Under the net method, the purchases are recorded at the net cost of the items received, which is the list price minus any applicable discounts. In this case, the payment terms are 3/10, n/30, which means that if the invoice is paid within 10 days, Alison can take a 3% discount on the list price. Otherwise, the full list price is due within 30 days.
To calculate the net cost of the purchase, we need to first determine if Alison is taking the discount or not. If she takes the discount, the cost of the dresses will be:
List price: $6,900
Discount (3% of $6,900): $207
Net cost: $6,693
If she does not take the discount, the cost will be:
List price: $6,900
Net cost: $6,900
Since we don't know whether Alison will take the discount or not, we need to record both possibilities in the accounting records. We can use the following journal entries:
On July 17 (date of purchase):
Debit Purchases (or Inventory) $6,900
Credit Accounts Payable $6,900
If Alison decides to take the discount and pays within 10 days:
Debit Accounts Payable $6,693
Credit Cash $6,693
If Alison does not take the discount and pays within 30 days:
Debit Accounts Payable $6,900
Credit Cash $6,900
Note that the debit to Purchases (or Inventory) is always for the full list price, regardless of whether Alison takes the discount or not. This is because we want to record the cost of the dresses at the time of purchase, before any discounts are applied.
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Jennifer's looking to limit the number of people who see her Google Search Ad for an all-inclusive vacation to Paris. She doesn't want to match with people looking for anything else — just "all-inclusive vacation Paris." So she limits who sees her ad using exact match type. Which search terms might match with Jennifer's ad?
Answer:
Missing options of the stated question are:
Best all-inclusive vacation All-inclusive family Paris vacation All-inclusive vacation All-inclusive Paris holidayThe correct answer is option D.
All-inclusive Paris holiday.
Explanation:
Search terms are the list of terms that a user use that bring results of advertisements. This tool is used by the search engine to trigger and match the keywords used by the user and that appears in the keywords of an advertisement. The search engine uses the search terms entered by the user and the keywords stated by an advertiser in his/her advertisement and brings forth the matching results based on the keywords.
In the given case, Jennifer limits her audience for an 'all-inclusive vacation to Paris.' So, the correct search term that will match with her keywords in the advertisement will be 'all-inclusive Paris holiday.' This search term will match with the keywords of Jennifer's advertisement.
Thus the correct answer is the last option.
MIRR 7. Slow Ride Corp. is evaluating a project with the following cash flows: Year Cash flow 0 -$29,000 1 11,200 2 -13,900 3 45,800 4 12,900 5 -9,400 Assume the discount rate is 10 percent. What is the project's MIRR? Should we accept this project based on the MIRR rule?
MIRR (Modified Internal Rate of Return) is a financial metric that calculates the expected investment return of a project. It calculates a project's profitability based on the assumption that the cash inflows are reinvested at a specified rate, while the cash outflows are reinvested at a different rate.
We need to find the discount rate that equates the present value of the project's negative cash flows (outflows) with the future value of the project's positive cash flows (inflows).
Step 1: Calculate the present value of the negative cash flows (outflows):
PV(outflows) = Year 0 cash flow / (1 + r)^0
+ Year 2 cash flow / (1 + r)^2
+ Year 5 cash flow / (1 + r)^5
PV(outflows) = -$29,000 / (1 + 0.1)^0
+ -$13,900 / (1 + 0.1)^2
+ -$9,400 / (1 + 0.1)^5
PV(outflows) ≈ -$29,000 + (-$11,000) + (-$5,517.35)
PV(outflows) ≈ -$45,517.35
Step 2: Calculate the future value of the positive cash flows (inflows):
FV(inflows) = Year 1 cash flow * (1 + r)^1
+ Year 3 cash flow * (1 + r)^3
+ Year 4 cash flow * (1 + r)^4
FV(inflows) = $11,200 * (1 + 0.1)^1
+ $45,800 * (1 + 0.1)^3
+ $12,900 * (1 + 0.1)^4
FV(inflows) ≈ $11,200 + $58,362 + $16,695.60
FV(inflows) ≈ $86,257.60
Step 3: Calculate the MIRR:
MIRR = (FV(inflows) / PV(outflows))^(1 / n) - 1
MIRR = ($86,257.60 / -$45,517.35)^(1 / 5) - 1
MIRR ≈ 0.1041 or 10.41%
Step 4: Evaluate the project based on the MIRR rule:
The MIRR rule states that if the MIRR is greater than the required rate of return (discount rate), the project should be accepted. In this case, the MIRR is 10.41%, which is greater than the discount rate of 10%. Therefore, based on the MIRR rule, we should accept this project as the MIRR exceeds the required rate of return.
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On january 1, 20x1, popular creek corporation organized suntime company as a subsidiary in switzerland with an initial investment cost of swiss francs (sfr) 60,000. suntime's december 31, 20x1, trial balance in sfr is as follows:
credit debit
cash sfr 7,000
accounts receivable (net) 20,000
receivable from popular creek 5,000
inventory 25,000
plant & equipment 100,000
accumulated depreciation sfr 10,000
accounts payable 12,000
bonds payable 50,000
common stock 60,000
sales 150,000
cost of goods sold 70,000
depreciation expense 10,000
operating expense 30,000
dividends paid 15,000
total sfr 282,000 sfr 282,000
additional information
1. the receivable from popular creek is denominated in swiss francs. popular creek's books show a $4,000 payable to suntime.
2. purchases of inventory goods are made evenly during the year. items in the ending inventory were purchased november 1.
3. equipment is depreciated by the straight-line method with a 10-year life and no residual value. a full year's depreciation is taken in the year of acquisition. the equipment was acquired on march 1.
4. the dividends were declared and paid on november 1.
5. exchange rates were as follows:
sfr $
january 1 1 = 0. 73
march 1 1 = 0. 74
november 1 1 = 0. 77
december 31 1 = 0. 80
20x1 average 1 = 0. 75
the u. s. dollar is the functional currency.
required:
prepare a schedule remeasuring the december 31, 20x1, trial balance from swiss francs to dollars.
The schedule remeasuring the December 31, 20x1, trial balance from swiss francs to dollars are: Debit $219,650; Credit $219,650.
Trial balanceSuntime company Trial Balance Translation for the month of December 31, 20X1
Swiss Translation U.S.
Francs Rate Dollars
Cash SFr 7,000 0.80 $5,600
(7,000×0.80=$5,600)
Accounts Receivable (net) 20,000 0.80 $16,000
(20,000×0.80=$16,000)
Receivable from Popular Creek 5,000 0.80 $4,000
(5,000×0.80=$4,000)
Inventory 25,000 0.80 $20,000
(25,000×0.80=$20,000)
Plant and Equipment 100,000 0.80 $80,000
(100,000×0.80=$80,000)
Cost of Goods Sold 70,000 0.75 $52,500
(70,000×0.75=$52,500)
Depreciation Expense 10,000 0.75 $7,500
(10,000×0.75=$7,500)
Operating Expense 30,000 0.75 $22,500
(30,000×0.75=$22,500)
Dividends Paid 15,000 0.77 $11,550
(15,000×0.77=$11,550)
Total Debits SFr282,000 $219,650
Accumulated Depreciation SFr 10,000 0.80 $8,000
(10,000×0.80=$8,000)
Accounts Payable 12,000 0.80 $9,600
(12,000×0.80=$9,600)
Bonds Payable 50,000 0.80 $40,000
(50,000×0.80=$40,000)
Common Stock 60,000 0.73 $43,800
(60,000×0.73=$43,800)
Sales 150,000 0.75 $112,500
(150,000×0.75=$112,500)
Total SFr282,000 $213,900
Accumulated Other Comprehensive
Income - Translation
Adjustment (credit) $5,750
($219,650-$213,900)
Total Credits $219,650
Therefore the schedule remeasuring the December 31, 20x1, trial balance from swiss francs to dollars are: Debit $219,650; Credit $219,650.
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An interesting video showed a man trying to deposit a banana into his bank account. The teller politely told him that only items that last for long periods of time are money. Therefore, she could not accept the banana as a deposit. What function of money did the banana lack? It cannot be counterfeited It is not a measure of worth It is not a store of value It is not a medium of exchange Question 59 1 pts Modern US currency is light and easy to carry. Therefore, it is ... stable divisible durable portable How do banks create money? The mint new coins They charges fees for services They take in deposits and make loans They print new currency Question 61 1 pts During the great recession of 2007 to 2009 , the U.S. economy experienced the greatest economic downturn since the Great Depression of the 1930s. Unemployment spiked at 25 percent and GDP declined 10 percent. Which action could the Federal Reserve Bank to end the recession? Raise the discount rate Increase the reserve requirements Print more money Buy government securities
The man who tried to deposit a banana in his bank account lacked the function of money, which is "store of value."
Money has several functions, including a medium of exchange, unit of account, store of value, and standard of deferred payment. It is accepted as a means of payment in exchange for goods or services in the first function. In the second function, the prices of products and services are expressed.
In the third function, it can be kept for future transactions as an item of value, and in the fourth function, it is utilized to repay obligations, such as loans, over an extended period of time.Banks generate money by taking in deposits and issuing loans. Deposits are kept by banks, and the money is utilized to give loans.
As a result, new money is created as banks take in deposits and create loans. Money in an economy is critical for its operation. It enables people to purchase goods and services while also allowing companies to grow. Money has various functions, including serving as a medium of exchange, a unit of account, a store of value, and a standard of deferred payment.The Federal Reserve Bank, which is the central bank of the United States, is responsible for overseeing the economy's monetary policy.
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______ economies must forgo some of one good to gain more of another, whereas ______ economies are able to increase production of both goods.
It should be noted that Static economies must forgo some of one good to gain more of another.
Also dynamic economies are able to increase production of both goods.
What is static economy?Static economy can be regarded as an economy that gain profit on the expense of other goods .
However, the dynamic economy, focus in all the goods in making profit, hence, increase production of both goods.
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How did Ray conduct marketing-information management?
you own a pet care center. which three fields you might enter when you create a table for the dogs that you care for?
When creating a table for the dogs that are cared for at a pet care center, some of the fields that could be included are:
Dog ID: A unique identifier assigned to each dog. It can be a numerical or alphanumeric value.
Dog Name: The name of the dog. This field would store the name that has been given to the dog by its owner or caretaker.
Breed: The breed or mix of breeds that the dog belongs to. This field would specify the specific breed(s) of the dog, such as Labrador Retriever, Poodle, or a mixed breed.
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Dring the top sales quarter (all regions combined) of the year 4 - year 5 period, what were the total sales
The total sales during the top sales quarter, when integrating all the regions, in the 4-5 year period is calculated out to be $500,000.
Assuming that the top sales quarter refers to the quarter with the highest sales figures in the 4-5 year period, let's calculate the quarterly sales figures:
Year 1 Quarterly Sales: $125,000
Year 2 Quarterly Sales: $187,500
Year 3 Quarterly Sales: $250,000
Year 4 Quarterly Sales: $375,000
Year 5 Quarterly Sales: $500,000
To determine the top sales quarter for the 4-5 year period, we can simply compare the quarterly sales figures and identify the highest value, which is $500,000 in Q4 of Year 5. Therefore, the total sales during the top sales quarter, when combining all regions, in the 4-5 year period is $500,000.
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The complete question is :
What were the total sales during the top sales quarter, when combining all regions, in the 4-5 year period, given the following sales data:
Year 1: $500,000
Year 2: $750,000
Year 3: $1,000,000
Year 4: $1,500,000
Year 5: $2,000,000
What is the strongest example of multilateral foreign Policy?.
Economic sanctions are applied to a nation by two allies until its leadership modifies a crucial policy.
In American foreign policy, what does multilateralism mean? 158 When three or more states work together, it is called multilateralism.The US has followed a policy of global participation through multilateralism for the majority of the post-World War II era.The cornerstones of U.S. foreign policy are advancing freedom and democracy, safeguarding human rights, and more.Terms in this group (4Isolationism (Loner) (Loner)Avoid interfering with other nations' internal problems.Together with other nations, influence international affairs. Collective Security (Team Player). The concept of internationalism (World Policeman) .Imperialism (World Bully) (World Bully). The World Trade Organization, NATO, and the United Nations are a few examples.An intergovernmental organization called the United Nations is largely responsible for preserving world peace and security.Consequently, the organization serves as a hub for coordinating the operations of numerous states.
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what does the bank have that makes it attractive to thieves?
the bank has a lot of money and gold
First, we need to figure out how much you want to borrow. You said you wanted to spend $5,000, and you will put $500 down. Based on that, we can estimate your taxes to be $340. Put those numbers into the calculator and press calculate to see how much money you will need for your loan.
"$4840" will be the total amount for the loan.
To "borrow" a thing means to use it with the purpose of giving it back. "Loan" is a word that can refer to either the act of giving anything to anyone or a number of funds it must be repaid with interest. That basically implies you can't say you're "borrowing" anything from anyone.
From the information that is provided:
Money that is spent = $5000
Down payment made = $500
The amount of taxes = $340
The total amount for the loan that is taken is
= 5000 - 500 +340
= $4840
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so that clients do not call at the last minute to let you know they will not be able to make a session, the personal trainer-client agreement must include clear language with respect to the:
To avoid last-minute cancellations, the personal trainer-client agreement must include clear language regarding certain aspects.
The personal trainer-client agreement plays a vital role in establishing expectations and responsibilities between the personal trainer and the client. To address the issue of last-minute cancellations and ensure effective scheduling, the agreement should include clear language regarding specific aspects.
Firstly, the agreement should outline the cancellation policy. This policy should clearly state the required notice period for cancellations and any associated penalties or fees. By including this information, clients are made aware of their responsibility to provide advance notice if they are unable to attend a session. This helps discourage last-minute cancellations and enables the personal trainer to plan their schedule effectively.
Secondly, the agreement should address rescheduling procedures. It should outline the process for rescheduling sessions, including the timeframe within which clients need to notify the personal trainer and any limitations or restrictions on rescheduling. This ensures that clients understand the proper procedure for making changes to their sessions and encourages them to communicate in a timely manner.
By including clear language regarding the cancellation policy and rescheduling procedures in the personal trainer-client agreement, both parties have a mutual understanding of expectations, promoting accountability and effective scheduling to minimize last-minute cancellations.
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Power Industries has acquired a patent for $16,000. Its useful life is expected to be four years. Prepare the yearly journal entry to recognize periodic amortization. No entry is required 800 Amortization Expense-Patents Patents 800 4,000 Amortization Expense Accumulated Amortization-Patents 4,000 4,000 Amortization Expense-Patents Patents 4,000 Submit Answer Save for Later
Power Industries' patent amortization journal entry is Dr. Amortization Expense-Patents 4,000 Cr. Patents 4,000. Therefore, the correct option is D.
Power Industries acquired the patent for $16,000.
2. The useful life of the patent is expected to be four years.
3. To calculate the yearly amortization expense, divide the patent cost by its useful life: $16,000 / 4 years = $4,000 per year.
4. Prepare the yearly journal entry to recognize periodic amortization:
Debit (Dr.) Amortization Expense-Patents for $4,000 to record the expense.
Credit (Cr.) Patents for $4,000 to reduce the patent's carrying amount on the balance sheet.
This entry (D) correctly records the annual amortization expense and reduces the carrying amount of the patent by the same amount.
Note: The question is incomplete. The complete question probably is: Power Industries has acquired a patent for $16,000. Its useful life is expected to be four years. Prepare the yearly journal entry to recognize periodic amortization. A) No entry is required B) Dr. Amortization Expense-Patents 800 Cr. Patents 800 C) Dr. Amortization Expense 4000 Cr. Accumulated Amortization-Patents 4,000 D) Dr. Amortization Expense-Patents 4,000 Cr. Patents 4000.
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Think of remote management in businesses today and the different technologies that are in use. explain advantages and disadvantages of the increased use of remote management, giving examples of each.
Answer:
well being remote leads to lonely ness and the cost of not working with your co- workers directly and hands on. but the advantage of remote is you dint have to be doing as much such as dressing up or so on.
Explanation:
hope this helps
Which of the following is an example of a fixed asset?
A. Money in the bank
B. Accounts payable
C. Gross profit
D. Real estate
Answer:
D. Real estate
Explanation:
Fixed assets are physical resources belonging to a business. There are tangible and valuable items that a business owns. A firm uses fixed assets to generate income in the current and future periods.
Fixed assets have a useful life exceeding the current financial year. They are not meant for sale in the short run but to help a business generate income for many years to come. From the list provided, real estate is a fixed asset. Other examples of fixed assets include motor vehicles, machinery, and equipment.
why is each of the 4 factors of production important in running a business
Answer:
to run business sucessfully with out any type pf loss
What impact did the hard-lockdown have on the perfect markets?
Answer:
impacts include they might lose buisness because lock downs made markets close down
they might also lose customers- (everyone is staying home, etc)
hope that helps bby<3
Which part of an insurance application will contain information regarding the cause of death of the applicant's deceased relative
Answer:
Medical Information
Explanation:
Medical Information of the application includes certain information on the insured's prospective medical background, his or her present health conditions, any kind of visits to the medical in the recent years, the medical status of the living relatives, and also causes of death of the deceased relatives.
The medical information are used by the insurance companies to underwrite the policies.
Total sales: $60,230 Rate of commission: 6% on first $40,000
7% on next $10,000;
8% on sales over $50,000
Income: ?
