ABC Corporations has the following transactions and account balances during the year:
A/R beginning balance = $45,000
Allowance for doubtful accounts beginning balance = $2,250
1. ABC made sales on account of $60,000.
2. ABC made cash sales of $20,000.
3. ABC collected $65,000 of A/R.
4. ABC wrote off $1,500 of A/R.
5. ABC subsequently collected $200 of A/R that had been previously written off.
6. ABC estimates bad debt expense to be 5% of A/R at the end of the year.
Required: A. Prepare all necessary journal entries for ABC.
B. Prepare the entry to record bad debt expense assuming that in transaction #4, $4,000 of A/R had been written off instead of $1,500.
Answers
This is called the allowance method of accounting for bad debts.
Entry to record bad debt expense . Assuming that in transaction #4, $4,000 of A/R had been written off instead of $1,500, the following is the entry to record bad debt expense :Bad debt expense Debit 1,500Accounts receivable Credit 1,500Explanation:Bad debts are expenditures incurred by a firm in order to recover overdue accounts from customers who are unable to pay. The allowance for doubtful accounts is a method for dealing with the possibility of customers defaulting on their accounts. This is a process of estimating how much credit customers will be unable to pay and including that amount in the financial statement . As per the question, ABC corporations estimate bad debt expenses to be 5% of accounts receivable at the end of the year. When an account becomes uncollectible, the bad debt expense account is debited, and the allowance for doubtful accounts is credited. This improves the accuracy of the financial statements by identifying the potential reduction in revenue.
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Related Questions
The operations vice president of security home bank has been interested in investigating the efficiency of the bank’s operations. She has been particularly concerned about the costs of handling routine transactions at the bank and would like to compare these costs at the bank’s various branches. If the branches with the most efficient operations can be identified, their methods can be studied and then replicated elsewhere. While the bank maintains meticulous records of wages and other costs, there has been no attempt thus far to show how those costs are related to the various services provided by the bank. The operations vice president has asked your help in conducting an activity-based costing study of bank operations. In particular, she would like to know the cost of opening an account, the cost of processing deposits and withdrawals, and the cost of processing other customer transactions.
Answers
The costing study of bank operation goes thus:
Opening accounts:Distribution of Resource Amount Percentage Amount
Teller wages $160,000 x 5% = $8,000
Asst. branch manager salary $75,000 x 15% = $11,250
Branch manager salary $80,000 x 5% = $4,000
Total $23,250
Activity rate of opening accounts = Total cost of opening accounts / new accounts opened
Activity rate = $23,250 / 500 = $46.50 per new account
Processing deposits and withdrawals:Distribution of Resource Amount Percentage Amount
Teller wages $160,000 x 65% = $104,000
Asst. branch manager salary $75,000 x 5% = $3,750
Branch manager salary $80,000 x 0% = $0
Total $107,750
Activity rate of opening accounts = Total cost of processing deposits and withdrawals / deposits and withdrawals processed
Activity rate = $107,750 / 100,000 = $1.08 per deposit and withdrawal processed
Processing other customer transactions:Distribution of Resource Amount Percentage Amount
Teller wages $160,000 x 20% = $32,000
Asst. branch manager salary $75,000 x 30% = $22,500
Branch manager salary $80,000 x 10% = $8,000
Total $62,500
Activity rate of opening accounts = Total cost of processing other customer transactions / other customer transactions processed
Activity rate = $62,500 / 5,000 = $12.50 per other customer transactions processed
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everything else held constant, in the market for reserves, decreases in the interest rate paid on excess reserves affect the federal funds rate
Answers
In the market for reserves, a decrease in the interest rate paid on excess reserves can have an impact on the federal funds rate.
The federal funds rate is the interest rate at which depository institutions (such as banks) lend funds to each other overnight to meet reserve requirements.
When the interest rate paid on excess reserves decreases, it becomes less attractive for banks to hold excess reserves. Banks may opt to lend out their excess reserves to other banks in order to earn a higher return. As a result, there is an increase in the supply of reserves in the market.
