Answer: The adjusting entries for the uncollectible accounts would be as follows: Debit Bad debt expense $277,500; Credit Allowance for doubtful accounts $277,500
Explanation: As provided in the question, bad debt expense is determined by the percentage of sales method. In this instance, it is estimated at 1/4 of 1% of sales. 1% of $102,480,000 = $1,024,800; 1/4 of $1,024,800 = $256,200. Please note that there was an existing debit balance of $21,300 in allowance for doubtful accounts (usually, it should have a credit balance), in order to reinstate the allowance for doubtful account to $256,200, we have to credit it with $277,500 ($256,200 + $21,300), by way of the journals above.
The adjusting entry for uncollectible accounts can be calculated by adding the estimated bad debt expense ($256,200) to the existing balance in the Allowance for Doubtful Accounts ($21,300), resulting in a total adjusting entry of $277,500.
To find out the amount of the adjusting entry for uncollectible accounts, you first need to calculate the bad debt expense. Since the question states that bad debt expense is estimated to be 1/4 of 1% of sales, we would find this by multiplying $102,480,000 by 0.0025 (1/4 of 1%).
Bad debt expense = $102,480,000 * 0.0025 = $256,200
Given that the Allowance for Doubtful Accounts already has a balance (which is a debit balance of $21,300), we need to add this to the estimated bad debt expense to determine the adjusting entry.
Adjusting entry for uncollectible accounts = Bad debt expense + Existing Balance in Allowance for doubtful accounts
= $256,200 + $21,300 = $277,500
#SPJ12
Answer:
Direct Material Price Variance = (Actual price - standard price) x actual quantity purchased
Direct Material Price Variance = ($0.80 - $0.83) x 11400000 = $342000 (F)
Actual Price = $9120000 / 11400000 = $0.80
Direct Material Quantity Variance = (Actual quantity - standard quantity) x Standard Price
Direct Material Quantity Variance = (11400000 - 12480000) x $0.83 = $896400 (F)
Standard Quantity = 1040000 x 12 = 12480000
The direct materials price variance is $342,000 unfavorable and the direct materials quantity variance is $9,351,200 favorable.
To calculate Parker Plastic's direct materials price variance, we need to compare the standard price per unit of direct materials with the actual price per unit. The formula for calculating the price variance is (Actual Price - Standard Price) * Actual Quantity.
Using the given information, the actual price per unit is $0.80 per sq. ft, so the price variance is ($0.80 - $0.83) * 11,400,000 sq. ft = $342,000 U.
To calculate the direct materials quantity variance, we need to compare the standard quantity per unit of direct materials with the actual usage. The formula for calculating the quantity variance is (Actual Quantity - Standard Quantity) * Standard Price.
Using the given information, the actual usage is 11,400,000 sq. ft, so the quantity variance is (11,400,000 - 1,040,000) * $0.83 = $9,351,200 F.
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Bags of Leaves Raked
Samantha
4
8
Adam
5
25
Samantha and Adam own a gardening business together. They each pull weeds from flower beds and rake up leaves for their neighbors. If each decides to specialize in what they are best at, Samantha will
a.weed and Adam will rake because these are the goods each has a comparative advantage in.
b.rake and Adam will weed because these are the goods each has a comparative advantage in.
c.weed and Adam will rake because these are the goods each has an absolute advantage in.
d.rake and Adam will weed because these are the goods each has an absolute advantage in.
Answer:
The correct option is A, Samantha weed and Adam will rake because these are the goods each has a comparative advantage in.
Explanation:
The opportunity formula comes handy in this case, which is given below:
opportunity cost formula=what one sacrifices/what one gains
If Samantha were to weed flower beds, opportunity cost is computed thus:
Opportunity cost of Samantha weeding flower beds=8/4= 2 bags of leaves raked
The opportunity of Adam weeding flower beds=25/5 =5 bags of leaves raked.
In a nutshell ,if Samantha weeds flowers they would lose 2 bags of leaves raked while if Adam were to do so same, they would lose 5 bags of leaves raked, conclusively Samantha should weed flower beds since she has lower opportunity, higher comparative advantage
Answer: c. increase the discount rate.
Explanation:
The discount rate of a country is the rate at which the central bank in that country loans money out to the financial institutions.
When this rate is low, more financial institutions will borrow money as opposed to when it is high. Banks borrowing money increases the money supply in the economy so if the Federal Reserve wants to reduce money supply, it should increase the discount rate which would dissuade banks from borrowing from the Fed thereby limiting money supply.
Answer:
THEIR FACTOR OF PRODUCTIVITY will increase.
Answer:
Limited Supply of lawyers will lead to increase in Lawyer Wages / Salaries
Explanation:
Labour Markets are at equilibrium where : Labour Demand (by firms) = Labour Supply (by employees).
Analysing the labour market for Lawyers : Previous anticipations finally leading to small graduating classes & limited supply of lawyers. This limited supply creates excess demand of lawyers. The mismatched excess demand (by firms) creates competition among buyer firms, which leads to increase in price (wages or salaries) of lawyers.
b. 40%
C. 65%
d. 80%
and it’s not 80% because i chose that and i got it wrong
Communication may account for as much as 25% of a hiring decision. Thus, the correct option is A.
The transfer of information is the standard definition of communication. The phrase can either be used to describe the message itself or the area of research known as communication studies that focuses on these transmissions.
There are some differences of opinion regarding the exact definition of communication, such as whether inadvertent or unsuccessful transmissions are included included and if communication creates meaning in addition to transmitting it.
Communication models seek to give a concise overview of its key elements and how they work together. Many models incorporate the notion that a source use a coding scheme to convey information as a message.
The message is transmitted from the source to the receiver via a channel, who must decode it to comprehend what it means. The contrast between verbal and non-verbal communication is significant for human communication.
Learn more about Communication, here
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Answer:
40
Explanation: