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2 years ago

under the direct write-off method of accounting for uncollectible accounts, bad debts expense is debited

1 answer:

3 0

Bad Debts Expense is debited when an account is determined to be uncollectible under the direct write-off method of accounting for uncollectible accounts,

Bad Debts Expense refers to the portion of account receivables that a firm has assumes not be recoverable from the debtor.

In conclusion, the Bad Debts Expense is debited when an account is determined to be uncollectible under the direct write-off method of accounting for uncollectible accounts,

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The council members of a small town have decided that the earth levee that protects the town from flooding should be rebuilt and

laiz [17]

Answer:

$230,899

Explanation:

Calculation for what the equivalent present cost is for the first 5 years

Present cost of the repair work = 68,000 * (P/A, 6%,5) - 7,000 * (P/G, 6%,5)

Present cost of the repair work= 68,000 * 4.212364 - 7,000 * 7.934549

Present cost of the repair work= $230,898.90 Approximately $230,899

Therefore the Present cost of the repair work will be $230,899

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2 years ago

Which of the following statements refers to rent seeking? "There is an opportunity cost whenever the federal government spends t

puteri [66]

Answer:

Laws passed by the federal government often provide benefits for a small number of individuals. These individuals, in turn, have an incentive to contribute to the campaigns of politicians who pass these laws

Explanation:

When individuals or firms cunningly try to get benefits from government at the detriment of others it term rent seeking.

Implying they seek shelter under this laws that benefit them the most.

For example, certain tax laws may favor the weather citizens of a country and they (the wealthier citizens) may take advantage of that.

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3 years ago

Read 2 more answers

After reading the new account insert in his monthly statement, Tony Mercadante determined that the FDIC considers a joint accou

yarga [219]

Answer: Please refer to Explanation

Explanation:

According to the Federal Deposit Insurance Corporation, the limit to the amount a person can be insured for is, $250,000 per depositor, per insured bank.

That means that Tony's account at a balance of $120,712 is covered completely as it is well below $250,000.

Their Joint account is also completely covered at $60,099.

Cynthia however does not have complete coverage as her bank account exceeds to the coverage limit by $3,629 which will not be covered.

Should be noted that should she transfer this excess to the joint account then she should be fully covered.

5 0

3 years ago

A delivery company purchased a bunch of new trucks three years ago for $6 million. These trucks can be sold today for $5.3 milli

mafiozo [28]

Answer:

The net book value of the company = $3,415,000

Explanation:

The historical cost concept states that assets should be stated at their historical cost. Under this concept, the value of a company is the the net-book value of its assets. The net book value of an asset is its historical cost less the accumulated depreciation to date.

The book value of the delivery company

Net fixed assets $3, 200,000

Net working capital $215,000

Total book value  $3,415,000

The net book value of the company = $3,415,000

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2 years ago

Your father is about to retire, and he wants to buy an annuity that will provide him with $84,000 of income a year for 25 years,

Gekata [30.6K]

Answer:

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Explanation:

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2 years ago