With an increase in the supply of reserves, the supply of loanable funds in the federal funds market also increases. This increased supply puts downward pressure on the federal funds rate. Banks can now borrow reserves at a lower interest rate, leading to a decrease in the federal funds rate.
Therefore, all else being held constant, a decrease in the interest rate paid on excess reserves can contribute to a decrease in the federal funds rate. However, it's important to note that the federal funds rate is influenced by various other factors, including monetary policy decisions by the central bank, market demand for loans, and overall economic conditions.
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Companies can refuse to pay women workers who are new to the company the same wage as male workers who have been there for a number of years. Please select the best answer from the choices provided T F
Answers
False. It is illegal for companies to discriminate against employees on the basis of gender and pay women workers less than male workers for the same job and level of experience.
Why is Illegal for Companies to Discriminate against Employees?The Equal Pay Act of 1963 prohibits gender-based wage discrimination, and the Civil Rights Act of 1964 prohibits discrimination on the basis of sex, among other protected characteristics. However, it is possible that new employees, regardless of gender, may be offered lower starting salaries than more experienced employees.
Therefore, it is illegal for companies to pay women workers less than male workers for the same job and level of experience because of gender discrimination. This is a violation of federal and state anti-discrimination laws, including the Equal Pay Act of 1963 and the Civil Rights Act of 1964, which prohibit discrimination based on gender in the workplace.
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Answer: Its True
Explanation: Hope this Helps!!!!
Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.
Answers
($14)(25)=$350
($25)(11)=$275
$350+$275= $625
hich pricing strategy involves setting a high price for an exclusive, high-end product?
Answers
2.which of the following statements best describes a keynesian approach to economics? a)aggregate demand is the most important driving force in the economy, but free-markets have no self-balancing mechanisms that lead to full-employment; therefore, government intervention is often necessary to stabilize an economy. b)politics determines economics, the nature of economics is conflictual, and the main actors are nation-states; therefore, the main goal of economic activity is the maximization of national interest. c)individual freedom to pursue interests/wealth in an open market free of government interference with the role of government to primarily protect property rights. d)resources flow from a periphery of poor and underdeveloped countries (global south) to a core of wealthy states (global north) enriching the latter at the expense of the former. poor countries are systemically locked into this unfavorable situation.
Answers
Option a is correct. The main economic driver is aggregate demand, but since free markets lack self-balancing mechanisms that lead to full employment, stabilising an economy frequently requires government intervention.
A macroeconomic theory known as Keynesian economics examines the total amount of spending in the economy and how it affects production, employment, and inflation. In an effort to comprehend the Great Depression, British economist John Maynard Keynes created it in the 1930s.
The fundamental tenet of Keynesian economics is that economic stabilisation may be achieved by government intervention. Keynes' theory was the first to clearly distinguish between the study of individual motivations and economic behaviour from those of broad aggregate variables and conceptions.
Keynes' theory led him to propose higher government spending and lower taxes as a way to boost demand and rescue the world economy from the Great Depression. Later, the term "Keynesian economics" was used to describe the idea that economic performance could be optimised and economic downturns might be avoided.
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When firms are said to be price takers, it implies that if a firm raises its price,.
Answers
Answer:
when films are said to be prize takers in implies that if you raises its price a buyers will go else where
What may have caused the Incas to be defeated so easily by the Spanish?
Answers
The Spanish had many advantages that allowed them to easily defeat the Incas. These advantages included superior weapons, advanced military tactics, and the introduction of new diseases to the Incas that caused many of them to get fall ill and then die.
The Spanish also had large numbers of soldiers, which allowed them to overwhelm the Incas. Ultimately, the Incas were not united and their leadership was weakened by civil wars and the lack of a unified strategy against the Spanish. All these factors combined to create a situation where the Incas were unable to adequately defend themselves against the Spanish.
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How much money is there in the world?
Answers
Answer:
nobody don't have any ideas✓✓
All of this depends on currencies in different in countries because it's all worth different amount like 1 US dollar is 0.76 Pounds.
An average for you in USD is 1.4 quadrillion dollars.
What challenges do managers of these warehouses face when the unemployment rate is low? when the rate is high?
Answers
The challenges that warehouse managers face when the unemployment rate is low is to reduce the supply of labor available to fill the job openings.
