Assume the following information for Larry Corp. Journalize receivables transactions. Accounts receivable (beginning balance) $142,000 Allowance for doubtful accounts (beginning balance) 11,360 Net credit sales 945,000 Collections 910,000 Write-offs of accounts receivable 5,200 Collections of accounts previously written off 1,900 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Instructions a. Prepare the entries to record sales and collections during the period. b. Prepare the entry to record the write-off of uncollectible accounts during the period. c. Prepare the entries to record the recovery of the uncollectible account during the period.
Answers
Answer:
Following are the Journal entry to the question in the attached file.
Explanation:
Related Questions
What is one major measure of economic growth?
Answers
Answer:
yo mama
Explanation:
yo mama's so ugly, she made a blind kid cry.Why are developing countries experiensing rapid population growth while developed countries are growing slowly or not at all?
Answers
Answer:
Population growth in developing countries will be greater due to lack of education for girls and women, and the lack of information and access to birth control.
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The Fine Art Museum, a not-for-profit entity, allocated expenses 80% to programs and 20% to general and administrative.
a) During the current year the Museum received admissions fees in cash $500,000 from visitors.
b) Citizens of the local community are encouraged to participate in a program called “Friends of the Museum.” For a yearly contribution of $25 per family, a family is entitled to free admission to the Museum during the calendar year. At year-end, there were 10,000 members in the “Friends of the Museum.”
c) During the current year the Museum incurred salary expense of $250,000 of which $60,000 remains unpaid at year-end.
d) During the year the Museum incurred operating expenses of $400,000 of which $30,000 remains unpaid at year-end. Of the $400,000, $50,000 was used to buy supplies of which $20,000 remains on hand at year-end.
e) During the year the Museum received pledges of $200,000 for the acquisition of new art items, of which the Museum had collected $150,000 by year-end and expected to ultimately collect another $20,000.
f) During the year a citizen died and willed his wonderful collection of native art to the Museum to help new art items acquisition. The collection was later sold for $600,000.
Required: Prepare the necessary journal entries to record these transactions.
Answers
The preparation of the necessary journal entries for The Fine Art Museum is as follows:
Journal Entries:
a. Debit Cash $500,000
Credit Admissions Fees $500,000
To record the receipt of admissions fees in cash from visitors.b. Debit Cash $250,000
Credit Admissions Fees $250,000
To record the receipt of special admissions fees for "Friends of the Museum."c. Debit Salary Expense $250,000
Credit Salary Payable $60,000
Credit Cash $190,000
To record salary expense paid and payable.d. Debit Operating Expenses $400,000
Credit Operating Expenses Payable $30,000
Credit Cash $370,000
To record operating expenses paid and payable.Debit Supplies $50,000
Credit Operating Expenses $50,000
To transfer operating expenses to Supplies.Debit Supplies Expense $30,000
Credit Supplies $30,000
To record supplies expense for the year.e. Debit Pledges Receivable $200,000
Debit Cash $150,000
Credit Pledges Receivable $150,000
Credit Allowance for Uncollectible Pledges $30,000
To record pledges receivable and allowance for uncollectibles.f. Debit Cash $600,000
Credit Sale of collections $600,000
To record the sale of wonderful collections from a will.Data Analysis:
Allocation of Expenses:
Programs = 80%
General and Administrative = 20%
a. Cash $500,000 Admissions Fees $500,000
b. Cash $250,000 Admissions Fees $250,000 ($25 x 10,000)
c. Salary Expense $250,000 Salary Payable $60,000 Cash $190,000
d. Operating Expenses $400,000 Operating Expenses Payable $30,000 Cash $370,000
Supplies $50,000 Operating Expenses $50,000
Supplies Expense $30,000 Supplies $30,000
e. Pledges Receivable $200,000 Estimated Receivable Pledges $170,000
Uncollectible Pledges $30,000
Cash $150,000 Pledges Received $150,000
f. Cash $600,000 Sale of collections $600,000
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Nexis Corp. issues 1,000 shares of $15 par value common stock at $25 per share. When the transaction is recorded, credits are made to: Group of answer choices Common Stock $15,000 and Paid-in Capital in Excess of Par Value $10,000. Common Stock $25,000 and Retained Earnings $15,000. Common Stock $15,000 and Paid-in Capital in Excess of Stated Value $10,000. Common Stock $25,000.
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Based on the information given the transaction that is recorded are: credits are made to: Common Stock, $15,000, and Paid-In Capital in Excess of Par, $10,000.
Nexis Corp. Journal entry
Debit Cash $25,000
($25×1,000 shares)
Credit Common Stock, $15,000
($15×1,000 shares)
Credit Paid-In Capital in Excess of Par, $10,000
[($25-$15)× 1,000 shares]
(To record common stock)
Inconclusion the transaction that is recorded are: credits are made to: Common Stock, $15,000, and Paid-In Capital in Excess of Par, $10,000.
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As a manager, if you wanted to influence what employees do in situations lacking clear company rules or expectations, what should you do
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As a manager if you want to influence what employees do in situations that lack clear company rules or expectations, you should create a strong culture.
Creating a strong culture is very important in the workplace. It is important because it helps to influence the discretionary behaviors that employees have in the work place.
It helps them to know what they should do in given situations where the the rules and the expectations are not clear.
This is very important because an organization may not have policies or rules for every given situation in the work place. The culture of the organization would be very useful in this case.
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You were recently hired by Scheuer Media Inc. to estimate its cost of capital. You obtained the following data: D1 = $1.75; P0 = $42.50; g = 7.00% (constant); and F = 5.00%. What is the cost of equity raised by selling new common stock?
Answers
The cost of equity raised by selling new common stock is 11.33%.
Using this formula
re = D1/(P0 × (1 - F)) + g
Where:
re=Cost of equity=?
Dividend(D1)=$1.75
Stock price(P0)=$42.50
Growth rate(g)=7.00%
Floatation cost (F)=5.00%
Let plug in the formula
re =1.75/(42.50 × (1 - 0.05)) + 0.07
re=1.75/(42.50×0.95)+0.07
re=(1.75/40.375)+0.07
re=0.04334365+0.07
re=0.1133×100
re=11.33%
Inconclusion the cost of equity raised by selling new common stock is 11.33%.
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Which of the following is not a product design objective? Make the design easy to track for cost accounting purposes. Design a quality product. Design a product that meets customer requirements. Minimize production costs.
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Amongst the options provided in the question, "Make the design easy to track for cost accounting purposes" only is not a product design objective.
Product Design
It is a process that requires cross-functional and knowledge-intensive work, which has become more demanding in today's competitive world.
It is set as one of the key strategies firms need to succeed in the market. These firms develop unique products using this process, as it provides them with the opportunity to set premium prices due to the uniqueness of the product.
Product Design Objective
For this process to succeed, the objective of the product design is, therefore, to produce goods or services with high quality, keeping the prices of the materials and the methods required to produce them at an acceptably low cost. Finally, the product must be competitive in the market in terms of its price, quality, design, and functionality. Thus making it meet the customer needs/wants.
Hence, the only point "Make the design easy to track for cost accounting purposes" is not a product design objective.
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On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31,000 and $500, respectively. During Year 2, Kincaid reported $72,500 of credit sales, wrote off $550 of receivables as uncollectible, and collected cash from receivables amounting to $74,550. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.
What effect will recognizing the uncollectible accounts expense for Year 2 have on the elements of the financial statements?
a) Increase total assets and retained earnings
b) Decrease total assets and increase retained earnings
c) Decrease total assets and net income
d) Increase total assets and decrease net income
Answers
As a result of the uncollectible accounts being recognized in Year 2, there will be a c) Decrease in total assets and net income.
What would recognizing the uncollectible accounts do?When uncollectible accounts are recognized, it means that the accounts receivables will reduce. This will therefore reduce total assets.
The uncollectible accounts will also be recognized as expenses and sent to the profit and loss account which would have the effect of reducing the net income.
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What is polycentricity?
O A. Independent elements that are separate by bound to each other
O B. Independent elements that are separate
OC. Independent elements that are only nominally separate
O D. The consolidation of independent elements
Answers
Answer:
Definition of polycentric
: having more than one center (as of development or control): such as. a : having several centromeres polycentric chromosomes.
Explanation:
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Arial Company has two products: A and B. The company uses activity-based costing. The total cost and activity for each of the company's three activity cost pools are as follows:
Total Activity
Activity Cost Pool Total Cost Product A Product B Total
Activity 1 $22,000 400 100 500
Activity 2 $16,240 380 200 580
Activity 3 $14,600 500 250 750
The activity rate under the activity-based costing system for Activity 3 is closest to:
a. $70.45
b. $28.87
c. $19.47
d. $58.40
e. $32.5
Answers
Answer:
a
Explanation:
because it approaches to the total rates of the activity 3 it is the best avererage for that activity
An approach to the SDLC that plans the project in advance and then progresses according to the plan is called what
Answers
Answer:
source-
One of the most common predictive models is the waterfall model. It assumes various phases in the SDLC that can occur sequentially, which implies that one phase leads into the next phase. In simple words, in waterfall model, all the phases take place one at a time and do not overlap one another.
in your own words-
One of the foremost common prognostic models is that the falls model. It assumes varied phases within the SDLC which will occur consecutive, which suggests that one section leads into following section. In straightforward words, in falls model, all the phases occur one at a time and don't overlap each other.
Explanation:
source is where i got the imformation and the in your own words is it fully rewritten, sorry its a bit lengthy and hope this helps have a god day/night/noon! :)
You receive a $15,000 signing bonus from your new employer and decide to invest it for 2 years. Your banker suggests two alternatives, which both require a commitment for the full 2 years. The first alternative will earn 8% per year for both years. The second alternative earns 6% for the first year and 10% for the second year. Interest compounds annually. Which would you choose? Justify your choice by the calculations.
Answers
Answer:
8% plus 8%
Explanation:
8% plus 8% will yield 16.64% total and the 6% and 10% yields 16.60% total
Business writing must be clear and specific instead of vague, pretentious, or
to the reader.
A.familiar
B.simple
C.understandable
D.unfamiliar
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Which of the following defines a short-term goal?
A. tasks that you set to accomplish specific things in a short period of time
B. tasks that must be completed for a job performance evaluation
C. tasks that you must complete that require time and planning that usually take 12 months or more to complete
D. tasks that you think you need to accomplish in the future but need to start working on now
Answers
Answer:
I think its a
Not sure
Explanation:
.....
Partners X, Y and Z have capital balances of $80, 000, $180,000 and $60,000 respectively. Immediately prior to liquidation. Total remaining assets have a book value of $320,000 and assume liabilities have been paid. There is one remaining asset with a fair market value of $70,000. All three partners agree to share profit and loss equally. Z wishes to take the asset with him and start a new business and would accept $70,000 in cash; the remaining partners agree this would be fair. How much cash in addition to the asset would first be distributed to Z before any of the other partners receive anything? a. $100,000 b. $240,000 c. $30,000 d. $50,000
Answers
The cash distributed to Partner Z before the other partners is $60,000.
Data and Calculations:
Book value of assets = $320,000
Fair value of asset = $70,000
X Y Z Total
Capital balances $80,000 $180,000 $60,000 $320,000
Total assets available for distribution $390,000
Assets assumed by Z ($70,000) ($70,000)
Balance $320,000
Distribution to partners $80,000 $180,00 $60,000 $320,000
Cash distribution to partners depends on the cash realized from the assets.
Thus, the cash distributed to Partner Z before the other partners is $60,000.
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Are the consequences of your decision something you can live with and feel proud of when other people find out? Why or why not?
Answers
Help help help help
Answers
Answer:
B
Explanation:
The answer is B because the short-run Phillips curve is unemployment. When unemployment happens, it is decreasing and not increasing.
The language used in texting is acceptable in business writing. True or false
Answers
Answer: The answer is generally false.
Early economies could be described as
Answers
Answer:
sad and poorly constructed
Explanation:
early economies tended to have people in specific jobs because of their gender, age, and race. so it didn't really matter what the people were good at or wanted to do because they had to do a specific job.
A group of 10 golfing buddies have the following annual incomes: $32,000, $12,000, $56,000, $120,000, $10,000, $38,000, $70,000, $16,000, $20,000, $24,000. The share of income received by the lowest quintile of this income distribution is
Answers
The lowest quintile received $22,000.
Data and Calculations:
The number of golfing buddies = 10
A. = $10,000
B. = $12,000
C. = $16,000
D. = $20,000
E. = $24,000
F. = $32,000
G. = $38,000
H. = $56,000
I. = $70,000
J. = $120,000
Total - $398,000
The lowest, first, or bottom quintile is between 0 to 20%.
Thus, the lowest quintile received $22,000 ($10,000 + $12,000) from the income distribution.
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Jimmie is purchasing a home with a purchase price of $350,000. He has been approved for a loan with an 85% LTV. What is his down payment
Answers
Based on the information given the down payment is $52,500.
Using this formula
Down payment=(100%-Approved loan percentage)×Purchase price
Where:
Approved loan percentage=85%
Purchase price=$350,000
Let plug in the formula
Down payment=(100%-85%)×$350,000
Down payment=15%×$350,000
Down payment=$52,500
Inconclusion the down payment is $52,500.
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What types of new products could be targeted at low-income customers in emerging economies?
Answers
The biggest advantage of emerging market investments is the potential for high growth. Diversification. International investments can be a good diversifier for your investment portfoliobecause economic downturns in one country or region, including the U.S, can be offset by growth in another.
Hope it helpsʕ·ᴥ·ʔAll Correctʕ·ᴥ·ʔThe question is about demand in a low income consumer emerging economies.
In an Emerging Economies various types of products can be sold but we are targeting low-income customers, for which we can have a limited types of products.
The products that can be sold in an emerging economy to low income customers are;
- Low priced foods, which may include instant noodles, cheap canned foods etc.
- Low priced beauty products which may include cheap makeup, and herbal skin products.
- Low priced clothes which may include cheap t-shirts and pants.
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20) Tudor's Deli and Catering could have sold their delivery van on December 31, 2010 for $16,000. If they
could sell the same van on December 31, 2011, for $13,000, then the economic depreciation in 2011 for this
van
Answers
Answer:
13000-16000=3000
The property depreciated for 18.75 percent
Nathen’s home office
Answers
Answer:
Today, the Chinese own Armour and the famous Smithfield hams, together with the most quintessential American brand of all: Nathan's Famous hot dogs, with its iconic annual eating contest. ... It remains the largest total acquisition of a U.S. company by the Chinese.
Explanation:
Which of the following is not a characteristic of rent controls?
Lower expenditures on maintenance
Greater availability of apartments
Fewer newly built apartment buildings
Excess demand for apartments
Answers
The greater availability of apartments is not one of the tools that can characterize rent control.
The term rent control refers to the rules and regulations that are given by the policymakers. The rent control can reduce the quality and the rental housing units.Hence the option B is correct.
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Thato, a manager for an insurance company, was disappointed in Miya, one of his direct reports. Miya’s job is to sell insurance, but she did not meet her quota for calls to potential new customers in the last month. Thato let Miya know that, “If this continues in the next 30 days, you’ll probably be let go.” Which behavior modification may Thato need to implement?
Answers
There are different ways used by people to modify behavior. behavior modification may Thato need to implement is punishment.
Behavior modification is simply known to be act of changing the behavioral trend via the use different means such as learning techniques, positive or negative reinforcement, punishment etc.
