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trasher [3.6K]
2 years ago
6

Identify any errors in the following partial balance sheet. The interest receivable should be __________________________________

__. The allowance for doubtful accounts should be ____________________________________.
WORD BANK
- added to the notes receivable
- deducted from accounts receivable
- reported separately as a current asset
- shown on the income statement as revenue

Business
1 answer:
Usimov [2.4K]2 years ago
8 0
The interest receivable should be reported separately as a current asset. The allowance for doubtful accounts should be deducted from accounts receivable.
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Explanation:

Iris will want Joss's services but they will be unable to afford them as Iris is only willing to pay $500 whereas Joss wants $1,200 for the job.

The same goes for Daphne who is only willing to pay $800.

Both of them will therefore want to hire Joss but will be unable to.

Joss could however charge both of them their willingness to pay and then sum the cash up and give them both the research whilst still making a profit.

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On December 31, 2020, Lemmon Company issued 20,000 shares of its common stock with a fair value of $50 per share for all of the
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Answer:

$1,002,000

Explanation:

The costs incurred on the share for share exchange include the fair value per share ,issue costs,direct cost as well as contingent consideration(consideration based on the acquired business performance.

However,the costs eligible to be recorded as investment upon acquisition are the fair value per share and the contingent obligation as shown below:

Fair value (entire shares) $50*20,000=$1,000,000

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The issue costs and direct should be expensed immediately.

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Segmentation.

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When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market segmentation.

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