Answer:
May 1
Dr Cost of merchandise sold $9,600
Cr Merchandise inventory $9,600
Aug. 30
Dr cash $2,800
Dr Allowance for doubtful accounts $10,600
Cr accounts receivable-peking palace co $13,400
Dec. 8
Dr Accounts receivable - peking palace co $10,600
Cr Allowance for doubtful accounts $10,600
Explanation:
Preparation of the journal entries in the accounts of Arizona Interiors Company
May 1
Dr Cost of merchandise sold $9,600
Cr Merchandise inventory $9,600
Aug. 30
Dr cash $2,800
Dr Allowance for doubtful accounts $10,600
($13,400-$2,800)
Cr accounts receivable-peking palace co $13,400
Dec. 8
Dr Accounts receivable - peking palace co $10,600
Cr Allowance for doubtful accounts $10,600
top earning game of USA
Answer:
Clash of Clans by Supercell
Explanation:
According to Góogle Play ranking as of April 2021, the top-earning game of the USA is Clash of Clans by Supercell.
This game is available on the Andriod operating system. and it has been in existence since 2012. It currently has close to a billion downloads across platform different website platforms.
Godfrey Corporation holds, as a long-term investment available-for-sale securities costing $69,000. At December 31, 2017, the fair value of the securities is $64,100. Show the financial statement presentation of the available-for-sale securities and related accounts. Assume the available-for-sale securities are noncurrent.
GOLDFREY CORPORATION
Balance Sheet Entry field with correct answer
December 31, 2017
Entry field with correct answer Investments
Entry field with correct answer Investment In Stock, at fair value
Entry field with correct answer 64100
Entry field with correct answer Stockholders' Equity
Entry field with correct answer Less :
Entry field with incorrect answer now contains modified data
Entry field with correct answer 4900
Answer:
Godfrey Corporation
GOLDFREY CORPORATION
Balance Sheet (Partial)
December 31, 2017
Noncurrent assets:
Investments:
Investment In Stock, at fair value $64,100
Stockholders' Equity:
Common stock
Retained earnings
Less :
Unrealized loss $4,900
Explanation:
a) Data and Calculations:
Long-term investment available for sale:
Cost = $69,000
Fair value 64,100
Unrealized loss $4,900
b) The correct entry would have been to reduce the net income by the unrealized loss. However, for simplicity, this is showed as a reduction of the Retained Earnings in the balance sheet.
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:
Cash and cash equivalents
Accounts receivable (net) 5,700
Inventory l 27,000
Property, plant, and equipment (net) 67,000
Accounts pay able 46,000
Salaries payable 18,000
Paid-in capitapoints 135,000
The only asset not listed is short-term investments. The only liabilities not listed are $37000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.6:1
Required: Determine the following at December 31, 2021:
1. Total current assets
2. Short-term investments
3. Retained earnings
Answer:
1. Total current assets = $104,000
2. Short term investments = $4,300
3. Retained earnings = $27,000
Explanation:
Note: The data given in the question are not complete and merged together. The complete sorted data are now given as follows:
Details Amount ($)
Cash and cash equivalents 5,700
Accounts receivable (net) 27,000
Inventory 67,000
Property, plant, and equipment (net) 160,000
Accounts pay able 46,000
Salaries payable 18,000
Paid-in capital 135,000
The explanation of the answer is now given as follows:
1. Total current assets
Current liabilities = Accounts playable + Salaries payable + Accrued interest = $46,000 + $18,000 + $1,000 = $65,000
Current ratio = 1.6:1
Current ratio = Current assets / Current liabilities .............. (1)
Substituting the relevant values into equation (1) ans solve for Current assets, we have:
1.6 = Current assets / $65,000
Current assets = 1.6 * $65,000 = $104,000
Therefore, wee have:
Total current assets = $104,000
2. Short-term investments
Current assets = Cash and cash equivalents + Accounts receivables + Inventory + Short term investments ............... (2)
Substituting the relevant values into equation (2) ans solve for Short-term investments, we have:
$104,000 = $5,700 + $27,000 + $67,000 + Short term investments
$104,000 = $99,700 + Short term investments
Short term investments = $104,000 - $99,700 = $4,300
3. Retained earnings
Long term liabilities = Notes payable due in two years = $37,000
Fixed assets = Property, plant, and equipment (net) = $160,000
Current assets + Fixed assets = Current liabilities + Long term liabilities + Paid in capital + Retained earnings ................. (3)
Substituting the relevant values into equation (3) ans solve for Retained earnings, we have:
$104,000 + $160,000 = $65,000 + $37,000 + $135,000 + Retained earnings
$264,000 = $237,000 + Retained earnings
Retained earnings = $264,000 - $237,000 = $27,000
Marley Company has the following information for March: Sales $912,000 Variable cost of goods sold 474,000 Fixed manufacturing costs 82,000 Variable selling and administrative expenses 238,100 Fixed selling and administrative expenses 54,700 Determine the following for Marley Company for the month of March: a. Manufacturing margin $fill in the blank 1 b. Contribution margin $fill in the blank 2 c. Operating income
Answer:
Results are below.
