The Reserve for Doubtful Debts stood at $. 1,500 on January 1, 1998. The Bad Debts during the year amounted to $. 500. On December 31, 1998, Marco Debtors owed $. 14,000. Make a provision of 5 % for Doubtful Debts. Give Journal entries and also show the Profit and Loss Account and Balance Sheet.

Answers

Answer 1

Journal entry is method of recording all business transaction occured during the accoting period. It reflects accounts which are affected, amounts of money involved, and whether those accounts are are going to be debited or credited. Journal entries for the following firm during the year end Dec 31, 1998 is as follows:

Provision for Doubtful Debts (Profit & Loss) A/c Dr. - $700 ($14,000 * 5%)

Reserve for Doubtful Debts (Balance Sheet) A/c Cr. - $700

(Being  provision for doubtful debts recorded)

Bad Debts (Profit & Loss)  A/c Dr.- $500

Marco Debtors (Balance Sheet) A/c Cr. - $500

(Being bad debts recorded)

2. Profit and Loss Account for the year ended Dec 31, 1998:

Bad Debts: $500

Provision for Doubtful Debts: $700

3. Balance Sheet as of Dec 31, 1998:

Assets:

    - Marco Debtors: $14,000

    - Less: Reserve for Doubtful Debts: $700

    - Net Accounts Receivable: $13,300

Liabilities and Equity:

    - Reserve for Doubtful Debts: $700

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Related Questions

explain what will happen to the market supply curve, the equilibrium price, and the equilibrium quantity of the good or service that you sell if the principal resource used to produce it becomes extremely scarce

Answers

If the principal resource used to produce the good or service that you sell becomes extremely scarce, the market supply curve will shift to the left.

This is because there will be less of the resource available to produce the good or service, which means that the producers will have to decrease the quantity they supply at each price level.As a result of this decrease in supply, the equilibrium price of the good or service will increase, since the demand for the product remains the same while the supply decreases. Consumers will be willing to pay more for the good or service because it has become more scarce and difficult to produce.
The equilibrium quantity of the good or service will decrease, as producers will not be able to produce as much of the product due to the scarcity of the principal resource. This decrease in quantity supplied will lead to a decrease in the quantity demanded as consumers will be less willing to pay the higher price.Overall, the scarcity of the principal resource will lead to a decrease in the quantity supplied, an increase in the equilibrium price, and a decrease in the equilibrium quantity of the good or service that you sell.

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1) Identify a shortage of any good or service on your economy mention 5? Explain why the shortage occurred?
2) Compare and contrast the aims and objectives of a government funded swimming pool and a private health and leisure club?
3) List 4 advantages and 4 disadvantages of-
a) free market economy
b) command economy
c)mixed economy ​

Answers

Shortage of Goods or Services:
a) Personal Protective Equipment (PPE): During a pandemic or public health crisis, there may be a shortage of PPE such as masks, gloves, and gowns. This shortage can occur due to increased demand from healthcare professionals and the general public, coupled with disruptions in the global supply chain and inadequate production capacity.

b) Housing: A shortage of affordable housing can occur when the demand for housing exceeds the available supply. Factors contributing to this shortage can include population growth, limited land availability, zoning restrictions, and insufficient construction of new housing units.

c) Electric Vehicles (EVs): As the demand for environmentally-friendly transportation options increases, there can be a shortage of electric vehicles. This can happen due to limited production capacity by automobile manufacturers, supply chain disruptions for components such as batteries, and high demand outpacing supply.

d) Skilled Labor: In certain industries or professions, there may be a shortage of skilled labor. This can occur when the demand for specific skills outweighs the number of qualified individuals available. Factors contributing to this shortage can include demographic shifts, inadequate training programs, and mismatches between the skills demanded by employers and the skills possessed by job seekers.

e) Water Supply: In regions with limited water resources or facing drought conditions, there can be a shortage of water supply. This shortage can occur due to factors such as population growth, inefficient water management practices, climate change impacting rainfall patterns, and inadequate infrastructure for water storage and distribution.

Aims and Objectives of a Government-funded Swimming Pool and a Private Health and Leisure Club:
Government-funded Swimming Pool:

Aim: To provide a public facility for recreational swimming, water-based activities, and community engagement.
Objectives:
Promote physical fitness and overall health of the community.
Offer affordable access to swimming facilities for all members of society.
Provide swimming lessons and programs to enhance water safety and swimming skills.
Foster community integration and social interactions through shared recreational space.
Private Health and Leisure Club:

Aim: To offer exclusive and personalized health and leisure services to members.
Objectives:
Provide high-quality facilities and amenities for fitness, wellness, and relaxation.
Cater to the individual needs and preferences of members through personalized services.
Create a premium and exclusive environment for members to socialize and network.
Generate profits and financial sustainability through membership fees and additional services.
Advantages and Disadvantages of Different Economic Systems:
a) Free Market Economy:

Advantages:

Efficient allocation of resources based on supply and demand.
Promotes competition, innovation, and entrepreneurship.
Encourages individual freedom and choice in economic decision-making.
Flexibility to adapt to changing market conditions.
Disadvantages:

Income inequality and wealth concentration.
Lack of adequate social safety nets for vulnerable individuals.
Potential for market failures, such as monopolies or externalities.
Unequal access to essential goods and services.
b) Command Economy:

Advantages:

Centralized planning and allocation of resources.
Potential for rapid economic development and industrialization.
Greater control over income distribution and social welfare.
Priority given to public goods and services.
Disadvantages:

Lack of incentives for innovation, entrepreneurship, and individual initiative.
Inefficient allocation of resources due to central planning.
Limited consumer choice and reduced variety of goods and services.
Potential for corruption and bureaucracy.
c) Mixed Economy:

Advantages:

Combination of market forces and government intervention allows for a balance between efficiency and equity.
Ability to address market failures through regulations and social programs.
Provision of essential public goods and services.
Flexibility to adapt to changing economic conditions.
Disadvantages:

Balancing conflicting interests and priorities

Ruth is taking ASVAB exam. Match each question with the correct section.
Arithmetic Reasoning
Electronics Information
General Science
Reset Next

Answers

Answer: See explanation

Explanation:

Here's the complete question:

Ruth is taking ASVAB exam. Match each question with the correct section

Arithmetic Reasoning

Electronics Information

General Science

Question

Section

How is an object's weight related to its

mass?

How many 44-passenger buses will it

take to carry 100 people?

What does a transformer do?

Arithmetic Reasoning - How many 44-passenger buses will it take to carry 100 people?

Electronics Information - What does a transformer do?

General Science - How is an object's weight related to its mass?

Answer:

Arithmetic Reasoning - How many 44-passenger buses will it take to carry 100 people?

Electronics Information - What does a transformer do?

General Science - How is an object's weight related to its mass?

Explanation:

Because i took the test and got it right : )

Exemplifying chain migration, immigrants from India, mostly from the state of Gujarat, now own more than one-third of what type of business in the United States?
hotels

Answers

Exemplifying chain migration, immigrants from India, particularly from the state of Gujarat, now own more than one-third of all motel businesses in the United States.

Chain migration refers to a migration pattern where immigrants follow the paths established by earlier immigrants from the same region or community. In the case of immigrants from India, particularly from the state of Gujarat, chain migration has led to significant ownership of motel businesses in the United States.

The phenomenon began with a few initial individuals or families from Gujarat who migrated to the United States and started their own motel businesses. Over time, these pioneers established networks and connections within their community, making it easier for others from Gujarat to enter the same industry.

As more Gujarati immigrants arrived in the United States, they were able to rely on the support and guidance of their fellow community members who had already established successful motel businesses. They often received assistance in terms of financing, acquiring properties, navigating legal processes, and gaining valuable industry knowledge.

This chain migration process, coupled with the strong entrepreneurial spirit within the Gujarati community, has resulted in a significant concentration of Indian-owned motel businesses in the United States. Today, immigrants from India, primarily from Gujarat, own more than one-third of all motels across the country.

This exemplifies how chain migration can create concentrated pockets of ownership within specific industries or sectors, as immigrants leverage the experiences and resources of those who came before them. It highlights the power of social networks, shared cultural ties, and community support in facilitating the success and advancement of immigrants in their chosen business ventures.

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A basic concept in economics is that all resources are
O scarce.
• allocated.
valuable.
O renewable.

Answers

A basic concept in economics is that all resources are scarce. Thus, option a. is the correct answer.

Explain about the basic concept about the economics.

Every person's life includes doing economics on a regular basis in addition to studying it. It serves as a means of balancing the inputs and outputs of money. Whatever it is, one should prepare before the month or count at the end of the month or year, whether it is a small family, a large family, a small commercial enterprise, or a giant organisation. Economics seeks to strike a balance between the unending demands and the finite resources.

After saying this, we'll start talking about the topic of "economics." The pupils who are just beginning their studies in commerce in class XI will find this subject extremely interesting. In essence

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Answer:

Option A  scarce

Explanation:

Advertising, sales promotion, public relations, and buzz building activities are all ________. A) channels that should be integrated under the concept of integrated marketing communications B) channels focused more on interactive marketing than traditional marketing C) promotional tools used for push strategies but not pull strategies D) promotional tools used for pull strategies but not push strategies

Answers

Answer:

B

Explanation:

Hope it helped you1

Type the correct answer in the box. Spell all words correctly.
Peter is planning his finances for the next couple of years. He wants to save money to eventually by a house because he will be getting married
soon. He has created a savings plan revolving around his necessary expenses, and he has set a target of three years to save up a down paymet
for a house. At which phase of the financial life cycle is Peter in?
Peter is in the
phase of the financial life cycle.

Type the correct answer in the box. Spell all words correctly.Peter is planning his finances for the

Answers

Answer: initial stage

Explanation:

The initial stage of financial life cycle is simply the first stage or the beginning phase of the financial cycle. Since he want to save so that he can get a house, thus means that he wants to accumulate asset.

Furthermore, it should be noted that the initial phase of the financial life cycle typically begin at a young age of about 25 years.

Answer:

initial stage

Explanation:

Cowboy Company's sales employees earn a total of $60,000 per month and are paid on the last working day of the month. Each employee's wages are subject to FICA Social Security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 12% and monthly medical insurance premiums of $3,300 for the employees. The employer payroll taxes for Cowboy Company include FICA taxes, federal unemployment taxes of 0.6% of the first $7,000 paid each employee, and state unemployment taxes of 5.4% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer's payroll taxes at January 31 for Cowboy Company. (Assume that none of the employees have reached the unemployment limit of $7,000.) Prepare the journal entry to record the employer's payroll taxes at January 31 for Cowboy Company. (Assume that none of the employees have reached the unemployment limit of $7,000.)

Answers

The journal entry to record the employer's payroll taxes at January 31 for Cowboy Company is given below.

How to depict the journal entry

Date: January 31, 2023

Record the FICA Social Security taxes:

Debit: Payroll tax expense (an expense account)

Credit: FICA Social Security taxes payable (a liability account)

Record the Medicare taxes:

Debit: Payroll tax expense (an expense account)

Credit: Medicare taxes payable (a liability account)

Record the federal unemployment taxes:

Debit: Payroll tax expense (an expense account)

Credit: Federal unemployment taxes payable (a liability account)

Record the state unemployment taxes:

Debit: Payroll tax expense (an expense account)

Credit: State unemployment taxes payable (a liability account)

Once you have the specific amounts for each tax, you can determine the debit and credit values for the journal entries.

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Economists assume we are all making the most reasonable decisions with our resources, but how do you explain people paying $40,000 for a "Hermes Birkin Bag" or $2000 for "Kanye West's Sneakers"?

Answers

As not everybody can afford designer items, those who can, typically buy such items to increase their self-esteem, and/or view it as an accomplishment. Also, many will do so in a way to view themselves in a higher class than others.

why is there a need for us to maintain at least an average credit score​

Answers

Answer:

Because when you are moved out and on your own most places like Apartments, motels, and certain jobs might require you to have good credit scores. If you have poor credit scores those places may not accept you and it would be really difficult to find any places to live or jobs to get without decent credit scores.

Explanation:

(I hope this answers your question. if there are options please tell me the options!).

:)

Write down two or three ways you compare yourself to others.

Answers

Y’all’s daily routines and the type of work you do in a day

4.2. Why do you think capital is important?​

Answers

Answer:

Capital is important because it's that part of an asset that can be used to repay its depositors, customers, and other claimants in case the bank doesn't have enough liquidity due to losses it suffered in its operations. Capital also helps the bank in times of a liquidity crisis.

If china’s economy maintains a 7% annual growth rate over the next 20 years, about how large will its economy be in 20 years if its current gdp is $12 trillion?.

Answers

If china’s economy maintains a 7% annual growth rate over the next 20 years, $48 trillion its economy be in 20 years if its current GDP is $12 trillion.

What GDP means?

GDP calculates the monetary value of the final goods and services—those purchased by the consumer—produced in a nation over a specified time period (say a quarter or a year). It totals all the output produced inside a nation's boundaries.

How GDP is calculated?

GDP equals private consumption plus gross domestic product plus government investment plus government spending plus (exports – imports). or as a mathematical formula: GDP = C + I + G + (X – M) The national statistical office of the nation typically calculates GDP using the international standard.

What do you mean by GDP deflator?

The GDP price deflator tracks variations in the costs of all products and services produced in a country. Comparing the levels of real economic activity from one year to the next is made easier for economists by using the GDP price deflator.

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During a storm a tree falls on your parked vehicle. What insurance is going to cover the damage to your vehicle

Answers

Answer:

Car insurance might help for the tree damage while comprehensive coverage might help for the damages and to repair.

Answer: Well flex tape can't fix that one so auto insurance will fix it...

Explanation:

lolLloleoreniiwkv ibyuerw

Answers

Hhahahlool loolllol lol


In one or two sentences, explain why people will do less of an activity when the marginal costs are greater than the
marginal benefits.

Answers

Answer:

Marginal cost is defined as the additional cost incurred in adding a unit of product or service.

Marginal benefit is defined as the additional satisfaction or utility that the individual receives from consuming the added unit of product or service. 

In every endeavor, we weigh the benefit and cost of a certain product, course of action or service. We aim to get the most out of every product or decision. We are driven to reach maximum profit at a minimum cost. Thus, when the marginal cost is greater than the marginal benefit, people will do less of an activity because it is not profitable.

Explanation:

Keri has already installed Microsoft Office Tools. When she opens Excel, the first step toward making the Analysis ToolPak available is to

open Advanced Filter under the Data tab.
open Microsoft Office Help.
go to the Formulas tab and click More Functions.
go to the Excel Options dialog box.

Answers

Answer:

Open Microsoft Office Help.

Go to the Formulas tab and click More Functions.

Explanation:

Select File → select Options → select Advanced → scroll to General → insert the location in the "At startup, open all files in" dialog box.

Answer:

open Microsoft Office Help

Explanation:

:)

How to inflate myself like a balloon

Answers

Answer:

get airget more air                    There you go :)get even more air                       I'll see you in the moon :0drink the air

Find the future value of an ordinary annuity of $60 paid at the end of each quarter for 5 years, if interest is earned at a rate of 4%, compounded quarterly. The future value is : (Round to 2 decimal places.) Find the future value of an ordinary annuity of $600 paid at the end of each year for 2 years, if interest earned at a rate of 3%, compounded annual. The future value is $ (Round to 2 decimal places.)

Answers

The future value of an ordinary annuity of $60 paid at the end of each quarter for 5 years, if interest is earned at a rate of 4%, compounded quarterly. The future value is: Future Value = $600 x (1.03^2 - 1) / 0.03 = $1,180.62

To calculate the future value of an ordinary annuity, we can use the formula:

Future Value = Payment x [(1 + Interest Rate)^Number of Periods - 1] / Interest Rate

For the first scenario, where $60 is paid at the end of each quarter for 5 years, with an interest rate of 4% compounded quarterly:

Payment = $60

Interest Rate = 4% or 0.04

Number of Periods = 5 years x 4 quarters/year = 20 quarters

Plugging the values into the formula:

Future Value = $60 x [(1 + 0.04)^20 - 1] / 0.04

Calculating this expression will give us the future value. Rounded to 2 decimal places, the future value is:

Future Value = $60 x (1.04^20 - 1) / 0.04 = $1,332.08

For the second scenario, where $600 is paid at the end of each year for 2 years, with an interest rate of 3% compounded annually:

Payment = $600

Interest Rate = 3% or 0.03

Number of Periods = 2 years

Using the same formula:

Future Value = $600 x [(1 + 0.03)^2 - 1] / 0.03

Calculating this expression will give us the future value. Rounded to 2 decimal places, the future value is:

Future Value = $600 x (1.03^2 - 1) / 0.03 = $1,180.62

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If knowledge is power, how do you gain knowledge?

Answers

By learning. There are many ways to learn, but at the most basic level, you can learn by asking questions, observing, listening, and reading. There is much knowledge to be gained, you must only be open to it. In my opinion, the pursuit of knowledge is the greatest calling of all. Learning opens your eyes and sharpens your mind. Gaining knowledge should be the number one priority in your life if you wish to leave this earth as a better person than when you entered it.

What are some things that the presenter can do to engage the audience?

Answers

Answer:

Wow

Explanation:

Co

Answer:

Start your presentation by making them think. Ask them a question, or start with statistics. Make your presentation as relatable as it can possibly get. DON'T repeat yourself. I causes the audience to get board. Don't tell them why your presentation matters, show them. Be confident and do your best. It spreads a positive message and the more confident you seem on the topic and on the presentation the more people will want to listen.

Explanation: BELIVE IN YOURSELF AND DO YOUR BEST, if it still doesn't go well, life might be trying to tell you something.

Hope this helps! I know you'll do great!

Describe an experience you have had as a consumer which illustrates supply and demand.

Answers

Answer:

The law of supply and demand is the market rule by means of which the supply of goods and the demand for them are interrelated, linked through price: the higher the price of the good, the lower the demand for it, since that it will be more inaccessible for consumers, with which there will be an excess supply; Whereas, if the price of the good falls, the demand for the good increases and its supply will not meet the consumption expectations of consumers.

A clear example of this situation occurred in the midst of the coronavirus pandemic, when as a result of restrictions on public transport and fear of crowding in closed places, many people decided to purchase bicycles as an alternative means of transport, which triggered the demand for said well by causing the prices of these to increase.

If you are trying to establish a credit history, would you use credit to make a purchase even if you could pay cash? Why?

Answers

Answer:

By using credit, you're building up your overall score. Cash purchases go unnoticed by companies and your bank.

Explanation:

Last month, Tech Industries sold its product for $50 per unit. Fixed production costs were $25,000, and variable production costs amounted to $10.50 per unit. Fixed selling and administrative costs totaled $15,000, and variable selling and administrative costs amount to $2.00 per unit. Tech Industries produced and sold 5,000 units last month.

Answers

Answer:

Operating profit = $147,500

Explanation:

Missing question is "What is the total operating profit?

Operating profit = Sale unit(Selling price - Variable Cost) - Fixed expenses

Operating profit = 5,000 * ($50 - $10.50 - $2.00) - $25,000 - $15,000

Operating profit = 5,000*$37.5 - $40,000

Operating profit = $187,500 - $40,000

Operating profit = $147,500

Name the choreographic element that encourages dancers to rely on musical cues, visual connections, and emotional phrasing.

Answers

The choreographic element that encourages dancers to rely on musical cues, visual connections, and emotional phrasing includes the time, energy, and space

What is the meaning of Choreography?

In art, a choreography means the way in which an idea is expressed physically through dance. When developing this concept, the users usually relies on important principles of organization to ensure that the idea takes a clear, appropriate, and aesthetically pleasing form.

These are principles that comprises the basic ingredients for the dancers' movements and patterns and help the choreographer utilize space, express intention and the music, and organize the dancers.

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Describe an environment in which it would be common to bid for contracts with low profit margins. What does this environment suggest about the competition levels?

Answers

Low barriers to entry, a lack of economies of scale, and easier access to technology will an environment in which it would be common to bid for contracts with low-profit margins.

Low-profit margins are a sign of inefficient cost management and/or bad pricing tactics used by the organization. A low ratio may thus be caused by: management that is ineffective. A profit margin of 5% is regarded as low, a margin of 10% is normal, and a margin of 20% is good, according to the Corporate Finance Institute. That said, just because your small economies can have a better profit margin than other firms doesn't imply you're generating more money than they are. In highly competitive sectors, low-profit margins are frequently the outcome. To win clients, the majority of rival businesses compete on economies. Low selling prices do, however, ultimately damage all businesses, including the ones that survive.

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The planning,​ scheduling, and control of the activities that transform inputs into finished goods and​ services" is the definition of
A.service operations.
B.operations management.
C.operations function.
D.supply chain.

Answers

Operations management is the planning, scheduling, and control of the activities that transform inputs into finished goods and services. Here option B is the correct answer.

It is the process of managing and designing the systems and processes that create and deliver an organization's products and services to customers.

Operations management includes a wide range of activities such as forecasting, inventory management, quality control, logistics, and capacity planning. It is a critical function in any organization, as it affects the efficiency, productivity, and quality of the products and services delivered to customers.

Operations management is a critical function of an organization that affects the overall performance and competitiveness of the firm.

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What expenses are involved in owning a vehicle?

Answers

Cost will increase in the coming years, and will include expenses such monthly fuel costs, auto repair and maintenance fees, Registration Tax, Road Tax, Car Insurance Premium, and Car Loan EMIs, if applicable.

In the future, what costs will having a car entail?

The list will grow in the next five to ten years to include a number of additional costs, such as registration and road taxes, auto insurance premiums, auto loan EMIs, monthly fuel costs, and auto maintenance and servicing fees.

Which expense does having a car often involve the most?

Automobile Loans. The greatest and most noticeable expense associated with your car is the monthly payment.

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Which best diagrams the correct obstacle to the example?

Answers

economic trade this is your answer hope it's helpful to you

Economic Trade is the answer.

A _______________ guarantees that if the contract owner of a variable annuity dies prior to annuitization the beneficiary will receive at least as much from the variable annuity as the owner paid in premiums.

Answers

Answer:

Guaranteed Death Benefit

Explanation:

A guaranteed death benefit may be defined as a benefit term which guarantees that a beneficiary will surely receive a \(\text{death benefit}\) if the annuitant expires or dies before the annuity begins paying the benefits.

It is a safety net where when the annuity dies while making the payments or the contract is in the accumulation phase.

Variable annuity is defined as an agreement or a \(\text{contract}\) between a person and the \(\text{insurance company}\), under which the \(\text{insurer agrees}\) to make \(\text{periodic payments}\) to the person, beginning either immediately or at some future date.

Thus, \(\text{Guaranteed Death Benefit}\) guarantees a beneficiary to receive payments from the variable annuity which is guaranteed by the Guaranteed Death Benefit when the contract owner of the variable annuity dies before annuitization.

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