)
The bad debt expense is
= 6% of $326,200 - $6,100
= $13,472
Here the bad debt expense is debited as it increased the assets and credited the allowance for doubtful debts
Answer:
Monthly payment would be $250.37
Explanation:
The monthly payment can be determined using excel pmt formula as follows:
=pmt(rate,nper,-pv,fv)
rate is the APR of 6.25% per year divided by 12 months in a year
nper is the number of years the payments would last which is 6 years multiplied by 12 months
pv is the initial amount of finance which is the net amount of $15,000
fv is the total amounts to be repaid which is unknown
=pmt(6.25%/12,6*12,-15000,0)=$ 250.37
The amount of monthly payment is $250.37
Answer:
a. $44.44
Explanation:
The amortization will be allowed for 10 months in the year (March-December) as the return is filed on a calendar year basis. The deduction allowed per month $4.44 ($800 / 180).
The maximum allowable deduction for amortization of organizational expenditures in the current year is $44.44 ($4.44*10 months).
Answer:
Option B
Explanation:
In simple words, The key responsibility of an institution's board of directors is to spend time to determine that every other board member is emotionally involved and interested in the company's objectives is invested well. When the board members are fully committed, they will become the strongest leaders, champions, strategists, and sponsors around the charity.
Thus, from the above we can conclude that the correct option is B.
Answer:
$38.85
Explanation:
The computation of the maximum price would be willing to pay is shown below:
Current price = Future dividend × Present value of discount factor (rate of interest , time period)
= $1.75 ÷ 1.09 + $2.25 ÷ (1.09^2) + $42 ÷ (1.09^2)
= $1.61 + $1.89 + $35.35
= $38.85
Simply applied the above formula so that the maximum price could come
