The qualitative characteristic of using the same accounting method each period over time refers to the concept of

During 2021, its first year of operations, a company provides services on account of $257,000. By the end of 2021, cash collecti

Dmitrij [34]

Answer:

Debit Bad debt expense $15,120

Credit Allowance for doubtful debt $15,120

Being entries to record estimated bad debts

Explanation:

When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.

Account receivables balance as at year end

= $257,000 - $131,000

= $126,000

Allowance for doubtful debt = 12% * $126,000

= $15,120

4 0

3 years ago

he 2014 balance sheet of Jordan’s Golf Shop, Inc., showed long-term debt of $2.7 million, and the 2015 balance sheet showed long

ICE Princess25 [194]

Answer: $1,311,000

Explanation:

Operating Cashflow = Cashflow from Assets + Capital spending + changes in Net working capital

Cashflow from Assets = Cashflow to Creditors + Cashflow to Stakeholders

Cashflow to Creditors = Interest paid - Change in long term debt

= 140,000 - (2,950,000 - 2,700,000)

= -$110,000

Cashflow to Stakeholders

= Dividends paid - New equity issue

= 500,000 - ((500,000 + 3,500,000) - (460,000 + 3,200,000))

= $160,000

Cashflow from Assets = -110,000 + 160,000

= $50,000

Operating cashflow = 50,000 + 1,320,000 + (-59,000)

= $1,311,000

6 0

3 years ago

Dream Home Builders, a construction company, wants to make a decision on the quantity of labor to be hired. It has already emplo

Andru [333]

Answer: a. When Dream Home Builders employs 11 workers, it can increase profits by__hiring___ workers

B.When Dream Home Builders employs 11 workers, it can increase profits by__13___ workers

C. If the market wage changes to $27, Dream Home Builders would _increase___

the number of workers employed to 14__workers

D. The curve depicting the value of the marginal product of labor is also the labor __demand__curve.

3 0

4 years ago

Read 2 more answers

Unscramble the vocabulary word from Chapter 12: yalplor

makvit [3.9K]

Payroll is your answer.

Payroll is a list that have all employees listed on it as well as the amount they were to be paid during a certain amount of time.

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7 0

4 years ago

______________ knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide i

olga_2 [115]

Answer:

The correct word for the blank space is: Market.

Explanation:

Market knowledge refers to the collection of information about the business and all its resources being offered to the market. It does not only help entrepreneurs to have a better understanding of what the firm is and what it can do but also allows them to improve the decisions they take to direct the business process towards the organizational goal.

6 0

3 years ago