Since 1960, Congress acted 78 times to permanently raise, temporarily extend, or modify the definition of the debt limit. 49 times under a Republican president and 29 times under a Democratic president.
Who was first Democratic President?
After the Civil War of 1885, Grover Cleveland, the first Democrats to elect the 22nd and 24th Presidents, left the White House and four years later (1885-1889 and 1893-1897) the two He was the only president to return to term.
Was Thomas Jefferson Democratic President?
Violent political rivalry ensued, and two independent political parties began to form: the Federalist Party and the Democratic-Republican Party. Jefferson gradually took over leadership of Republicans sympathetic to French revolutionary causes.
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which of the following would not be the subject of a criminal law statute? a. theft b. injuring someone with a firearm c. not performing an employment agreement d. selling government secrets to another nation
Omission to act is an exclusion from the requirement of a criminal act.
What is meant by criminal law statute?The body of law pertaining to crime is known as criminal law. It forbids behaviour that is deemed to pose a risk to one's own property, health, or safety, as well as to the safety of others, as well as to one's own moral well-being.
Felons, misdemeanors, felony-misdemeanors, and infractions are the four main classifications of crimes.
Omission to act is an exclusion from the requirement of a criminal act. A statute, contract, or other particular relationship that imposes a legal obligation to act in the defendant's circumstance could make failing to act a criminal offence. Actual possession denotes the presence of the object on or very close to the defendant's person.
Therefore, the correct answer is option c. not performing an employment agreement.
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The major difficulty in most insider-trading cases has been
a. relationship and exercise of oversight by the board of directors of the company
b. control corrupt corporate behavior
c. Maximizing shareholder wealth
d. that inside trades have not been legally well defined
The main issue in the majority of insider trading cases has been the lack of a clear legal definition of inside trades.
Quizlet: What is insider trading?interior trading the profitable purchase or sale of shares or other securities in a corporation based on knowledge that is not generally available to the public.
What distinguishes the money market from the capital market, specifically?The trading of debt securities having an original maturity of less than one year takes place in "money" markets. A "capital market" is the market for equity securities as well as exchanges for debt instruments with initial maturities of longer than one year (common stocks and preferred stocks).
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Barnes and Miller Manufacturing is trying to determine the equivalent units for conversion costs with 10,000 units of ending work in process at 80% completion and 32,000 physical units. There are no beginning units in the department. Conversion costs occur evenly throughout the entire production period. What are the equivalent units for conversion costs for the current period
The equivalent units for conversion costs for the current period is 30000.
What is Equivalent Units ?Equivalent units are hypothetical whole units that are equal to the quantity of incomplete units multiplied by the degree of completion of those incomplete units. It is comparable to 150 (200 0.75) entire (complete) units, for instance, if a process has 200 incomplete units at the conclusion of a period and they are 75% complete.
Equivalent units quantify the amount of labor put into a set quantity of tangible objects. You may simply multiply the quantity of physical goods by the amount of effort done on them to determine equivalent units. You would have one comparable unit for two objects that are 50% complete (2 x 50% = 1).
Physical units or Unit started: 32,000
Unit in process: 10,000
Ending work in process at 80% completion
We need to find the units completed and completed units in ending inventory in order to find the equivalent units for conversion costs.
As given in the question, units completed:
10,000 × 80% = 8,000 units
Completed units in ending inventory:
Unit started - Unit in process
= 32,000 - 10,000
= 22,000 units.
So the equivalent units is:
22,000 units+ 8,000 units
= 30,000 units
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Why was no federal income tax withheld from my paycheck? Why would my employer do that?
It is possible that no federal income tax was withheld from your paycheck if you did not complete a W-4 form.
What is paycheck ?
A paycheck is a payment issued by an employer to an employee for services rendered. It typically includes wages, salaries, bonuses, and deductions. Paychecks are typically issued on a regular basis, such as weekly or bi-weekly.
The W-4 form is used to determine the amount of federal income tax that should be withheld from an employee's paycheck. If you did not complete a W-4 form, your employer would not know how much to withhold, and therefore would not withhold any federal income tax.
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The qualitative variable where the effect on a response variable is of interest is called.(a) The treatments(b) The factor(c) The experimental unit(d) The factor levels
The qualitative variable where the effect on a response variable is of interest is called the experimental unit The correct option is C.
The qualitative variable is also known as the other name which is categorical. The qualitative variable is defined as the variable type are not described as in the form of number but it represents by the verbal grouping.
The qualitative variable is variable and shows the experimental value like the example is the person, animal and any other object in the experiment is taken and the qualitative variable where the effect on a response variable is of interest.
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the universal containers sales team wants to easily show account relationships to its sales reps and report on these relationship. which two considerations should the consultant take into account? choose 2 answers
The two considerations that Universal Containers sales team should consider are account hierarchy displays only the amounts users have read permission to view, and also accounts can be organized into different divisions based on specific criteria.
What are the duties of Universal Containers sales team?Universal Containers seems to have a private account and opportunity sharing model. Every sales representative is paired with a desiccated sales engineer. When working on opportunities, Universal Containers sales representatives must understand how one‘s peers have successfully managed other opportunities with comparable products that compete against the same competitors.To increase Contact Center Agent productivity, Universal Containers should consider enabling templates for written responses. Expand the number of agents. Enhance the agent interface.Responsibilities and duties of a Sales Representative
Know everything there is to know about the product.Identifying potential customers, generating leads, and converting them.Contact new and existing customers to discuss their requirements.Emphasize product features to demonstrate how they solve customer problems.Answer product-related questions.The complete question:
"The Universal Containers sales team wants to easily show Account relationships to its sales reps and report on these relationship.
Which two considerations should the consultant take into account? Choose 2 answers
A . Account relationships are visible from Person Account records.
B . A Person Account can be either a parent or child in the Account Hierarchy.
C . Account Hierarchy displays only the Amounts users have Read permission to view.
D . Accounts can be organized into different divisions based on specific criteria."
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The sales team at Universal Containers aims to make it simple for its sales representatives to view and report on Account connections.
How is the sales team at Universal Containers paid?The sales team at Universal Containers is paid based on how well they perform in generating sales income for the organization. The states operations team must monitor the sales reps' progress toward these objectives. Create opportunity reports using unique algorithms to demonstrate attainment.
What purpose does a universal container serve?International distributor of containers, Universal Containers is expanding quickly. The business manufactures all different types of containers, including small postal containers, special equipment packing, and huge cargo shipping containers.
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What form do you use to file a tax return with the irs?
U.S. taxpayers complete an annually income tax return using Form 1040. Your company sends you the W-2 form in January of each year detailing your wages and deductions. You file your tax return using form 1040.
Where can I find IRS online tax forms?The most recent or missing form can be obtained via fax by dialing 703-368-9694. Not just making a toll-free phone from your smartphone and read the voice directions, but rather using a printer and follows the adapts to have the paper faxed back to you.
Are the 2022 IRS tax forms available?You might electronically file the tax filings and schedules specified below for the 2023 tax year using eFile.com between November 2020 and October 16, 2023. It's never too early to begin tax preparation, so utilize the 2021 Online Tool to estimate your 2022 tax liabilities.
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weisbro and sons purchases its inventory one quarter prior to the quarter of sale. the purchase price is 57 percent of the sales price. the accounts payable period is 60 days. the accounts payable balance at the beginning of quarter 1 is $27,500. sales for quarters 1 through 4 are expected to be $46,400, $51,900, $57,800, and $62,500, respectively. what is the amount of the expected disbursements for quarter 3? assume a 360-day year.
The anticipated expenditures for the third quarter are: 81,666.66
What is meant by purchase price?A real estate transaction when the buyer and seller both agree to split the profits from any future sales of the property.The cost basis used to determine a seller's gain or loss when selling an investment is known as the purchase price, which is the cost an investor pays for the investment. If we were to use a "investor" as an example, it might look something like this: Over the course of five years, the investor purchases 100 shares of XYZ stock on four different occasions, with 100 of those shares being bought at market prices of $40, $60, $80, and $100, respectively.A quarter has 90 days, and the corporation pays within 60 days. Therefore, 1/3 of each quarter's revenue is paid out during that quarter (days 1-30) Days 31 through 90 after that are paid during the following quarter.
We'll pay a third of the Q1 sales in the Q2 period.
and two third of the current quarter.
109,000 x 1/3 = 36,333.33
68,000 x 2/3 = 45,333.33
Total disbursements 81,666.66
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consolidation of financial services such as commercial banking, insurance, and investment banking under one roof has led to the creation of a business entity called the
Consolidation of financial services such as commercial banking, insurance, and investment banking under one roof has led to the creation of a business entity called the financial services holding company.
Consolidation is the process of gathering data from several accounts or organizations and putting it all in one place. Consolidated financial statements, as opposed to one business's stand-alone status, in financial accounting offer a thorough understanding of the financial condition of both the parent company and its subsidiaries.
Information from a parent firm and its subsidiaries are viewed as coming from one single entity in consolidated accounting. The parent company's balance sheet shows the total assets of the business as well as any income or outlays. The parent company's income statement also contains this information.When the parent firm holds a dominant stake by controlling more than 50% of the subsidiary business, consolidated financial statements are used. Consolidated accounting is permitted for parent firms with a 20% or greater stake. A parent company must utilize equity method accounting if it owns less than 20% of the company.
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the global economic crisis mortgage originators issued mortgages to home buyers and sold these mortgages to securitizing firms. these firms bundled these mortgages into pools and created securities that were backed by the mortgage payments. a portion of these pools were called tranches. groups of tranches were further combined and then divided again into more complex securities called collateralized debt obligations (cdos). these securities were redivided and recombined to create even more complex securities called cdos-squared. this process had important implications: (1) the total risk embedded in the mortgages did not change (2) since the risk was spread amongst several cdos, it was difficult to assess the risk in each cdo; and (3) during the process of securitization and resecuritization, financial institutions earned fees and were thus encouraged to continue this process. summary which statements belong in the summary? check all that apply. the total amount of risk embedded in the securities created by bundling mortgages did not change.
This process had important implications which are during the process of securitization and resecuritization, financial institutions earned fees and were thus encouraged to continue this process.
Since the risk was spread amongst several cdos, it was difficult to assess the risk in each cdo.
What does the world economic crisis mean?
When a country's total output or real gross domestic product falls precipitously, the economy is considered to be in an economic crisis (GDP). As a result of the economic crisis, real per capita income is falling, while unemployment and poverty are rising. The GFC's drivers were falling US home values and an increase in the number of borrowers unable to service their loans. The central issue in economics is the paradox of limited resources and insatiable desires.
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in a perfectly competitive market firms can charge whatever price they want. group of answer choices true false
The only significant choice a fully competitive corporation must make is how much product to produce.
A totally competitive corporation is unable to control the price it charges because it must accept the price for its output that is established by the supply and demand for the product in the market. In other words, since the price is predetermined by the profit formula, a firm that operates in a fully competitive market can sell any quantity of units at the same price.
This suggests that the firm's product has a completely elastic demand curve, meaning that customers are willing to purchase any quantity of the firm's output at the going rate.
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michael julius received an $39,600 payment in advance on a three-month contract to install a water purification system. by month-end the project is one-third completed. determine the amount of revenue to be recognized in the current period.
The amount of revenue to be recognized in the current period would be $13,200 ($39,600 x 1/3). This is because the revenue recognition principle states that a company should only recognize revenue when it has been earned, and not when it is received.
Since the project is only one-third completed, the company has only earned one-third of the total payment and can only recognize that amount as revenue. Thus, the amount of revenue to be recognized in the current period is $13,200. To properly recognize revenue, a company must ensure that it is being recognized at the same time as its related costs.
This helps to ensure that revenue is properly reported and the company's financial statements reflect a true and fair view of the company's financial position. In this case, since the project is only one-third complete, it would be necessary to recognize the related costs (such as labor, materials, etc.) on a proportional basis.
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jack and jill were married for 12 years and resided in a common law state before jack had a fatal accident. they were happily married for the first eight years before a devastating disagreement that led them to live separate lives even though they remained married. since jack was mad at jill at the time he created his estate plan, he left jill a lump sum of $50,000 of his $9,000,000 estate and named his two children as the beneficiaries of the remainder of his estate. since jill's estate was valued at only $1,000,000, she was very disappointed at her minimal inheritance. she took the $50,000 when it was distributed to her by the personal representative, and then later informed the personal representative, in writing, that she is electing to use her state's spousal elective share statute. the personal representative correctly informed jill that she was not eligible to elect the spousal elective share statute. which one of the following statements identifies why jill is not allowed to make the election? a) jill cannot make the election to receive the spousal elective share because her children are the beneficiaries of the remaining estate and they are entitled to elect the family allowance statute. b) jill cannot make the election to receive the spousal elective share because such a distribution would increase the estate tax due on jack's estate. c) jill cannot make the election to receive the spousal elective share because she does not live in a community property state. d) jill cannot make the election to receive the spousal elective share because she already accepted the $50,000 distribution from jack's will.
Because she has accepted the $50,000 inheritance from Jack's bequest, Jill is not permitted to choose to receive the spousal elective portion.
What do you know about election?
Election is a process by which citizens of a country or region select government representatives. Elections are usually held periodically and are conducted by secret ballot in most countries. Eligible voters in a particular jurisdiction usually possess the right to vote in elections for representatives in their area, and in some cases, in elections for representatives at a regional, national or international level. Elections are typically conducted according to procedures established by law, and the outcome of an election is typically determined by the majority of votes cast. In some cases, elections may be held in order to determine who will fill an existing position, such as in the case of presidential or parliamentary elections. In other cases, elections may be held to determine whether or not a particular law or policy should be implemented.
So, The correct option is D.
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Lin corporation has a single product whose selling price is $134 and whose variable expense is $67 per unit. The company's monthly fixed expense is $32,300. 2. Value: 2. 00 pointsrequired information required: 1. Using the equation method, determine for the unit sales that are required to earn a target profit of $7,900. (round up your answer to the nearest whole number. )
We can use the continuity formula to figure out the number of units sold necessary to reach our target profit of $7,900: Target Profit x Units Sold = (Price - Variable Expense) x Total Sales + Fixed Expense.
What are some examples of fixed expenses?Rent, mortgage payments, and car payments are examples of fixed expenses that typically cost the same amount each month, whereas variable expenses fluctuate from to month to month.
Adding this same important characteristics:Units Sold x ($134-$67) = $7900 + $32300
Units Sold x $67 = $40100
Units Sold: ($40,100/$67) = 600 (approx)
Thus, in order for Lin Corporate entity to achieve its target profit of $7,900, 600 units must be sold.
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which of the following is an example of a capital input? a. a computer b. an hour of a worker's time c. $50,000 d. a share of stock
c. $50,000 is an example of a capital input.
1. Capital inputs are resources used to produce goods and services.
2. Examples of capital inputs include physical resources such as machines, tools, and equipment, as well as financial resources such as money, stocks, and bonds.
3. Examples of physical capital inputs include computers, buildings, vehicles, and machinery.
4. Examples of financial capital inputs include cash, loans, and investments.
5. In this case, the correct answer is C. $50,000, which is an example of a financial capital input.
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Assume the appropriate discount rate for the following cash flows is 9. 59 percent per year. Year Cash Flow 1 $2,050 2 2,450 3 4,650 4 5,250 What is the present value of the cash flows? (Do not round intermediate calculations and round your answer to 2 decimal places, e. G. , 32. 16. )
Consider the following cash flows to have a 9.7 percent appropriate discount rate. Cash flow per year. 1, $1,850. 2, 1,750. 3, 1,450.
What does the word "percentage" mean?
When referring to hundredths of any quantity, the relative number "percent" is used. Since one percent (symbolised as 1%) equals one hundredth of something, 100 percent denotes the entire range, while 200 percent denotes double the quantity mentioned. percentage. The following is the formula for percentage: % = 100 * part/whole. It offers the response to the riddle "What proportion of 20 is 8?" A part is defined as: part = whole * percentage / 100, which provides the solution to the question "What is 40% of 20?"
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A Canada-based investor buys shares of Toronto-Dominion Bank (Toronto: TD. TO) for C$72. 08 on 15 October 2007 with the intent of holding them for a year. The dividend rate was C$2. 11 per year. The investor actually sells the shares on 5 November 2007 for C$69. 52. The investor notes the following additional facts:
No dividends were paid between 15 October and 5 November. The required return on TD. TO equity was 8. 7 percent on an annual basis and 0. 161 percent on a weekly basis.
Calculate the investor's realized return over the holding period, Calculate the realized alpha
Realized Return: The investor's realized return over the holding period is -4.33%. The difference between the sale price of C$69.52 and the purchase price of C$72.08 and dividing it by purchase price of C$72.08.
What is investor?
An investor is an individual or organization that puts capital to work in a financial endeavor with the expectation of generating income or capital gains. Investors may seek different types of investments such as stocks, bonds, commodities, derivatives, mutual funds, real estate, or other financial instruments. Investors typically make decisions based on their financial goals, preferred risk level, and expected rate of return.
Realized Alpha: The investor's realized alpha over the holding period is -4.50%. This is calculated by taking the difference between the realized return of -4.33% and the required return of 8.7% and dividing it by the required return of 8.7%.
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which of the following is an example of normative economics? group of answer choices the minimum wage has not kept pace with inflation. a higher minimum wage is expected to increase the price of a fast-food cheeseburger. the minimum wage is an important tool in fighting poverty and should be increased. the minimum wage can create higher unemployment for teens and unskilled workers.
Furthermore, it is normative to say that the minimum wage is desirable because the earnings of the poor have increased because it shows that the minimum wage is generally advantageous.
What is an example that is normative?
"The government should provide all citizens with access to basic healthcare," is an illustration of a normative economic statement. You can infer from this statement that it is value-based, based on individual perspective, and meets the standard of what "should" be.
Normative claims are founded on values or moral principles, or what a person thinks ought to be. Positive assertions, however, can be put to the test even if they aren't always true.
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if good x is measured on the horizontal axis and good y on the vertical, what can you say about the preferences of someone whose indifference curves are parallel to the y axis? positively sloped with more desirable indifference curves as one moves to the right? negatively sloped with more desirable indifference curves as one moves to the left?
What can you infer about the preferences of someone whose indifference curves are in the area if good X is assessed on the horizontal axis and good Y on the vertical.
What are examples of preferences?
her preference for comfortable clothing above fashionable attire. the quality of liking something or someone more than another item or person As opposed to hot food, I favour sweet food. A lot of personal preference goes into selecting furniture. Preferences—what a person wants to do—are influenced by their own beliefs or cultural standards, as well as by their knowledge and the information that is readily available. Past events and the results of earlier decisions can also affect preferences.
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the use of quantitative tools and scientific methods to analyze data from hr databases to make evidence-based business decisions is called .
Workforce analytics is the process of analyzing data from human resources databases using quantitative tools and scientific approaches in order to make fact-based business choices.
What is meant by Workforce analytics?Workforce analytics is the practise of analyzing data from human resources databases using quantitative tools and empirically supported scientific approaches.
The process of collecting, examining, and reporting HR data is known as HR analytics, sometimes known as people analytics, workforce analytics, or talent analytics. It helps your company to evaluate the effects of a variety of HR KPIs on overall business performance and make fact-based decisions.
Data analytics is the practise of looking at raw data with the intention of finding trends and making judgements. In the subject of human resources, data analytics is frequently used to assist HR professionals in making decisions regarding the future of their workforce that are better informed.
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Inflation has been about 2.5% for some time. Village Realtors is considering measuring its land values in inflation-adjusted amounts.
Instead of relying solely on the nominal value, this would give a more precise representation of the land's true value.
By nominal value, what do you mean?The nominal value of an asset is its unadjusted value in economic terms, which excludes premiums and deductions like expenses, taxation, and inflation. In contrast, the real value of a asset takes premiums and deductions into account.
How can you determine a company's nominal value?The monetary value is determined by dividing the amount of the company's total paid-up shareholding by the total number of shares that are presently outstanding that represent nominal value of company.
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In January 2016, Wanda transferred machinery worth $200,000 (basis of $30,000) to a controlled corporation, Oriole, Inc. , in a transfer that qualified under $351. Wanda had deducted depreciation on the machinery in the amount of $165,000 when she held the machinery for use in her proprietorship. Later in 2016, Oriole sells the machinery for $190,000. What are the tax consequences to Wanda and to Oriole on the sale of the machinery?
The tax repercussions here on sale of the equipment for Wanda and Oriole According to section 1245, Oriole's gain of $160000 is considered regular income.
An illustration of revenue.For many people, an illustration of income would've been their wage from a job. Any money that a person or business receives in exchange for labor, the creation of goods and services, or the investment of capital can be considered income.
What two forms of income are there?What Kinds of Income Are There? Personal income and interest income are the two types of income. Generated income is cash you receive as a result of actively working, such as when you are employed or own a business. Investment, retirement, and unearned income are common examples of unearned income.
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businesses that structure their value chain around activities that enhance the features and functions of their products are using a cost leadership strategy.
Michael Porter, an author and authority on business management, invented both the cost leadership approach and value chain.
How crucial is value-chain business?It follows a straightforward principle: A business is more profitable the more value it generates. Customers receive the additional value, which further contributes to the consolidation of a company's competitive advantage.
What does the value chain's business management concept entail?In his best-selling book "Competitive Edge: Creating and Maintaining Superior Performance," Michael Porter presented and explained the value chain concept of corporate management. Value chains can be researched alongside supply chains and encompass all facets of a company's operational activity.
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two studies (one from 1995 to 2000 and one from 1998 to 2006) estimated the cost of stadium financing to taxpayers. approximately what amount has stadium financing cost taxpayers in each of these studies?
The taxpayers paid more than $6 billion for stadium finance.
What is meant by financing cost?Financing costs, usually referred to as the cost of finances, are the fees, interest rates, and other expenses related to borrowing money to fund the construction or acquisition of assets. This can include the price required to finance a mortgage on a home, a car loan through a bank, or a student loan.
Financing expenses are the interest and other expenses that the company pays when borrowing money. Additionally known as "Finance Costs" or "Borrowing Costs," they are. A business gets its money from two different places: Financing via equity.
In each of these studies, taxpayers paid more than $6 billion for stadium finance.
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Why might an individual pursue a career in the education and training career cluster?
A.They love to work with others and help them learn new things
B. They want to earn a bachelors degree.
C. They want a career that does not require any on-the-job training
D. They want a career that does not require certification
They enjoy working with individuals and assisting them in learning new things, in accordance the with query.
What is the most accurate method of defining training?Training is the process of imparting information and skills that pertain to certain practical skills, either to oneself or to someone else. The purpose of training is to improve one's ability, capacity, production, and performance.
Describe instruction with an example.Another description of training is the act of engaging in a programme of physical activity to get ready want something, like a sporting event. Mary will need to engage in rigorous training, which includes both regular exercise and the development of certain abilities. She may practice for a hockey or tennis match.
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Provided deposit insurance to depositors in us banks in order to restore trust in the american banking system. True or False?
The Federal Deposit Protection Corporation (FDIC) is a government-run organization in the United States that offers deposit insurance to depositors in American commercial institutions.
What does deposit insurance in the US style mean for banks?
The U.S. government's full confidence and credit is a guarantee of the FDIC insurance. Up to $250,000 per depositor, per FDIC-insured bank, and per ownership category is covered by the FDIC. This assures customers that their money is secure as long as they stay within the set parameters.
Are deposits insured at US banks?
The standard insurance amount is $250,000 per depositor, each insured bank, for each type of account ownership. Additionally, you are not required to buy deposit insurance. You are immediately covered if you open a deposit account with a bank that is FDIC-insured.
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based on the analysis of historical loss information and relevant data at the end of year 2, ward co. estimates that 95% of accounts receivable will be collectible. the year-end balance in accounts receivable was $640,000. during year 2, ward wrote off $35,000 of uncollectible accounts. the allowance for credit losses had a $28,000 balance on january 1, year 2. in its income statement on december 31, year 2, what amount should ward report for credit loss expense?
The amount $35,000 should be the credit loss expense.
What is credit loss expense?On the company's financial statements, the provision for credit losses is treated as an expense. They are expected losses resulting from delinquent and bad debt, as well as other credit that is likely to default or become unrecoverable.The agony or suffering caused by losing or being separated from someone or something.Her untimely death had a significant impact on the community. A time when someone or something was lost and a strong sense of loss was felt.A loss is incurred when your company's expenses exceed its income during an accounting period. The loss indicates that you spent more than you earned. However, not all business losses are negative because net operating losses can be used to request tax refunds for current or prior tax years.To learn more about credit loss expense refer to :
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$576,00 for uncollectible accounts to document the write-off of accounts payable.
When you record a credit memo for uncollectible receivables, which account is credited?Taking into account a bad debt When creating the credit memo, credit the accounts receivable account and debit either the allowance for dubious accounts or the bad debt expense account (if there is no reserve set up for bad debts) (which is a reserve account that is set up in anticipation of bad debts).
Accounts with uncollectible balances are allowed a $22,500 allowance.
Payables receivable................................................ 22,500
to recover a debt that had been written off and to document the collection
Accounts receivable........................................................... 1,500
Amount must be set aside for accounts that are not collectible: 1500
Cash.......................................................................... 1,500
Receivables................................................................ 1,500
Accounts receivable allowance:
Balance at the start of the year: $35,000.
Subtract: Written-off receivables (22,500)
Addition: 1,500 in previously written-off receivables collection
Before making any adjustments for 2011 bad debts, the balance was 14,000
Allowance needed: 10% x $640,000 (64,000)
$50,000 was spent on bad debt.
to add bad debt expense to the year's budget.
Bad debt cost....................................................... 50,000
Amount should be set aside for accounts that are impossible to collect: $50,000
current resources:
Receivables, less the $64,000 allowance
$576,00 for uncollectible accounts
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Full Question = Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2018, accounts receivable totaled $640,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $35,000 at the beginning of 2018 and $22,500 in receivables were written off during the year as uncollectible. Also, $1,500 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year. Required:
1. Prepare journal entries to record the write-off of receivables, the collection of $1,500 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
2. How would accounts receivable be shown in the 2018 year-end balance sheet?
What step of the bulletproof problem-solving process helps avoid making common decision-making biases such as confirmation bias
Group of answer choices
Step-3: Prioritize the issue, prune the tree
Step-1: Define the problem
Step-6: Conduct a critical analysis
Step-4: Build a work plan and timetable
Performing critical analyses Bias and fact-massaging will be reduced with the aid of a structured approach.
What phase of issue solving is crucial?The most crucial step in solving problems methodically is understanding your approach. It serves as your lifeline for the duration of the project.
What provides a step-by-step method for resolving the Mcq problem?A solution to a problem is outlined in an algorithm. A step-by-step process known as an algorithm specifies a series of instructions that must be followed in a specific order in order to produce the intended result.The development of an algorithm is one of the key steps in problem solving (or plan).
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in a survey of more than 300 hr executives in asia, what were considered to be the top two challenges for hr managers during the covid-19 pandemic?
Managers’ HR challenges vary by location, industry, and company size, but it’s clear that many companies need to tighten their belts.
Her HRM challenges during Covid include organizing employees to work remotely, supporting employee mental health and wellbeing, and motivating and engaging employees. Increase. During these difficult times, many businesses are struggling to keep their doors open and all must find ways to keep their employees safe, comfortable and productive. Not. In the next few days, some of the most important HR challenges of our time will arise. Identifying and implementing effective employee policies and support can make or break your organization in the uncertainty of the coming months. Many HR challenges have surfaced during Covid as this pandemic has upended normal business operations.
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1. the steel factory makes steel from iron ore and coal. both iron and coal mines are near city a, while the demand for steel is in city b, which is 100 kilometers away. the factory makes 1 ton of steel from 1 ton of coal and 2 tonnes of iron ore. shipping is costly and exhibits increasing returns to scale. shipping 1 ton of goods (either raw materials or final products) incurs a terminal cost of $100 (the fixed cost incurred as long as one needs to ship something, no matter how far it is shipped) and $10 per kilometer. a. is the production of steel weight-losing or weight-gaining? b. determine where the factory will be located in order to save as much as possible in shipping cost? suppose that if the factory is built in city a, it has immediate access to coal and iron ore, no shipping cost involving raw materials is required. if the factor is built in city b, it has immediate access to the market, no shipping cost involving the final product is required. c. now suppose that the coal mine near city a is depleted. now coal is shipped to city b, which is also a major port city, from overseas. suppose now if the factory is located in city b, it has imme- diate access to coal, no shipping cost is incurred. determine where the factory will be located in this new situation.
The production of steel is weight-gaining. The factory should be located in City A in order to save as much as possible in shipping costs. In the new situation, the factory should be located in City B in order to save as much as possible in shipping costs.
What do you mean by weight-gaining?
Weight-gaining is the process of increasing one's body weight, usually through the consumption of additional calories. Weight-gain is typically a result of an increase in muscle mass, body fat levels, water retention, or a combination of these factors. A person may aim to gain weight through increased exercise, increased caloric intake, or a combination of both. To gain muscle mass, a person will typically need to increase their intake of protein, carbohydrates, and healthy fats, as well as engage in strength-training exercises. To gain body fat, a person will usually need to consume more calories than they burn and engage in minimal physical activity.
So, The production of steel is weight-gaining. The factory should be located in City A in order to save as much as possible in shipping costs.
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