Answer: Internal environment
Explanation: The internal environment is made of the components inside the company comprising of existing workers, administration, atmosphere, tools, job procedures and mostly corporate culture which has the capacity of affecting the workers' attitudes and conclusions of the company. In this case, Molly Madison is considered a part of the internal environment of the internal workings as she received the award for employee of the month.
Answer: Price Ceilings
Price Ceilings are usually controlled by the Government and their main use is to keep prices up. Sometimes a customer will switch to other goods and that person that wants there item bought the price will get lower to attract more customers. In this case, they want to keep the prices from falling - therefore, it would be Price Ceilings.
Answer: Please see the required journals below:
December 31:
Debit Bad debt expense $6,034
Credit Allowance for doubtful accounts $6,034
February 1:
Debit Allowance for doubtful accounts $431
Credit Accounts receivables $431
June 5:
Debit Cash $431
Credit Bad debt recovery (income statement) $431
Explanation: The company estimates its bad debt expense as percentage of sales. In this case 0.7% of its annual sales of $862,000 was deemed as uncollectible, that is, 0.7% x $862,000 = $6,034. The required journals to recognize this bad debt expense is provided above. However, since there was an existing provision, which resides in the allowance account, a write-off would definitely hit that account in order to extinguish the accounts receivable portion. Upon recovery of the write-off, we cannot reinstate the receivable since it was already extinguished but we need to recognize the recovery as a gain.
Answer:
$50
Explanation:
Jim buys a 5% bond
The amount is $100
The market interest rate increases to 10%
Therefore the price at which the bond cann be sold is calculated as follows
= 5×100
= 500×0.01
= 50
Hence it can be sold for $50
Answer:Implementing administrative controls Implementing engineering controls
Explanation:
