E9.8 (LO 2) On December 31, 2020, Ling Co. estimated that 2% of its net accounts receiva- Journalize percentage-of-neceivables ble of $450,000 will become uncollectible. The company recorded this amount as an addition to basis, write-off, recovery. Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2020. On May 11, 2021, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12,2021 , Shoemaker paid the amount previously written off. Instructions Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021.
Answers
Ling Co.'s journal entries include adjustment, write-off, and recovery entries for uncollectible accounts, Jeff Shoemaker, and recovery.
On December 31, 2020, Ling Co. estimates that 2% of its net accounts receivable of $450,000 will become uncollectible. To record this estimated amount, an adjustment entry is made:
December 31, 2020:
Allowance for Doubtful Accounts 9,000
Accounts Receivable 9,000
On May 11, 2021, it is determined that the Jeff Shoemaker account is uncollectible and needs to be written off:
May 11, 2021:
Allowance for Doubtful Accounts 1,100
Accounts Receivable 1,100
On June 12, 2021, when Shoemaker pays the previously written-off amount, a recovery entry is made:
June 12, 2021:
Accounts Receivable 1,100
Allowance for Doubtful Accounts 1,100
These journal entries reflect the appropriate adjustments for estimating and accounting for uncollectible accounts receivable, the write-off of the specific uncollectible account, and the subsequent recovery of the previously written-off amount.
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Related Questions
Which of the follow is NOT a good place to gather and evaluate investment options?
a Social Media
b Newspapers and magazines
c Brokers and advisers
d Company financial reports
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Can Some people give me brainliest I'll give ya'll all my points when I see it
Answers
Answer:
Explanation: why u delete all your questions that u answered for me?
riley's company realized it could not make the component parts at its plant in thailand because that plant did not have the necessary manufacturing tooling to do the job. this demonstrates how
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This demonstrates how Technology performs a function in in which a organization produces.
The required details about Technology is mentioned in below paragraph.
Technology is the utility of know-how to attain practical goals in a specifiable and reproducible way. The word era may additionally imply the fabricated from such an endeavor.The use of era is broadly conventional in medicine, science, industry, communication, transportation, and every day life. Technologies encompass bodily items like utensils or machines and intangible tools such as software.
The earliest recognized era is the stone tool, utilized in the prehistoric era,accompanied by hearthplace use, which contributed to the growth of the human mind and the improvement of language in the Ice Age. The invention of the wheel in the Bronze Age enabled wider journey and the advent of extra complex machines.Recent technological developments, which includes the printing press, the telephone, and the Internet have lowered communication limitations and ushered in the know-how economy.
(COMPLETE QUESTION)
Riley's company realized it could not make the component parts at its plant in Thailand because that plant did not have the necessary manufacturing tooling to do the job. This demonstrates how ______ plays a role in where a company produces.
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after three summers working for a local landscaping business, scott suggested that his boss add snow removal as an extra service. with this holistic hunch, scott was acting on ________ that snow removal might be a good addition to the service offerings.
Answers
Scott's suggestion that his boss adds snow removal as an extra service shows Scott acting on intuition.
Intuition is a product of inventiveness, especially when one has creative skills for bringing out solutions to ensure success.
Scott was not acting in hindsight because he had not engaged in snow removal before. Scott did not suggest based on minority dissent since there is no opposing suggestion from the majority.
Similarly, Scott was not acting on a sudden reaction, which suggested that the boss required a business idea from Scott.
Thus, Scott was acting on intuition when he suggested to his boss embrace snow removal as an extra service with potential.
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Match each organization with its correct relationship to the government.
Grumman
Corporation
Department of
Justice
Corporation for
Public
Broadcasting
?
?
?
government agency
government corporation
government contractor
Answers
Answer:
1 with 2 3 go's to1 2go,s 1
The mix of performing an activity Internally, as well as outsourcing in any given stage of the vertical chain, refers to which vertical Integration strategy? Multiple Choice
a tapered Integration strategy a backward Integration strategy
a partial Integration strategy a full Integration strategy
Answers
The correct option is B, partial Integration strategy a full Integration strategy. A partial integration strategy involves a blend of performing an exertion internally and outsourcing in any given stage of the vertical chain.
In this approach, a company maintains some control over its product process while also taking advantage of external fund or skills. Partial integration can help companies reduce costs, increase effectiveness, and enhance quality. while still allowing them to concentrate on their core capabilities.
This strategy is frequently used when a company wants to maintain control over critical processes or products, while also using the benefits of outsourcing certain non-core conditioning.
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Discuss the similarities and differences between the climograph from San Francisco, U.S. presented in Figure 10.2 of the text, and the one from New Orleans, U.S. shown in Figure 10.5 of the text, with a focus on: (a) temperature characteristics; (b) precipitation characteristics; and (c) latitude and location.
(4) Discuss the similarities and differences between the climograph from Galesburg, U.S. displayed in Figure 10.15 of the text, and the one from Verkhoyansk, Russia presented in Figure 10.20 of the text, with a focus on: (a) temperature characteristics; (b) precipitation characteristics; and (c) latitude and location.
(5) Discuss the similarities and differences between the climograph from Barrow, U.S. shown in Figure 10.23 of the text, and the one from Eismette, Greenland presented in Figure 10.26 of the text, with a focus on: (a) temperature characteristics; (b) precipitation characteristics; and (c) latitude and location.
Answers
The discussions with regard to the various climographs indicated above are given as follows.
Differences between the various climographs?San Francisco and New Orleans have contrasting climographs. San Francisco's coastal location gives it a cooler climate with mild temperatures and a Mediterranean precipitation pattern. In contrast, New Orleans has a subtropical climate with higher average temperatures and more evenly distributed rainfall.
4) Galesburg and Verkhoyansk represent different climatic conditions. Galesburg has a temperate climate with moderate temperatures and even precipitation, while Verkhoyansk experiences a subarctic climate with colder temperatures and lower precipitation.
(5) Barrow and Eismette display variations based on their latitude and location. Barrow has an Arctic climate with extremely cold winters, limited snowfall, and cooler summers. Eismette, located in Greenland, has a milder Arctic climate with less severe winters, higher rainfall, and relatively moderate temperatures.
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by learning that the demand for bikes is going to increase, a
bike producing company can take steps to increase production and introduce new
models of motorbikes to lure new customers. This is what Hero Honda did in the
1990s to establish its leading position in the Indian bike market. ( Identify the importance of environmental scanning stated )
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Answer:
how
Explanation:
it turns out that the marketing department wants to spend $100,000 buying local radio advertising. who would most likely complete the purchase req for this?
Answers
The marketing manager in charge of advertising would most likely complete the purchase req for this.
A marketing department advertises your company and boosts sales of its goods and services. It offers the necessary research to help you pinpoint your target market and other target groups. In certain companies, the marketing and sales divisions are both managed by strong managers under the direction of a vice president of sales and marketing.
It acts as the public face of your firm by organizing and creating the materials that reflect it. The marketing division is in charge of connecting with new customers, consumers, investors, and/or the general public. It must also create a consistent brand identity that favorably represents your company.
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Risk can be thought of as the possibility of incurring??
Answers
Answer:
Risk can be thought of as the possibility of incurring a loss.
Explanation:
Loss.
The additional $600 unemployment benefit ended on July 25, 2020. Even with the $300 Lost Wages Assistance Benefit, many Texans are being evicted from their homes and cannot provide basic necessities for their family. The unemployment rate is now over 7% in Texas, above our natural rate of unemployment. Did the government make the right decision with ending the extra $600 unemployment benefit from the CARES Act? Why or why not? Explain your position.
Answers
Answer: No they did not at this rate many of the citizens will go bankrupt and the economy will suffer a great lost do to the increase of the unemployment rate
Explanation:
1. after watching the big short, do you have a clearer understanding of the wall street collapse of 2008? does the movie do a good job, or a poor one, of explaining the arcane financial devices and the ins and outs of the bond markets? did you find it interesting? or were you bored to tears?
Answers
Yes the movie big short gave a good explanation of the financial instruments that led to the wall street collapse in the year 2008.
How the movie relates to the happenings that led to the collapse of the wall street.The writer of this movie helped to tell the story of what happened in the year 2008. He focused on the people that were behind the crash.
He used good celebrities to keep the attention of the viewer on the happenings and helped to show in good perspective all that happened.
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Which of the following accounting practices is most likely to decrease reported earnings in the current period?
A. Using the straight-line method of depreciation instead of an accelerated method
B. Capitalizing advertising expenses rather than expensing them in the current period
C. Using LIFO inventory cost methods during a period of rising prices
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Of the following accounting practices, LIFO inventory cost methods during a period of rising prices is most likely to decrease reported earnings in the current period. The correct option is C.
What is LIFO Inventory Cost Method?The LIFO (last-in, first-out) inventory costing method is one of the most widely used methods of inventory costing in accounting. In times of rising prices, this method can lower the value of inventory, which may result in lower tax obligations. In addition, since the items that were most recently added to inventory are typically the most expensive, this method can also result in lower profit margins than other inventory costing methods.
LIFO results in lower earnings in periods of increasing costs. This is due to the fact that the most recent inventory purchased, which has a higher unit cost, is used in the calculation, which results in a lower ending inventory balance and higher cost of goods sold compared to other inventory accounting methods, lowering the profits reported. The correct option is C.
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James has $1500 to open a checking account. He can maintain a monthly balance of at least $1000. He plans to use the ATM four times per month at his local branch. He does not overdraft his account and plans to use direct deposit. He also plans to pay his bills online and he averages 8 bills per month.Which checking account would be best for James?
A. Account B
B. Account A
Answers
The question is incomplete:
The image with the information of account A and B is attached
Answer:
B. Account A
Explanation:
The answer is that the checking account that would be best for James is account B because it doesn't require a minimum balance, the ATM usage fee is $0 for all ATMs, the monthly fee is $0 if he uses direct deposits as he plans to do, the online bill payment is free and the annual fee is $0 while account B has an annual fee of $36 making it more expensive.
Answer:
acc A
Explanation:
if california was a country where would it rank in economy
Answers
Answer:
It would be the world's fifth-largest economy!
There is a dollar sale on neckties. You buy 10. Estimate your consumer surplus if you would have been willing to pay $10 for the first tie, $9 for second, $8 for the third, and so forth.
A reasonable estimate of your consumer surplus from the ten ties is
Answers
Answer: 45
Explanation: I just answered it and got it correct
10+9+8+7+6+5+4+3+2+1= 55
Subtract 10 = 45 Total
10 is the $1 dollar difference times the ten items
Answer:45
Explanation:
which type of firm invests in lean manufacturing programs in order to improve customer service levels for a given inventory investment?
Answers
make-to-stock type of firm invests in lean manufacturing programs in order to improve customer service levels for a given inventory investment.
A concept known as "lean manufacturing" aims to increase productivity while eliminating waste in industrial systems. Anything that buyers do not think adds value to and are not prepared to pay for is considered waste. Lean manufacturing has many advantages, some of which include shorter lead times, lower operational expenses, and better product quality.
Organizations from a variety of industries can enable the practice of lean manufacturing, commonly referred to as lean production or lean. Toyota, Intel, John Deere, Nike, and other well-known corporations all employ lean techniques. The strategy is still employed by numerous other businesses and is based on the Toyota Production System. A lean production system might be advantageous for businesses that use enterprise resource planning (ERP).
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when ben & jerry’s ice cream tests all its proposed new flavors on its own employees at its corporate headquarters in vermont, it is partaking in
Answers
Answer:
lol I did it so I just won’t you get back lol bye bye lol lo but it’s 76
Explanation:
A group of investments sold as a package is a
Answers
Answer:
Fund or an Exchange Traded Fund (ETF)
Explanation:
This group of investments are generally called a Fund or an Exchange Traded Fund (ETF). These are various assets investments that are bundled together and sold as a single entity which investors can easily buy as one investment. This fund gives the investor easy exposure and diversification to these various assets in their portfolio, but also safety since each individual price affects the overall price of the fund but also protects the one another, meaning if one asset's price falls the other assets in the fund can even out the ROI with an increase in price.
1. Give one example of professional behavior in a salon and how a cosmetologist could
demonstrate it."
Answers
Answer:
Appropriate language, a cosmetologist can demonstrate this by always speaking in a tone and at a volume that is appropriate for the setting, and never using foul language no matter what.
Risk vs reward sim
What are your investment
returns for your money market
fund and your stock fund?
Answers
Explanation:
A money market fund is a type of mutual fund that invests in high-quality, short-term debt instruments, cash, and cash equivalents. Though not quite as safe as cash, money market funds are considered extremely low-risk on the investment spectrum.
What would be a good business to start with a friend?
(Explanation not needed.)
Answers
Answer:
A house lot. (Landlords)
Explanation:
You can hold houses for people to live in while they pay a monthly fee.
Step 1: Read each section of the scenario on your own.
a) If you have questions about how to complete this assignment, ask your teacher for assistance.
b) If you need help understanding any of the terms or equations used in the scenarios and questions, ask your teacher for assistance.
Step 2: Participate in a group discussion to answer the questions in each section.
a) Meet with your assigned group to discuss the questions for each scenario.
b) Remember to take notes and follow the rules for group discussions.
c) Use your notes from the discussion to answer the questions.
Step 3: Use this checklist to evaluate your project.
If you can check each box below, you are ready to submit your project.
Did you read each scenario carefully?
Did you participate in the group discussion?
Did you take notes during the discussion?
Did you support your ideas with facts and details from the scenarios?
Did you use your notes from the discussion to answer the questions?
Is your worksheet free of errors in spelling and grammar?
Step 4: Revise and submit your project.
a) If you were unable to check off all of the requirements on the checklist, go back and make sure that your project is complete. Save your project before submitting it.
Answers
That your project is complete When you are finished, submit your project to your teacher.
What is project?Projects are defined as unique, temporary endeavors undertaken to create a specific product, service, or result. Projects require a clear definition of objectives, activities, resources, and timelines to be successful. Projects can range from small and simple to large and complex, with each requiring a different level of planning and management. Projects are typically managed by a project manager who, with the help of a project team, works to ensure the project is completed within the desired timeframe and budget.
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At which point in the accounting cycle should an accountant prepare a trial
balance?
A. Just before preparing financial statements
OB. At any point he or she chooses
OC. At the end of the cycle only
D. At the beginning of the cycle only
Answers
At the end of the cycle only in the accounting cycle should an accountant prepare a trial balance. The correct option is C.
Why do accountants prepare a trial balance?A trial balance's purpose is to ensure that all entries made to an organization's general ledger are properly balanced. Each general ledger account's ending balance is listed in a trial balance. Each accounting entry's total dollar amount of debits and credits is supposed to match.
The trial balance is created after all transactions in the ledger accounts have been recorded. All ledger account balances to the credit and debit sides are recorded in the trial balance. It is typically prepared at the end of the fiscal year, prior to the preparation of final accounts.
Thus, the ideal selection is option C.
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The Baldwin company currently has the following balances on their balance sheet: Assets $225,850 Common Stock $51,869 Retained earnings $39,218 Suppose next year the Baldwin Company generates $20,000 in net profit, pays $10,000 in dividends, assets change to $151,000, and common stock remains unchanged. What must their total liabilities be next year
Answers
So, the Baldwin Company's total liabilities next year will be $356,850.
To calculate the total liabilities of the Baldwin Company next year, we need to use the following formula:
Total Liabilities = Current Liabilities + Long-term Liabilities
Current Liabilities are those liabilities that are due within one year, and Long-term Liabilities are those liabilities that are due after one year.
Let's start by calculating the Current Liabilities:
Current Liabilities = 225,850−10,000 = $215,850
Next, let's calculate the Long-term Liabilities:
Long-term Liabilities = 151,000−10,000
= $141,000
Now we can add the Current Liabilities and Long-term Liabilities to get the total liabilities for the Baldwin Company next year:
Total Liabilities = 215,850+141,000
= $356,850
Therefore, the Baldwin Company's total liabilities next year will be $356,850.
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True or False: ConAgra and Cargill imitated the meat packing company, Iowa Beef Processors by automating their plants. This reduced the IBP competitive advantage because its capabilities were easily imitated.
Answers
The statement ConAgra and Cargill imitated the meat packing company, Iowa Beef Processors by automating their plants. This reduced the IBP competitive advantage because its capabilities were easily imitated is true.
In dynamic environments with high levels of uncertainty, businesses may use an imitation strategy to benefit from the advertising spillovers from the company early adopters, take advantage of the new markets that these businesses capabilities to create, and cut their own market development and marketing costs.
Competitors find it more challenging to duplicate intangible resources than they do tangible ones. Horizontal integration capabilities is the most important company level strategy for Pfizer. Reduced resource duplication and a lower cost structure.
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What led to the success of whopper
Answers
Answer:
What makes this burger unique is not just its size, but the fact that Burger King flame-grills their hamburger patties, which gives you that recognizable, grilled flavor. Burger King introduced the Whopper in 1957,
Hope this helps!
Yours Truely, TheAnimeCatUwU
When managers start talking about improving productivity, employees usually react _____.
a. in a positive way
b. with fear of unknown changes
c. with a desire for changes
Answers
When managers start talking about improving productivity, employees usually react with a desire for changes.
Improvement is a desirable aspect of an organization, and every individual in the organization has a stake in it.
Employees usually want to be part of something positive, and they will be interested in anything that can benefit them or the organization in general.
They, therefore, react with a desire for changes.
Managers can implement the following strategies to improve productivity in their organizations:
Create a positive work environment where employees feel valued and respected.
Train employees on new technology and methods that can improve productivity.
Set realistic goals that are achievable, and that can motivate employees.
Reward employees who perform exceptionally well, which can lead to improved performance from other employees. This can be in the form of monetary rewards, promotions, or recognition.
Employees can also play a role in improving productivity by doing the following:
Improving their skills by attending training programs, workshops, or pursuing further education.
Working efficiently by utilizing available resources and minimizing wastage.
Communicating with their managers on areas that need improvement, and providing suggestions that can lead to better performance.
Understanding the organization's objectives and working towards achieving them.
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when the total of uncorrected misstatements in the financial statements exceeds a material amount, it is likely to lead to an audit report modification.group startstrue or false
Answers
The given statement "when the total of uncorrected misstatements in the financial statements exceeds a material amount, it is likely to lead to an audit report modification" is True because the auditor is required to evaluate the effect of identified misstatements on the financial statements.
The financial statements refers to the formal document that provides information about the financial activities and position of a business, organization or individual.
The financial statements are prepared by an accountant and they are used to provide insight into the financial performance.
Therefore, the given statement when the total of uncorrected misstatements in the financial statements exceeds a material amount, it is likely to lead to an audit report modification is true.
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Olde ple designs and manufactures shoes Olde ple can select only one of two protsenth of which wow Depending on the state of the economy, nach project has different throws Project Casual shoes Formal shoes Weak Economy 200,000 800,000 Strong Economy 1.600.000 1.400,000 The probability of a weak economy is 45% and a strong economy in 65%. The firm needs to raise 600.000 cott toner om next year Calculate the total firm wealth for both projects in both scenarios. If Olde ple's managers wish to maximize the total wealth of the who they invest in? Calculate the wealth available to shareholders for both projects in both scenarios. It Olde ple's managers wish to maximize shareholder en which proact should they invest in? mark it.
Answers
To calculate the total firm wealth and wealth available to shareholders for both projects in both scenarios, we can multiply the profits of each project by their respective probabilities.
Let's calculate the total firm wealth: For Project Formal shoes: Weak Economy: 800,000 * 0.45 = 360,000 Strong Economy: 1,400,000 * 0.65 = 910,000 Now, let's calculate the wealth available to shareholders: Assuming the cost of capital is 600,000: For Project Casual shoes: Weak Economy: 90,000 - 600,000 = -510,000 (Loss) Strong Economy: 1,040,000 - 600,000 = 440,000 To maximize total firm wealth, Olde Ple should invest in the project with the highest total firm wealth. In this case, it would be Project Formal shoes, which has a higher total firm wealth in both scenarios. To maximize shareholder wealth, Olde Ple should invest in the project that provides a positive wealth available to shareholders. In this case, it would be Project Formal shoes in the strong economy scenario, which has a wealth available to shareholders of 310,000.
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