Explanation:
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
Manufacturing contribution margin= 912,000 - 474,000
Manufacturing contribution margin= 438,000
Now, the total contribution margin:
Total contribution margin= manufacturing contribution margin - Variable selling and administrative expenses
Total contribution margin= 438,000 - 238,100
Total contribution margin= $199,900
Finally, the income statement:
Sales= 912,000
Total Variable cost= 474,000 + 238,100= (712,100)
Total contribution margin= 199,900
Fixed manufacturing costs= (82,000)
Fixed selling and administrative expenses= (54,700)
Net operating income= 63,200
At the beginning of the period, the Cutting Department budgeted direct labor of $30,000 and supervisor salaries of $20,000 for 3,000 hours of production. The department actually completed 5,000 hours of production. Determine the budget for the department assuming that it uses flexible budgeting
Answer:
Total labor cost= $70,000
Explanation:
The supervisor salary is a fixed labor cost, it is unlikely that would change with production.
First, we need to calculate the unitary variable direct labor hour:
Unitary variable direct labor hour= 30,000 / 3,000
Unitary labor hour= $10
Now, the flexible budget for 5,000 hours:
Fixed cost= 20,000
Variable cost= 10*5,000= 50,000
Total labor cost= $70,000
Which sentence in the passage uses the correct calculation of economic order quantity, or EOQ, for this example?
A firm manufacturing airtight containers has an annual demand of 3,000 units. The cost per order is $200. The firm incurs a carrying cost of $10 per unit. The inventory management department has a weekly meeting. During the discussion, (A) Joe puts forth that they should use an EOQ of 346 units. (B) According to Austin, the EOQ should be 400 units. Gracie states that the EOQ should be 250 units.
A.
B.
Answer: 346 units(a)
Explanation: you multiply2* 3,000 *200 then divide by 10 and then square root it
Nu Things, Inc., is considering investing in a business venture with the following anticipated cash flow results:
EOY Cash Flow
0 -$70,000
1 $20,000
2 $19,000
3 $18,000
4 $17,000
5 $16,000
6 $15,000
7 $14,000
8 $13,000
9 $12,000
10 $11,000
11 $10,000
12 $9,000
13 $8,000
14 $7,000
15 $6,000
16 $5,000
17 $4,000
18 $3,000
19 $2,000
20 $1,000
Assume MARR is 20 percent per year. Based on an internal rate of return analysis:
Determine the investment.
Answer:
22.27%Company should invest in project.Explanation:
Input the numbers given into an Excel worksheet to find the Internal Rate of Return in the manner shown in the attachment.
The investment will have to be in negative.
The IRR will come out as 22.27%
When evaluating a project based on IRR, invest in the project if the project MARR is less than the IRR as is the case here so the company should invest in this project, all else equal.
Some insurance companies begin paying claims only after the policyholder has paid a certain amount of money called a...
1) Premium
2) Term
3) Deductible
Chiptech, Inc., is an established computer chip firm with several profitable existing products as well as some promising new products in development. The company earned $2.1 a share last year, and just paid out a dividend of $0.84 per share. Investors believe the company plans to maintain its dividend payout ratio at 40%. ROE equals 23%. Everyone in the market expects this situation to persist indefinitely.
a. What is the market price of Chiptech stock? The required return for the computer chip industry is 16%, and the company has just gone ex-dividend (i.e., the next dividend will be paid a year from now, at t = 1). (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
Market price of Chiptech stock $
b. Suppose you discover that Chiptech
Answer and Explanation:
The computation is shown below:
a) Growth rate = ROE × retention ratio
= 23% × (1 - .40)
= 13.80%
Value of stock = D1 ÷ (k - g)
= 0.84 × (1 + .1380) ÷ (.16 - .1380)
= $43.45
b) Revised growth rate after year 2 = 16% × .50
= 8%
Value at T2 = D3 ÷ (k - g)
D3 = Earnings × (1 + G1)^2 × (1 + G2) × Payout ratio
= 2.1 × (1+.1380)^2 × (1+.08) × .50
= 1.47
Value at T2 = 1.47 ÷ (.16 - .08)
= $18.38
Value at T0 = Value at T2 ÷ (1 + r)^n
= 18.38 ÷ (1 + .16)^2
= 13.66
Superstition Industries has a $2,000,000 asset investment and is subject to a 30% income tax rate. Cash inflows from the project are expected to average $400,000 before tax over the next few years; in contrast, average income before tax is anticipated to be $350,000. The company's after-tax accounting rate of return on this investment is:
Answer:
12.25%
Explanation:
Calculation to determine what The company's after-tax accounting rate of return on this investment is:
Using this formula
After-tax accounting rate of return =Avarage income/Average investment
Let plug in the formula
After-tax accounting rate of return=($350,000*70%)/$2,000,000
(100%-30%=70%)
After-tax accounting rate of return=$245,000/$2,000,000
After-tax accounting rate of return=0.1225*100
After-tax accounting rate of return=12.25%
Therefore The company's after-tax accounting rate of return on this investment is:12.25%
When Teri's outside basis in the TMF Partnership is $80,000, the partnership distributes to her $30,000 cash, an account receivable (fair market value of $60,000, inside basis to the partnership of $0), and a parcel of land (fair market value of $60,000, inside basis to the partnership of $80,000). Teri remains a partner in the partnership, and the distribution is proportionate to the partners.
If an amount is zero, enter "0".
Complete the table below by using the format of Concept Summary 11.1 to calculate the effects of the distribution.
Note: If you use Excel to set up the table, designate the input area for the amounts on lines 1, 2, 5, and 8. Code the formulas shown in the Calculations section of the concept summary to calculate the amounts in the remaining lines. You will use "sum," "min," and "max"
TUTTICO Input Line 1 Partner's outside basis 80,000 Line 2 Step 1. Cash and deemed cash distributed 30,000 Line 5 Step 2. Partnership's basis in distributed hot assets Line 8 Step 3. Partnership's basis in other distributed property Proportionate Liquidating Distribution Calculations Line 1 Partner's outside basis Line 2 Step 1. Cash and deemed cash distributed Line 3 Gain recognized by partner Line 4 Partner's remaining outside basis Line 5 Step 2. Partnership's basis in distributed hot assets $i Line 6 Partner's basis in distributed hot assets Line 7 Partner's remaining outside basis Line 8 Step 3. Partnership's basis in other distributed property $ Line 9 Partner's basis in other distributed property $ Line 10 Partner's remaining outside basis
Answer:
Below
Explanation:
In the picture
The general factory overhead and purchasing department expenses are common costs that the company allocates to all of its products using total sales dollars as the allocation base. The equipment used to manufacture Product A does not wear out through use and it has no resale value. What is the financial advantage (disadvantage) of dropping Product A
Answer: Disadvantage of $52,000
Explanation:
Financial advantage(disadvantage) of dropping Product A will depend on if the savings associated with the drop will be more than the contribution margin that A brings in.
If the product is dropped, the fixed costs that would be dropped are: the salary of the manager, the advertising for the product and the insurance on the inventories of the product.
The other fixed costs are either general or irrelevant (product does not wear so depreciation is irrelevant)
Advantage (disadvantage) = Savings - Contribution margin
= (65,000 + 35,000 + 8,000) - 160,000
= (52,000)
In the audit of notes payable, an auditor testing the ASB balance assertion of accuracy and valuation most likely would: ________
a. read directors' and finance committee's minutes for authorization of financing transactions.
b. select a sample of paid notes and trace interest expense to the general ledger account.
c. select a sample of paid notes and recalculate interest expense for the period under audit.
d. select a sample of notes payable and vouch cash receipt to the bank statement.