Answer:
1000000 wdnjdkdidhxh fdjjxifid
What is FCRA? Choose the answer.
Question 3 options:
provides data privacy and security provisions for safeguarding medical information
promotes the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies
prevents unauthorized government access to private electronic communications
Answer:
promotes the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies
Explanation:
What does it mean to “authenticate” your payment? How do these payment systems authenticate?
Answer:
Payment authentication is the process of confirming a customer's identity through at least one of the following authentication factors: knowledge, inherence, ownership, and user location. Knowledge is the most common category used for transaction authentication.
A manager is concerned that there isn’t enough time spent on production and too much time spent on setups. The manager decides to double all production batch sizes. This change has no impact on demand. What impact will this likely have on the average inventory in the process?.
It will result in an increase in average inventory as larger batches require more time to be completed.
What is Operations Management?
Operations management (OM) is the administration of business practices within an organization to achieve the highest level of efficiency possible. It is concerned with converting materials and labor as efficiently as possible into goods and services in order to maximize an organization's profit.
At its most basic, management is a discipline comprised of five general functions: planning, organizing, staffing, leading, and controlling. These five functions are part of a larger set of practices and theories about how to be a good manager.
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many subscribers to newspapers and magazines have cancelled their print subscriptions in favor of online news. this trend has caused the startribune newspaper to offer online content for $1.99 per week and newsweek to suspend its print edition in favor of an online-only weekly edition. these companies had to change their , an action triggered by the technological and social changes in their marketing environments.
These companies had to change their, C.) Business Models' actions are triggered by technological and social changes in their marketing environments.
Strategic marketing helps you offer products and services at the right price based on information gathered through market research. Strategic marketing enables organizations to make the most of available resources and markets in accordance with organizational goals and objectives.
A business model describes how an organization creates, delivers, or acquires value in an economic, social, cultural, or other context. The process of building and modifying business models, also called business model innovation, is part of business strategy.
A business model is a strategic plan for how a company intends to make a profit. This model represents how companies sell, market, and drive their products. A business model determines what products it makes sense for a company to sell, how to promote those products, who to target, and what revenue streams can be expected.
Disclaimer:- your question is incomplete, please see below for the complete question.
A.) Marketing Tactics
B.) Strategic Marketing Processes
C.) Business Models
D.) Goals or Objectives
E.) Organizational Cultures
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Extended Marketing Mix: People, Processes and Physical Evidence (24 Marks) Question 3 As earlier mentioned, Depop is planning to expand its physical store network, opening in two new locations: Melbourne (in the state of Victoria); and Sydney (in the state of New South Wales) in November 2022. Thinking about the extended marketing mix, develop two (2) strategies for each of the three (3) extended marketing mix elements (i.e., six strategies in total) which Depop should consider to ensure the success of their new retail and creative spaces proposed for Melbourne and Sydney. You must justify why you believe these strategies will result in creating and capturing value and engaging Depop's potential target market. In your answer you must clearly state the strategy, how it is implemented, and your justification for the choice of strategy.
To ensure the success of their new retail and creative spaces in Melbourne and Sydney, Depop should consider the following strategies for each element of the extended marketing mix:
1. People:
- Strategy 1: Hire knowledgeable and passionate staff: Depop should ensure that their staff members are well-informed about the platform, its unique features, and the products available. This will enable them to provide excellent customer service and personalized assistance, creating a positive shopping experience.
- Strategy 2: Foster a sense of community: Depop can organize events or workshops in their physical stores where customers can meet and connect with each other. This will help to build a loyal customer base and engage with the target market, creating a vibrant and inclusive environment.
2. Processes:
- Strategy 1: Streamline checkout process: Depop should implement efficient and user-friendly checkout procedures to minimize waiting time and reduce friction in the buying process. This can include offering multiple payment options and optimizing the layout of the store to facilitate easy navigation.
- Strategy 2: Leverage technology: Depop can incorporate technology solutions like mobile scanning or self-checkout options to enhance the overall shopping experience. This will not only save time for customers but also showcase Depop's innovative approach to retail.
3. Physical Evidence:
- Strategy 1: Create visually appealing spaces: Depop should invest in attractive and well-designed store interiors that align with their brand image. This will enhance the overall aesthetic appeal and attract potential customers, encouraging them to explore the store.
- Strategy 2: Display user-generated content: Depop can showcase customer reviews, testimonials, or even user-generated photos of their products on digital screens or interactive displays. This will build trust and authenticity, as well as create social proof for potential customers.
These strategies will create and capture value by providing an enjoyable and unique shopping experience, engaging the target market, and establishing Depop as a trusted brand in the physical retail space.
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During which part of the Product Life Cycle would a company use a profit-oriented pricing strategy?
The lifespan of a product depicts how long it remains on the market, from the moment it is first introduced to consumers until it is phased out and taken off the shelves.
What is the maturity stage of the product life cycle?Sales declined during the mature period, a sign that the market has started to become saturated. During this phase of the product life cycle, the price also starts to become competitive. The profit margins become slimmer as a result.
In most life-cycle situations, profits normally reach their greatest level during the early growth stages, but sales often reach their peak during the mature stages.
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You expect General Motors (GM) to have a beta of 1.3 over the next year and the beta of Exxon Mobil (XOM) to be over the next year. Also, you expect the volatility of General Motors to be 40% and that of Exxon Mobil to be 30% over the next year. Which stock has more systematic rok? Which stock has more total nok? ОА. см, хом OD. XOM, GM OC. GMGM OD. XOM. XOM
The stock that has more systematic risk and the stock with more total risk respectively, are C. GM GM
How to find the more risky company ?Since GM has a higher beta of 1.3 compared to XOM's beta of 0.9, it suggests that General Motors has more systematic risk. A beta greater than 1 indicates that the stock is expected to be more volatile than the overall market, while a beta less than 1 suggests lower volatility compared to the market.
Regarding total risk, it combines both systematic risk (measured by beta) and unsystematic risk (company-specific factors). The volatility of GM is higher than that of Exxon Mobil so GM has higher total risk.
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Excuse me,
(ಠ_ಠ)
ง ง
how saving account fits with my time horizon retirement
An investment's time horizon is indeed the length of time it will be held before being sold. Choose the best Retirement savings are the most popular long-term investments.
What do you mean by investment?A purchase made with the intention of creating income or capital growth is known as an investment. Appreciation is the term for an asset's value rising over time. A person buys in a good with the intention of using it to build wealth in the future rather than for current consumption.
How can beginners invest?Open a Demat and trading account using your linked banking account. Log into that trading account. Select the shares that you wish to buy or sell. Ensure that you have the requisite amount of funds in your account to buy the shares.
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Allison has a horse stall cleaning business that has been growing rapidly since she started it three years ago. She estimates the total number of horse stalls in her market to be 5000, owned by a total potential population of 1500. Currently, there are only two competitors in the market, Allison, who has 650 stalls that she cleans, and Sam's Hayfaring Maneger, that cleans 1,320 stalls. The remainder of the stalls are cleaned by their owners rather than by a service. Allison prices her cleaning services at $12 per stall per month and Sam charges $8 for the same service. Allison's sales are derived from 104 customers while Sam's are from 71 customers, meaning that Sam's customers have more stalls on a per capita basis. What is the market penetration rate based on potential customers
Answer:
the market penetration rate based on potential customers is 11.66%
Explanation:
The computation of the market penetration rate based on potential customers is shown below
= Alison + sam
= (104 customers ÷ 1500) + (71 customers ÷ 1500)
= 6.93 % + 4.73%
= 11.66%
hence, the market penetration rate based on potential customers is 11.66%
We simply added both the Alison and sam so that the market penetration rate could come
Leo Co. uses the allowance method to account for bad debts. At the end of the year, Leo Co.'s accounts receivable balance is $25,000; allowance for doubtful accounts balance of $100 (credit); and sales of $500,000. Based on history, Leo estimates that bad debts will be 2% of accounts receivable. The entry to record estimated bad debts will include a debit to Bad Debts Expense in the amount of:
The bad debts expense for the year to be debited will be $600.
Adjusted balance of the Allowance for Doubtful Accounts = Accounts receivable * 2%
Adjusted balance of the Allowance for Doubtful Accounts = $25,000 x 2%
Adjusted balance of the Allowance for Doubtful Accounts = $500
Unadjusted balance of the Allowance for Doubtful Accounts = $100
Amount of bad debt expenses = Adjusted balance of the Allowance for Doubtful Accounts + Unadjusted balance of the Allowance for Doubtful Accounts
Amount of bad debt expenses = $500 + $100
Amount of bad debt expenses = $600
Therefore, the bad debts expense for the year to be debited will be $600.
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Answer:$400
Explanation: