On December 31, 2014, Carry On Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2015, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000.
Assume that on February 2, 2015, Carry On Fitness received a payment of $500 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. If there is not an answer type no journal entry.
1. a) Record the reversal of a customer account previously written off in the amount of $500.
b) Record the receipt of cash of $500 from the customer.
Answers
When a company has accounts receivable (money owed to them by customers for goods or services sold), they must also have an allowance for doubtful accounts.
This is a contra-asset account that represents the estimated amount of accounts receivable that the company expects will not be collected. The allowance is based on historical data, industry trends, and other factors that may affect the collectability of the accounts receivable. In the case of Carry On Fitness, they had an accounts receivable balance of $800,000 and an allowance for doubtful accounts of $55,000 at the end of the year 2014. This means that they estimated that $55,000 of their accounts receivable may not be collected. On January 2, 2015, they learned that some customer accounts were not collectible, so they authorized a write-off of $10,000. This means that they no longer expect to collect $10,000 from those customers, and they must adjust their accounts receivable and allowance for doubtful accounts accordingly. The journal entry to record the write-off on January 2, 2015, would be:
a) To reverse the write-off of $500:
Accounts Receivable - Customer Name $500
Allowance for Doubtful Accounts $500
b) To record the receipt of cash of $500:
Cash $500
Accounts Receivable - Customer Name $500
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Related Questions
Compared with individuals working in the private sector, public employees do not have ______. a. more stringent codes of ethical behavior b. higher levels of education c. lower standards for pay d. a greater commitment toward civic duty
Answers
Answer:
Option A. More stringent codes of ethical behavior
Option B. Higher levels of education,
and
Option D. A greater commitment toward civic duty,
Explanation:
The public employees have to adhere to stringent codes of ethical behavior because the public employees are professionals and professionals are always highly qualified personal. Their commitment towards the civic duty is high because they are obliged to act in the public interest and not act in a manner that his profession dignity gets affected. The level of experience, education, professionalism, adherence to ethical and company code, results in higher employee compensations.
Hence the Option A, B and D are correct options.
A major advantage of a ________ strategy is that the company does not tie its reputation to the product.
A) blanket family name
B) licensing
C) separate family brand name
D) category extension
E) brand revitalization
Answers
A major advantage of a C) separate family brand name is strategy is that the company does not tie its reputation to the product.
One major advantage of using a separate family brand name strategy is that the company can avoid tying its reputation solely to one product or product line. By using a separate brand name for each product line, the company can build a reputation for quality and reliability across a range of products, which can be particularly important in industries where consumer preferences and trends can shift quickly.
Additionally, using a separate family brand name strategy can also allow the company to differentiate its products more effectively and target different customer segments more precisely. Overall, using a separate family brand name strategy can help a company build a strong, diversified brand portfolio that can withstand changes in the market and maintain its reputation over time.
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What is the opportunity cost of studying for the test in order to get a good grade?
Answers
Answer:
the opportunity cost is the time spent studying and that money to spend on something else
The time spent studying and the money that could have been used for something else are the opportunity costs.
What is opportunity cost?According to microeconomic theory, an activity's opportunity cost is the value or gain that is forfeited in exchange for engaging in that activity as opposed to engaging in an alternative activity. More precisely, it means that by choosing one course of action (such as making an investment), you are forfeiting the chance to take an other course of action. The activity that yields the highest return among all others, net of opportunity costs, is the one that is considered to be the ideal activity.
The goal of opportunity cost is to ensure efficient use of limited resources as a depiction of the relationship between scarcity and choice. It takes into account all decision-related expenses, both explicit and implicit.
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What is the straight time pay for each of the following for a 40 hour week
Answers
the formula that calculates the gross profit or loss for a month uses ________.
Answers
The formula that calculates the gross profit or loss for a month uses Net Sales minus Cost of Goods Sold (COGS).
The gross profit represents the amount of money left after subtracting the direct costs associated with producing or acquiring the goods sold from the revenue generated by selling those goods. It provides a measure of the profitability of a company's core operations before considering other expenses.
To calculate the gross profit, you start with the Net Sales, which refers to the total revenue generated from the sales of goods or services. From the Net Sales, you subtract the Cost of Goods Sold (COGS), which includes the direct costs directly attributable to producing or acquiring the goods being sold. These costs typically include the cost of materials, direct labor, and direct overhead.
By subtracting the COGS from the Net Sales, the formula yields the gross profit or loss for the month. If the result is a positive value, it represents a gross profit, indicating that the revenue generated exceeded the direct costs. Conversely, if the result is a negative value, it represents a gross loss, indicating that the direct costs exceeded the revenue generated.
The formula for calculating the gross profit or loss can be summarized as follows:
Gross Profit/Loss = Net Sales - Cost of Goods Sold (COGS)
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For discrimination to be illegal, it must be taken against a person because of a
A. protected characteristic
B. personal attribute
C. red flag
D. job action
explain
Answers
Answer: A
Explanation:
you will thank am me later
T/F : basis-of-the-bargain damages are almost always successfully awarded in tort cases.
Answers
False. Basis-of-the-bargain damages are not typically awarded in tort cases. Basis-of-the-bargain damages refer to the damages that aim to place the injured party in the position they would have been in if the contract had been fulfilled.
These damages are more commonly awarded in contract law cases where there is a breach of contract. In tort cases, the damages awarded are generally aimed at compensating the injured party for the harm they suffered rather than putting them in the position they would have been in if the tort had not occurred. Tort law focuses on compensatory damages that reflect the actual harm caused by the defendant's wrongful actions, rather than the hypothetical contract expectations.
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When a supplier makes a downward adjustment in the amount owed by a creditor, the creditor will:
A. reduce the amount of the account payable to the supplier, and decrease an asset such as inventory.
B. increase the amount of the account payable to the supplier, and decrease an asset such as inventory.
C. reduce the amount of the account payable to the supplier, and increase cash.
D. reduce the amount of the account payable to the supplier, and decrease cash.
Answers
Answer:
d
Explanation:
When a supplier makes a downward adjustment in the amount owed , it means that the supplier reduces the total amount owed. thus the creditor would r less cash and the debtor would pay less cash
What are the other options to insurance
Answers
Medical Cost Sharing Programs. ...
Health Savings Accounts. ...
Medical Services Discount Cards. ...
High-Deductible Policies.
Which type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost?.
Answers
The type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost is: Private Fee-for-Service (PFFS), Medicare Supplement Insurance Plan.
What is medicare advantage plan?Medicare advantage plan can be defined as a health insurance coverage plan that help to cover the medical costs of people under the plan.
The type of Medicare advantage plan that also covers some benefits out-of-network are:
Private Fee-for-Service (PFFS)Medicare Supplement Insurance PlanPreferred Provider Organization (PPO)Point-of-Service (POS) Plan(right)Learn more about medicare here:https://brainly.com/question/1960701
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what did the memo entitled , "fatalities associated with crash induced fuel leakage and fires" analyze?
Answers
Answer:
The cost-benefit analysis of producing the Pinto as is or changing its design/components.
Explanation:
In a bid to match the cost effective nature of Japanese cars, Ford decided to produce the Pinto and promised to do so within a certain timeline. This shorter timeline made designing the Pinto harder and led to it having a flaw that made it a fire hazard if it was hit from behind.
Ford could have modified the design or produced it as it was. In order to make this decision, they relied on cost-benefit analysis to tell them the cost of paying for settlements resulting from Pinto crashes vs the cost of improving the car. The memo that showed this was "Fatalities Associated with Crash Induced Fuel Leakage and Fires".
Select the two primary characteristics that define advertising.
paid
nonpersonal
Answers
The two primary characteristics that define advertising are, (c) Paid and (d) Non Personal.
The Paid-advertising involves organizations paying for ad-space or time in various media channels such as TV, radio, online, or print. The main purpose is to promote a product, service or idea to a targeted audience.
The Non-personal advertising means that the message that is to be delivered to a group of people rather than to an individual.
This type of advertising could be done through mass media such as TV, radio, or social media.
Therefore, the correct options are (c) and (d).
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The given question is incomplete, the complete question is
Select the two primary characteristics that define advertising.
(a) Creative.
(b) Uniform.
(c) Paid.
(d) Non Personal.
(e) Uncontrolled.
Explain the connection between the terms "division of labor" and "specialization".
Answers
Answer:
Division of labor leads to specialization
Explanation:
Division of labor refers to the process of subdividing work into small tasks. In the division of labor, the production process is divided into different stages. Each stage requires a specific task to be performed. Workers are assigned specific tasks depending on skills and abilities.
The division of labor leads to an increase in productivity. Each worker performs a regular task, using familiar tools. In time, the worker becomes an expert in what they do, thereby increasing productivity. Division of labor leads to specialization. When work is subdivided into tasks and assigned to a specific worker, the assigned employee specializes in that task. Specialization is the practice of focusing on a single or very few activities that one is good at doing.
FindFor Inc. is an e-commerce retailer that sells a variety of merchandise. Through differentiating services like cash on delivery, easy return, and online tracking, the company has created more value for customers than its competitors (traditional, non-e-commerce businesses). Based on the information provided, it can be said that FindFor has a clear _____________ that provides the company with a competitive advantage over its competitors.
Answers
Answer:
strategic position
Explanation:
Given that a Strategic position is a form of the technique used by business managers to ensure their firms are delivering their commodities or services at a method that creates additional value and quite different than their competitors. It is often in terms of lower cost, or premium features.
Hence, in this case, and based on the information provided, it can be said that FindFor has a clear STRATEGIC POSITION that provides the company with a competitive advantage over its competitors.
In cell H4, calculate the donation amount by multiplying the Streaming Revenues by the percentage in cell I1, using absolute references as needed
Answers
Answer:
=G4*$I$1
Explanation:
Answer:
=Table1[Streaming Revenues]-Table1[Donation]
Explanation:
caught cheating, every team member will suffer from the same penalty and disciplinary consequence. Q1. ABC Airlines' first-class cabins have 10 seats in each plane. ABC's overbooking policy is to sell up to 11 first class tickets since cancellations and no-shows are always possible (and indeed are quite likely). For a given flight on ABC Airlines, there were 11 first class tickets sold. Suppose that each of the 11 persons who purchased tickets has a 25% chance of not showing up for the flight, and that the events that different persons show up for the flight are independent. (Please assume that there is no refund if the customer does not show up for the flight) (a) What is the probability that at most 5 of the 11 persons who purchased first class tickets show up for the flight? (b) What is the probability that exactly 10 of the 11 persons who purchased first class tickets show up for the flight? (c) Suppose that the cost of each first-class ticket is $12,000. (Let's assume that this $12,000 contributes entirely to profit since the variable cost associated with a passenger on a flight is close to zero.) Suppose further that any overbooked seat costs the airline $30,000, which is the cost of the free ticket issued to the passenger plus some potential cost in damaged customer relations. (First class passengers do not expect to be bumped!) What is the expected profit from first class passengers for this flight? (d) Suppose that only 10 first class tickets were sold. What would be the expected profit from first class passengers for this flight? (e) In general, the higher the probability of not showing up, the more tickets airlines consider selling to increase the profit from overbooking. Süpose that now, ABC Airlines is considering selling up to 12 first class tickets. What is the minimum probability of not showing up that may drive ABC Airlines to make this decision?
Answers
To find the probability that at most 5 of the 11 persons who purchased first-class tickets show up for the flight, we use the Binomial Probability Formula. Here, the probability of each individual showing up is 0.75 because there is a 25% chance of a no-show, and we assume the events are independent.
The expected profit from first-class passengers is:11 tickets sold × $12,000 per ticket – $22,500 = $119,500(e) We need to find the minimum probability of a no-show that would make ABC Airlines decide to sell 12 first-class tickets. The maximum number of passengers that could show up is 12.
If all 12 passengers show up, the expected cost of any overbooked seats is $30,000.P(12 passengers show up) × $30,000 ≤ 12 tickets sold × $12,000 per ticket P(12 passengers show up) ≤ $120,000/$30,000 = 4. Therefore, the minimum probability of a no-show is 0.67 (rounded to two decimal places).
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What is one statement that economists would say is INCORRECT?
A. Society's resources are limited.
B.People usually put their own interests as their first priority.
C.The stock market only affects people who invest in it.
Answers
Answer:
C.The stock market only affects people who invest in it.
The stock market affects everyone, not just the people who invest in it.
The incorrect statement that economists is "the stock market only affects people who invest in it". The correct option is C.
The direct impacts are felt by investors, the stock market's ripples extend far beyond. It reflects economic health, affecting job creation, business decisions and consumer confidence.
Market fluctuations influence retirement funds, pensions and even governments through taxation and policies. The interconnected financial system means market changes cascade which impacting industries, borrowing costs and global trade.
The stock market's reach is profound, influencing individuals and institutions, irrespective of direct investment involvement which is making its effects pervasive in the broader economic landscape.
Therefore, the correct option is C.
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Did NAFTA hurt Mexican farmers?
Answers
NAFTA had policies under which the prices of corn crop reduced abruptly to about 66% of its actual price due to which many had to abort farming and find new job to earn money.
NAFTA refers to North American Free Trade Agreement. It was established as free trade zone in North American countries such as Canada, Mexico and United States. It helped to increase trade, generate economic output, attract foreign investment, and ensure better consumer prices. However, in the years 1997 to 2007, there was great economic instability in the world. There was loss of manufacturing units, and Mexico which was a majorly corn producing nation, found it difficult to incur the money which the farmers had invested in farming.
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If one were to examine all the producers, consumers, and apex predators in an ecosystem, and define their relationships to one another, this would be a ___ analysis. If one were to examine one phytoplankton species and identify an herbivore that consumes it, and then identify a predator that consumes that herbivore, then this would be an example of a ___ study.
Answers
The correct answers are Food web; food chain thus If one were to examine all the producers, consumers, and apex predators in an ecosystem, and define their relationships to one another, this would be a Food web analysis.
If one were to examine one phytoplankton species and identify an herbivore that consumes it and then identify a predator that consumes that herbivore, then this would be an example of a food chain study.
All the food networks in a single ecosystem make up a food web. Each organism in an ecosystem is a link in a number of food chains. Energy and nutrients can go along different food chains as they move through the ecosystem.
Both food chains and food webs demonstrate how energy is transferred through many consumers. Food chains display one set of predator/prey relationships, while food webs display all predator/prey links in an ecosystem.
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summary on business essay for grade 9
Answers
The analysis of the business essay should contain:
The brief description of the company.Company conditions.SWOT analysis of the company.The financial status of the company.The future of the company.Conclusion.How to illustrate the information?It should be noted that a company analysis is important to analyze a company so that the organizational goals will be achieved.
In this case, the begining of the essay is to introduce the company. This should illustrate the mission and the objective of the company.
Other important information include the company conditions, SWOT analysis of the company, the financial status of the company, and the future of the company.
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of the three financial ratios discussed in this chapter, which do you think is the most important financial ratio? why?
Answers
Return on equity, Because it serves as a gauge of a company's success in generating profits for its stockholders.
What is meant by financial ratio?A financial ratio, also known as an accounting ratio, is the difference in magnitude between two specific numbers obtained from the financial accounts of an organization. There are numerous standard ratios that are frequently used in accounting to assess the overall financial health of a firm or other entity.
What does return on equity mean?The company's ability to generate returns on the investments it has received from its shareholders is measured by its return on equity. Description: Return on Equity is calculated mathematically as Net Income or Profits/Equity. Shareholder's The difference between a company's assets and liabilities is effectively the denominator.
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Now that each account has been classified, assign account numbers to each account. You must assign account numbers so that accounts receivable, accounts payable, and expense accounts are in alphabetical order (by last name, in the case of accounts receivable). Use 3-digit account numbers and number the accounts within a division by 10s.
Answers
Answer:
I dont know the answer im just saying this so I can come back to it when there is an answer
Explanation:
MACRS depreciation rates extend 1 year beyond the recovery period because of O 1. Usage of asset O II. Half-year convention III. Asset depreciation IV. Recovery period
Answers
MACRS depreciation rates extend 1 year beyond the recovery period due to the half-year convention.
Under MACRS, assets are depreciated over a specific recovery period, but because of the convention, the asset is assumed to be purchased in the middle of the year, which effectively extends the depreciation period by one year. This is done to ensure that taxpayers receive a fair and equal amount of depreciation deductions, regardless of when the asset was placed in service. As a result, the depreciation schedule extends one year beyond the recovery period, with the remaining half of the final year's depreciation being claimed in that additional year. The usage of the asset and the asset depreciation is not directly related to why MACRS depreciation rates extend beyond the recovery period.
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If lisa and bryce each divides his or her time equally between producing jackets and producing sweaters, then total production is:_________
Answers
If Lisa and Bryce each divide their time equally between producing jackets and producing sweaters, under the production possibilities frontiers, then total production is c) 3 sweaters and 13 jackets.
What are the production possibilities frontiers?The production possibilities frontiers (PPF) use a graphical representation to show the different combinations of the output of two goods that can be produced with available resources and technology.
In the PPF, scarcity, choice, and tradeoffs are captured and factored into the computations.
The PPF operates under some assumptions, including:
Fixed resourcesConstant technologyEfficient use of resources and technology.Thus, if Lisa and Bryce each divide their time equally between producing jackets and producing sweaters, then total production is c) 3 sweaters and 13 jackets.
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Question Completion and Answer Options:a) 6 sweaters and 26 jackets
b) 2 sweaters and 8 jackets
c) 3 sweaters and 13 jackets
d) 5 sweaters and 8 jackets
Graph attached.
Which of the following choices is not a step that can reduce your spending?
a.
eating at home, rather than dining out
b. using budgeted cash only
c. forgoing premium cable TV channels
d. purchasing reduced fat lattes during the week
Answers
Out of the given options, you won't reduce your spending by d. purchasing reduced fat lattes during the week.
How can we reduce spending?The best way to reduce spending is by spending less on things that we don't need or that we can do without.
In this case, spending on fat lattes won't be a way to reduce spending because they aren't very significant.
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Internal channels of business communication are designed to reach _____.
1) within the business itself
2) coworkers and upper management within the company
3) a small, targeted group of consumers
4) a large percentage of the consumer market
Answers
Answer: coworkers and upper management within the company
Explanation:
Internal channels of business communication are designed to reach coworkers and upper management within the company.
Internal communication is simply the communication that takes place between the workers in a company and the top management. It is an open communication strategy that is used in order to carry everyone along and also achieve organizational goals.
Lavonda’s very wealthy grandmother recently died. After her death, everything she owned totaled $1,000,000. However, her family was only given $700,000. What MOST likely happened to the other $300,000?
It was used to cover income taxes.
It was used to cover sales taxes.
It was used to cover excise taxes.
It was used to cover estate taxes.
Answers
Answer: wrong it is estate taxes
Explanation:
The most likely event happened to the other $300,000 that It was used to cover estate taxes. Thus last option is correct.
What is the meaning of Estate taxes?Estate Tax refers to the form of the tax in which a charge placed on a property owner's ability to transmit their possessions to others after passing away that takes the shape of a percentage of their taxable estate.
According to the above situation, the death of the Lavonda’s grandmother led to the implementation of the Estate Tax on her wealth of $1,000,000.
Therefore, the taxable estate to be included is $300,000. Thus last option is correct.
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Marlo is a compulsive shopper. He shops for apparel online. He wants to get rid of the habit. He seeks help from his friend Thomas. Thomas
creates a financial plan for Marlo to follow. His goal is to curb the urge to shop and save money for college. List the steps in order that Mario
should take towards financial planning.
Determine his financial goal.
Determine Mario's current
financial standing.
Create a financial plan aiming
to save money for college.
Determine possible risks that
Mario can take.
Review and revise the plan
regularly.
Answers
Answer:
Determine Mario's current financial standing.
Determine his financial goal.
Determine possible risks that Mario can take.
Create a financial plan aiming to save money for college.
Review and revise the plan regularly.
Explanation:
Plato
Marlo's goal is to curb the urge to shop and save money for college. List the steps in order that Mario are:
Determine Mario's current financial standing.Determine his financial goal.Determine possible risks that Mario can take.Create a financial plan aiming to save money for college.Review and revise the plan regularly.What is college?The term “college” refers to an educational institute. The students are expected to learn and educate on a specific topic. The college is part of the university. A college provides the degree of the students who clear the sessions. The college students are learning something on the course.
According to the case was the based on the save money for college are:
Ascertain Mario's present financial situation.Determine his financial objective.Determine the risks Mario is willing to take.Make a financial plan with the goal of saving money for education.Review and adjust the plan on a regular basis.As a result, the Marlo's goal is to curb the urge to shop and save money for college. List the steps in order that Mario.
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What are the approaches for learning Economics effectively?
Answers
Ashley bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $350 more than the desktop. She paid for the computers using two different financing plans. For the desktop the interest rate was 7% per year, and for the laptop it was 6% per year. The total finance charges for one year were $398. How much did each computer cost before finance charges
Answers
Answer:
Laptop = $3250
Desktop = $2900
Explanation:
Total finance charge = $398
Laptop cost = 350 + x
Desktop = X
Workings
Finance cost = (7% *X ) + (6% * 350+x ) = 398
0,07 X + 0.06 X + 21 = 398
0.13 X + 21 = 398
0.13 X = 398 -21
0.13 X = 377
Therefore ,X = 377/0.13
=2900
Cost of Desktop = 2900
Cost of Laptop =2900+350 =3,250