Answer:
I think it's c
Explanation:
Suppose you have just paid a nonrefundable fee of $1,000 for your meal plan for this academic term. This allows you to eat dinner in the cafeteria every evening.
A. You are offered a part-time job in a restaurant where you can eat for free each evening. Your parents say that you should eat dinner at the cafeteria anyway since you have already paid for those meals. Are your parents right? Explain why or why not.
B. You are offered a part-time job in a different restaurant where, rather than being able to eat for free, you receive only a large discount on your meals. Each meal there will cost you $2; if you eat there each evening this semester, it will add up to $200. Your roommate says that you should eat in the restaurant since it costs less than the $1,000 that you paid for the meal plan. Is your roommate right? Explain why or why not.
Answer:
A. Parents are not right
B. Roommate is not right
Explanation:
A.Based on the information given your Parents are NOT right reason been that since the two or both of the meals are free for you to eat from you should therefore eat at either the restaurant or cafeteria that you think or felt will benefits you the most at that point in time.
B..Base on the information given your roommate is NOT right, reason been that you should eat at either the restaurant or cafeteria that you think will benefits you the most which means that you can decide to eat from either of the restaurant which food is free or the restaurant which meal will cost you $2 meal after you value the $2 meal to be truly $2 meal.
3.1 Define the following concepts:
e-Business
Nepotism
Cronyism
Embezzlement
Bribery
An e-Business refers to an internet-based marketplaces that facilitate buying and selling of goods between merchants and customers.
What is Nepotism?Nepotism refers to an act of granting of favour to one's relatives.
What is Cronyism?Cronyism refers to an act of showing favoritism to one's friends when appointing for new positions
What is Embezzlement?Embezzlement refers to a misappropriation of public funds by an employee, official etc
What is Bribery?Bribery refers to an act of offering something of value to another person in order to receive something in exchange
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The physical units method of joint cost allocation allocates costs based on a.the estimated selling price of the various finished products minus the costs to sell the products. b.the market values of the various finished products. c.a weight factor multiplied by physical units. d.an objective, quantitative metric such as pounds, square feet, or gallons.
Answer:
d. an objective, quantitative metric such as pounds, square feet, or gallons.
Explanation:
In Accounting, Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production. The various type of costs are;
1. Product cost is the expenses incurred when a product is sold.
2. Period cost refers to the period in which costs are incurred.
3. Fixed cost refers to costs that remains constant over variations in production activity, irrespective of amount of goods.
3. Variable cost refers to cost which are the same per unit of production but vary directly with level of output.
4. Direct costs refer to the costs that are peculiar to a particular department or area while indirect cost can't be traced to any.
5. Manufacturing overhead are all indirect cost required in producing a good that isn't associated with direct materials or direct labor.
Generally, the physical units method of joint cost allocation allocates costs based on an objective, quantitative metric such as pounds, square feet, or gallons.
Gerhan Company's flexible budget for the units manufactured in May shows $15,640 of total factory overhead; this output level represents 70% of available capacity. During May, the company applied overhead to production at the rate of $3.00 per direct labor hour (DLH), based on a denominator volume level of 6,120 DLHs, which represents 90% of available capacity. The company used 5,000 DLHs and incurred $16,500 of total factory overhead cost during May, including $6,800 for fixed factory overhead. What is the factory overhead efficiency variance (to the nearest whole dollar) for Gerhan Company in May, under the assumption that the company uses a two-variance breakdown (decomposition) of the total overhead variance
Answer:
See below
Explanation:
Given the above information,
Budgeted overhead at 90% capacity = 6,120 × 3 = $18,360
Budgeted overhead at 70% capacity = $15,640
DLH at 70% capacity = 6,120/90% × 70% = 4,760 hours
Variable overhead rate = ($18,360 - $15,640) / (6,120 - 4,760) = $2 per DLH
Actual hours in May = 5,000 DLH
Variable overhead efficiency variance =
(4,750 - 5,000) × $2 = $480 unfavorable
benefits of online shopping?
Answer:
Saves time
Explanation:
Blossom Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $65,000 and fair value of $90,500. Under the 3-year, non-cancelable contract, Sharrer will receive title to the machine at the end of the lease. The machine has a 3-year useful life and no residual value. The lease was signed on January 1, 2020. Blossom expects to earn an 8% return on its investment, and this implicit rate is known by Sharrer. The annual rentals are payable on each December 31, beginning December 31, 2020.
Required:
Prepare an amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved
Answer:
Note: See the attached excel file for the amortization schedule.
Explanation:
In the attached excel file,since the annual rentals are payable on each December 31, the annual Receipt/Payment is calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value or fair value of the machine = $90,500
P = Annual Receipt/Payment = ?
r = Expected return rate = 8%, or 0.08
n = number of years = 3
Substitute the values into equation (1) and solve for P, we have:
$90,500 = P * ((1 - (1 / (1 + 0.08))^3) / 0.08)
$90,500 = P * 2.57709698724788
P = $90,500 / 2.57709698724788
P = $35,177.03
In the Ford Pinto Case Study, executives at Ford Motor Co. argued that “if the cost to repair the defect means a potential loss of profit, then we do not repair the defect.” In free market theory, this view makes use of
a.
Pareto efficiency.
b.
intrinsic value.
c.
tradeable property rights.
d.
cost-benefit analysis.
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The view of the executives at Ford Motor Co. uses cost-benefit analysis.
What is the cost-benefit analysis?The cost-benefit analysis refers to the process that is used to determine whether the decision or action is beneficial or not. The profit or beneficial effect of the decision is calculated by considering the cost that is associated with the action.
In the given case the executive consider the cost to repair the defect and observed its effect on the profit. They stated that if the cost to repair the defect causes of potential loss of profit to the company they will not choose to repair the same.
Therefore the correct option is D.
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You have been offered an investment that will pay you a lump sum of $30,000 25 years from today, along with a payment of $1,000 per year for 25 years starting one year from today. How much are you willing to invest today to have this investment in your portfolio assuming you wish to earn a rate of 6 percent compounded annually
Answer:
$5,793.40
Explanation:
The amount you invest is called the Principle Value (PV). Therefore the question requires us to determine the Principle Amount that will pay you a lump sum of $30,000 25 years from today.
FV = $30,000
N = 25
PMT = ($1,000)
P/Yr = 1
I = 6 %
PV = ?
Using a Financial Calculator to input the values as shown above, the Principle Value (PV) is calculated as $5,793.40.
Therefore, you will be willing to invest $5,793.40 today to have this investment in your portfolio
Braun Company has one service department and two operating (production) departments. Maintenance Department costs are allocated to the two operating departments based on square feet occupied. Listed below are the operating data for the current period: Department Direct Expenses Square Feet Maintenance $ 25,500 Milling 76,500 10,000 Assembly 105,400 15,000 The total cost of operating the Assembly Department for the current period is: rev: 12_17_2020_QC_CS-243789 Multiple Choice $91,800. $115,600. $105,400. $120,700. $130,900.
Answer:
$120,700
Explanation:
Calculation to determine what The total cost of operating the Assembly Department for the current period is
First step is to Allocate Maintenance costs to Assembly department
Assembly=$25,500 × (15,000/25 000) >= $15,300
Now let calculate the Total Assembly costs
Total Assembly costs= $105,400 + 15,300
Total Assembly costs= $120,700
Therefore The total cost of operating the Assembly Department for the current period is $120,700
Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows:
Job 201 $6,240
Job 202 7,000
Job 203 5,210
Job 204 6,750
Factory supervision 4,000
Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour.
Required:
a. Journalize the entry to record the factory labor costs.
b. Journalize the entry to apply factory overhead to production for November.
Answer:
Part a
Debit : Work in Process - Job 201 $6,240
Debit : Work in Process - Job 202 $7,000
Debit : Work in Process - Job 203 $5,210
Debit : Work in Process - Job 204 $6,750
Debit : Overheads $4,000
Credit : Wages Payable $29,200
Part b
Debit : Work in Process $11,340
Credit : Overheads $11,340
Explanation:
To apply overheads, determine the total direct labor hours for each job
Direct labor hours = Total direct labor Cost ÷ Direct labor rate
therefore,
Job 201 = $6,240 ÷ $40 = 156
Job 202 = $7,000 ÷ $40 = 175
Job 203 = $5,210 ÷ $40 = 130
Job 204 = $6,750 ÷$40 = 169
Total = 630
Overheads applied = $18 x 630 hours = $11,340
Think back to our discussions of changes in total revenue and price and how the concept of elasticity was used. When a firm decreases price and demand is elastic, the percentage change in quantity demanded will be A) ______________ (greater than / less than) the percentage change in price. Therefore, revenue will B) ______________ (increase / decrease). If the demand is inelastic, total revenue will C) ______________ (increase / decrease) when price decreases.
Answer:
(greater than
increase
decrease
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Bates Company issued $1,000,000, 10-year bonds. It agreed to make annual deposits of $78,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 10 years. The deposits are made at the end of each year into an account paying 6% annual interest. What amount will be in the sinking fund at the end of 10 years
Answer:
FV= 1,243,119.12
Explanation:
Giving the following information:
Annual deposit= $78,000
Number of periods= 10 years
Interest rate= 0.1
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {78,000*[(1.1^10) - 1]} / 0.1
FV= 1,243,119.12
The Work in Process Inventory account of a manufacturing company has a $3,550 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $1,610 and direct labor cost of $870. Therefore, the amount of applied overhead is:
Answer:
$1,070
Explanation:
Calculation to determine the amount of applied overhead is:
Using this formula
Applied overhead = Total cost of WIP - Direct materials - Direct labor
Let plug in the formula
Applied overhead= $3,550 - $1,610 - $870
Applied overhead=$1,070
Therefore the amount of applied overhead is:$1,070
Bramble Corporation produces snowboards. The following per unit cost information is available: direct materials $10, direct labor $4, variable manufacturing overhead $6, fixed manufacturing overhead $13, variable selling and administrative expenses $5, and fixed selling and administrative expenses $13. Using a 40% markup percentage on total per unit cost, compute the target selling price.
Answer:
See below
Explanation:
Given the above information, we will use variable costing to calculate the unitary cost.
Total unitary cost = Direct material + Direct labor + Variable overhead + Variable selling and administrative
= $10 + $4 + $6 + $5
= $25
Selling price = $25 × 1.40
Selling price = $35
Therefore, the targeted selling price is $35
+
What is one way you can meet students with common interests in an online school?
O A dedicated learning space.
O National clubs
O The OLS
O Class Connects
Answer: National Clubs
Explanation:
There are national clubs where students with common interests can meet via an online school such as the K12 online national clubs. Enrolling for the club is not a difficult process and the schedule can then be accessed from the Class Connect schedule.
These clubs offer a diverse range of interests and subjects such as engineering, sketching and others and they are led by teachers from a school which is K-12 registered and powered.
In which of the following does the seller of a product or service have the LEAST amount of control over the price?
O A. Natural monopoly
O B. Privatization
OC. Oligopoly
OD. Perfect competition
O E. Monopolistic competition
Answer:
'd' perfect competition
Explanation:
since there is a high competition and has to go according to the market. if the competetor is selling the same product in lower price the seller should decrease there price also . to attract the buyers
In a market having perfect competition, the seller of a product or service has the least amount of control over the price of such product or service. Therefore, the option D holds true.
What is the significance of perfect competition?A market having perfect competition can be referred to or considered as a market where a large number of buyers and sellers come together to trade a similar product or service. There is free entry and exit in a perfectly competitive market.
Moreover, there is no scope for price control or manipulation by the seller in a perfect competition because the seller does not have the pricing power, mainly because there are a large number of sellers dealing in similar products, and thus, the price remains the same in the whole market.
Therefore, the option D holds true regarding the significance of perfect competition.
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Wellington Corp. has outstanding accounts receivable totaling $6.5 million as of December 31 and sales on credit during the year of $24 million. There is also a credit balance of $12,000 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year
Answer:
$508,000
Explanation:
Calculation to determine what will be the amount of bad debt expense recognized for the year
Using this formula
Bad debt expense=(Outstanding accounts receivable*Uncollectible outstanding receivables percentage)-Credit balance)
Let plug in the formula
Bad debt expense=($6.5million*8%)-$12,000
Bad debt expense=$520,000-$12,000
Bad debt expense=$508,000
Therefore what will be the amount of bad debt expense recognized for the year is $508,000