Punishment is often done to weaken a specific behaviors. This is done through the linking of an unpleasant stimulus to a behavior. Example is Maya losing her job for not meeting her targetSee full question below
Thato, a manager for an insurance company, was disappointed in Miya, one of his direct reports. Miya’s job is to sell insurance, but she did not meet her quota for calls to potential new customers in the last month. Thato let Miya know that, “If this continues in the next 30 days, you’ll probably be let go.” Which behavior modification may Thato need to implement?
a- negative reinforcement
b- punishment
c- extinction
d- positive reinforcement
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Which of the following is an inductive argument? Bruce is not feeling well. If Bruce is ill, he will not be able to attend classes today. Therefore, Bruce will not attend classes today. There are seven employees that are on assignment today. There are two employees that are in the office. There are no other employees. Therefore, there are nine employees. Michael and Laura and their two children make a family of four. Michael and Laura have blond hair. Their children have blond hair, too. Thus, all members of the family have blond hair. My new cell phone charges to full capacity in 30 minutes. My best friend’s new cell phone does the same thing, and so does my sister’s. It follows that all new cell phones recharge in 30 minutes.
Answers
That which is an inductive argument is: My new cell phone charges to full capacity in 30 minutes. My best friend’s new cell phone does the same thing, and so does my sister’s. It follows that all new cell phones recharge in 30 minutes.
An inductive argument makes some premises that are believed to be true. It finally ends with a conclusion that is thought to stem from the premises.
The speaker believes that the conclusion is not wrong because the premises are true. Option D is an inductive argument.
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DeAnna is the supervisor for the engineering team at her company. A task comes down from her leadership to allocate funding by noon that day. She doesn't have time to discuss this with the team, so she allocates the money where she sees fit. What management approach does this best exemplify
Answers
Answer: the answer is authority rule
Presented below are selected transactions for Werley Company for 2021. Jan. 1 Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2011. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value. April 30 Sold equipment for $34,000 that was purchased on January 1, 2018. The equipment cost $90,000, and had a useful life of 5 years with no salvage value. Dec. 31 Discarded a business truck that was purchased on April 1, 2017. The truck cost $27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Journalize all entries required as a result of the above transactions. Werley Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 1 enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount choose a transaction date April 30 enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount (To record depreciation expense) choose a transaction date April 30 enter an account title to record sale of equipment Cash enter a debit amount 34000 enter a credit amount enter an account title to record sale of equipment Accumulated Depreciation-Equipment enter a debit amount
Answers
Based on the information given the appropriate journal entry to record the transactions are:
Werley Company Journal entries
1. Jan 2020
Debit Cash $ 9,000
Credit Accumulated depreciation - machinery $90,000
($90,000/10×10)
Credit Machinery $ 90,000
Credit Gain on retirement of assets $9,000
($9,000+$90,000-$90,000)
2. Apr-30
Debit Depreciation expense $6,000
($90,000/5×4/12)
Credit accumulated depreciation-Equipment $6,000
Debit Cash $34,000
Debit Accumulated depreciation $60,000
($90,000/5)×3 1/3) [(2018-2021)+(Jan 2021 to April 2021)]
Credit Equipment $90,000
Credit Gain on disposal of plant assets $4,000
[$34,000-($90,000-$60,000)]
3. Dec-30
Debit Depreciation expense $5,000
[($27,000-$2,000)/5]
Credit accumulated depreciation-Equipment $5,000
Debit Accumulated depreciation- Equipment $23,750
($5,000×4 3/4) [(2017-2021)+(April 2021 to Dec 2021)]
Debit Loss on disposal $3,250
($27,000-$23,750)
Credit Equipment $27,000
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O False
QUESTION 2
Management is the process of coordinating people and other resources.
O True
O False
QUESTION 2
Answers
Answer:
True
Explanation:
Managing is to look over and control people or things to be sure everyone/everything works as intended.
The process of coordinating the individuals and the related resources is to be considered as management.
Option A is correct.
What is coordination?Coordination is the act of harmonizing and maintains a healthy synchronization between the activities and the workforce performing them.
The management is the method of synchronize and administer the working roles assigned to the team members or the workforce. This could be done by making a good hierarchy where it directs the work force to whom they are going to report.
Therefore, the provided statement is true.
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