When there is an increase in the unemployment rate, there can be significant impacts on the business, such as a reduction in the purchasing power of consumers and, consequently, a lower turnover of stock.
What strategies should managers develop to deal with unemployment rates?It is essential that there is an active management of talent in the organization, that is, managers must seek to reduce employee turnover by improving working conditions and benefits, positively altering the employee's perception, which increases the sense of appreciation of the your job.
Therefore, there are necessary strategies that must be developed to reduce the risks associated with high or low unemployment rates, so that these situations do not significantly impact the business and put an organization's operations at risk.
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What is the main negative effect of slash and burn deforestation in rain forests?
ANSWER
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Answer:
There are many problems that result from this method of growing crops, including deforestation, a direct consequence of cutting down forests for crop land; loss of habitat and species; an increase in air pollution and the release of carbon into the atmosphere—which contributes to global climate change; and an increase
When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
Answers
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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When i look back on the decisions i've made, it's clear that i made some of my best choices not through a thorough analytical investigation of my options, but instead by trial and error and, often, simply by accident. the somewhat random aspect of my success or failure is, at the same time, both encouraging and scary?
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According to constructivists, human "knowledge is not part of an objective, external reality that is separate from the individual."
When major organizational changes are initiated, it is frequently assumed that training?Original Information: People in positions of authority typically initiate major changes. A common misconception is that training will "solve the problem." As a result, in the hands of non-committed users, potentially useful innovations are mishandled or even ignored.
People tend to assume when major top-down changes are initiated in organizations?People often think that members of an organization will need training to help them change their behavior when major top-down changes are made. Even though training might be helpful, employees might still not do what management wants them to do if they aren't willing to accept the changes.
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Where can you take DMV
examinations, and what type of
examination are there?
Answers
given that two nations have equal resources and both nations agree to specialize in the production of a product that is most efficient, determine: specialization between the two nations, which nation specializes in which product? (10 points) the range of terms of trade (trade negotiation terms).(10 points) the best of terms of trade (democratic distribution of trade benefit).(20 points) the net benefit for each country (after specialization). (40 points) discuss the limitations of production and export based on such assumption in the current global economy. (20 points)
Answers
Given equal resources, two countries decide to focus on producing a certain good. The definition of trade is the exchange of goods and services between nations. Countries engage in commerce with one another to expand.
Thus, the theory of comparative advantage offers a compelling case for free trade and, in fact, for a more laissez-faire approach to trade. The supporting argument is straightforward based on this straightforward example: specialisation and free exchange between nations result in increased real income for the participants.
The manufacture of commodities for which a nation has a competitive advantage is a specialty. Two countries may find it advantageous to trade with one another if they each focus on a particular good for which they have a comparative advantage.
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1. What is a FICO score and why is it important? What is the median FICO score?
Answers
A FICO score is a credit score developed by Fair Isaac Corporation that is used by lenders to determine the creditworthiness of an individual. The median FICO score in the United States is around 706
The score is based on credit history and takes into account factors such as payment history, credit utilization, length of credit history, and types of credit used. A high FICO score is important because it indicates that an individual is financially responsible and has a low risk of defaulting on a loan or credit card.
This makes them more attractive to lenders and can result in lower interest rates and better loan terms. On the other hand, a low FICO score can make it more difficult to obtain credit or may result in higher interest rates.
. However, this can vary depending on the age group and region. For example, younger individuals may have lower scores due to shorter credit histories, while individuals in certain regions may have lower scores due to economic factors.
In summary, a FICO score is an important tool for lenders to assess creditworthiness, and a high score can result in better loan terms and interest rates. It is important for individuals to maintain good credit habits in order to achieve a high FICO score.
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When an economist points out that you and millions of other people are interdependent, she is referring to the fact that we all.
Answers
Based on the provided information, she is referring to the fact that we all rely upon one another for the goods and services we all consume.
Who is an economist?An economist can be regarded as an expert that focuses on international business as well as politics and financial activities of an organization or a nation.
An economist usually point out that we all rely upon one another for the goods and services we all consume and this makes an economy.
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All of the following points are aligned with recommending a variable annuity (VA) except
A)the investor wants a supplement to their retirement income.
B)the investor will fund the investment with assets earmarked for retirement from a non-qualified money market account.
C)the investor will fund the investment with assets earmarked for retirement from a 401(k).
D)the investor is comfortable with market risk.
Answers
Option C, the investor will fund the investment with assets earmarked for retirement from a 401(k), is not aligned with recommending a variable annuity (VA).
Variable annuities (VAs) can be a suitable investment option for investors who are looking for a supplement to their retirement income and are comfortable with market risk. Additionally, if the investor is funding the VA with assets earmarked for retirement from a non-qualified money market account, it may be a good fit. However, funding the VA with assets earmarked for retirement from a 401(k) is not recommended. This is because 401(k) accounts already offer tax-deferred growth, so adding a VA to the mix could result in the investor paying unnecessary fees and expenses. Therefore, option C is not aligned with recommending a VA.
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this step in the control process includes adjustments when a process is found to be out of control. multiple choice measure compare define evaluate correct
Answers
Measure is the stage of the control process that involves changes when a process is discovered to be out of control. In this step, a process' effectiveness is evaluated in comparison to pre-established standards or criteria.
The process is said to be out of control if the measurements show that it is differing from the anticipated or expected results. The process is then adjusted to put it back under control and to match it with the desired goals. These modifications can entail locating the underlying reasons of the deviations, putting remedial measures in place, and closely watching the process to make sure it stays on course.
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According to the video, some workers who work for themselves, such as Actors, Musicians, or Writers, may have what
sort of worker represent them to potential customers?
O an Agent
O a Headhunter
an Employer
a Mentor
Answers
Answer:
an Agent
Explanation:
just answered it and got correct
Answer: Agent
Explanation: just got it right on edge
Based on the quantity equation, if y = 3,000, p = 3, and v = 4, then m =
a. $2,250.
b. $36,000.
c. $250.
d. $4,000.
Answers
Based on the quantity equation, if y = 3,000, p = 3, and v = 4, then m =
$2,250.
As per Quantity Equation, MV = PY
M = PY / V
Where P = 3
Y = 3,000
V = 4
Therefore
M = 3 * 3,000 / 4 = $2,250
Therefore Correct Answer is (A) $2,250.
The quantity equation is represented as MV = PT and relates the charge tiers and the amount and availability of cash. right here M stands for the quantity of money, V is the velocity of circulation, P is the fee stage and T stands for the number of transactions.
The equation of trade is a mathematical expression of the quantity idea of cash. In its fundamental form, the equation says that the full sum of money that changes palms in an economic system equals the whole money price of goods that change hands, or that nominal spending equals nominal profits.
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Which knowledge area has been identified by architects, carpenters, and building inspectors as important in their work?
mathematics
building and construction
design
customer and personal service
Answers
Answer:
Building and Construction
Explanation:
Edg
Which solutions would be appropriate for everyone in both low financial wellness groups?
(multiple answers can be selected)
Answers
Improving financial wellness can be a long-term process, and there is no one-size-fits-all solution. However, there are some general steps that people in low financial wellness groups can take to improve their financial situation:
Create a budgetReduce debtIncrease savingsIncrease incomeSeek financial guidanceThese steps can be adapted to suit each person's individual circumstances and financial goals. By taking a proactive approach to improving financial wellness, individuals in low financial wellness groups can take control of their finances and improve their overall well-being.
Remember, improving financial wellness takes time, patience, and consistency. It's essential to create a plan and stick to it, even if progress is slow. By taking small steps and making progress, anyone in a low financial wellness group can improve their financial situation and achieve financial stability.
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Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2021: Cash $2,420, Accounts Receivable $775, Equipment $12.890, Accounts Payable $1,500, and D. Scoffin, Capital $14,585. The following events and transactions occurred during February 2021. Feb. 1 2 3 6 14 Received and paid a $430 advertising bill. Paid the YH Curling Club $1,175 rent for use of the ice for lessons during the first two weeks of February Collected $4,440 cash for February's curling lessons, Collected all of the accounts receivable at January 31 in cash, Paid $1.000 of the accounts payable at January 31.
Answers
The total cash balance of YH Curling School on February 28, 2021, is $5,030.
YH Curling School owned by Derek Scoffin had the following balances in its general ledger as of January 31, 2021: Cash $2,420, Accounts Receivable $775, Equipment $12.890, Accounts Payable $1,500, and D. Scoffin, Capital $14,585.The following events and transactions took place during February 2021:
Feb. 1: The business received and paid a $430 advertising bill.
Feb. 2: YH Curling School paid $1,175 in rent to the YH Curling Club for the ice used during the first two weeks of February.
Feb. 3: The school collected $4,440 in cash from February's curling lessons.
Feb. 6: YH Curling School collected all of its accounts receivable in cash from January 31.Feb. 14: YH Curling School paid $1,000 to the accounts payable at January 31.
Therefore, we can calculate the total cash balance of YH Curling School using the above transaction. The calculation is shown below:
Cash balance as of January 31 = $2,420
Addition of the cash collected from February curling lessons = $4,440
Addition of the cash collected from accounts receivable = $775
Total cash inflow = $2,420 + $4,440 + $775 = $7,635
Less payment to accounts payable = $1,000
Less payment of rent to YH Curling Club = $1,175
Less payment of advertising bill = $430
Total cash outflow = $1,000 + $1,175 + $430 = $2,605
Total cash balance on February 28, 2021, would be = $7,635 - $2,605 = $5,030.
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Question 2(Multiple Choice Worth 5 points)
(02.06 MC)
In general, what kind of people earn the most money?
O People with skills that are in high demand and high in supply
O People with skills that are in high demand but low in supply
O People with skills that are in low demand and low in supply
People with skills that are in low demand but high in supply
Answers
They earn the most money since skills also follow the law of supply and demand, so consumers are willing to pay more due to low supply
Sales taxes collected by a retailer are recorded by.
Answers
Answer:
There recorded by sales
Explanation:
Sales taxes collected by a retailer are recorded as credit to sales taxes payable under the current liabilities section on the balance sheet.
Sales taxes collected by a retailer are typically recorded by the retailer themselves for accounting and reporting purposes.
How is the sales tax collectedThis is done to ensure compliance with tax regulations and to accurately track the amount of sales tax owed to the appropriate tax authority.
Retailers usually use point-of-sale (POS) systems or specialized accounting software to record sales transactions and calculate the sales tax amount. These systems are programmed to apply the appropriate tax rate based on the location of the sale and the type of product or service being sold.
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what is subsistence farming
Answers
Best luck with your studying
i will give $1000 to someone that can help me with this. and im being serious
Answers
Answer:
shell say to get your team together and lead if can do it do it, if you cant, don't
Explanation: you're the team leader you're supposed to be able to make decisions even the hard ones
whats the difference between net, gross, and operating profit
Answers
Operating profit is the amount of gross profit, but “minus operational costs.”
Net profit is the whole amount after a business has “accounted for all deductions, including interest and taxes.”
Hope this helped.
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which of the following statements is true about the relationship between business processes and information systems? group of answer choices information systems incorporate all business process activities and hence, should be developed before business processes. the relationship between business processes and information systems is one-to-one. developing information systems before business processes ensures that all activities are considered in the development process. a business process need not relate to any information system, but an information system relates to at least one business process.
Answers
A business process need not relate to any information system, but an information system relates to at least one business process, this statements is true about the relationship between business processes and information systems.
A business process is a logically related sequence of actions that specify how particular business tasks are carried out. It is a distinctive method of coordinating work, information, and knowledge inside an organization. Business processes are important for managers to be aware of since they affect how well a firm can conduct its operations and could provide a competitive edge. Each of the main business functions has its own unique business processes, but many of them are cross-functional. Information systems assist firms restructure and streamline business operations by automating certain of these procedures.
The official organizational division in charge of information technology services is the information systems department. It is in charge of maintaining the networks, data storage, hardware, and software that make up the company's IT infrastructure. The department is often led by a CIO and is made up of professionals including programmers, systems analysts, project managers, and information systems managers.
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