CB
Christiane Blessmann
Answers (8)
CB
Answered
Binding price floors benefit sellers because they allow sellers to sell all the goods they want at a higher price.
On Jul 14, 2024
False
CB
Answered
Mistakes stemming from workers' inadequate training represent an assignable cause of variation.
On Jul 13, 2024
True
CB
Answered
At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,500,000. An analysis of receivables estimates uncollectible receivables as $25,000.Determine
(a) the amount of the adjusting entry for bad debt expense;
(b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and
(c) the net realizable value of accounts receivable.
(a) the amount of the adjusting entry for bad debt expense;
(b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and
(c) the net realizable value of accounts receivable.
On Jun 14, 2024
(a) $19,500($25,000−$5,500) (b) Accounts Receivable Adjusted Balance Allowance for Doubtful Accounts ($5,500+$19,500)$550,000 Bad Debt Expense 25,00019,500 (c) Net realizable value ($550,000−$25,000)$525,000\begin{array} { | l | l | r | } \hline \text { (a) } & \$ 19,500 ( \$ 25,000 - \$ 5,500 ) & \\\hline \text { (b) } & \text { Accounts Receivable } & \text { Adjusted Balance } \\\hline & \text { Allowance for Doubtful Accounts } ( \$ 5,500 + \$ 19,500 ) & \$ 550,000 \\\hline & \text { Bad Debt Expense } & 25,000 \\\hline & & 19,500 \\\hline \text { (c) } & \text { Net realizable value } ( \$ 550,000 - \$ 25,000 ) & \$ 525,000 \\\hline\end{array} (a) (b) (c) $19,500($25,000−$5,500) Accounts Receivable Allowance for Doubtful Accounts ($5,500+$19,500) Bad Debt Expense Net realizable value ($550,000−$25,000) Adjusted Balance $550,00025,00019,500$525,000
CB
Answered
Specialization in production is economically beneficial primarily because it
A) allows everyone to have a job that he or she likes.
B) permits the production of a larger output with fixed amounts of resources.
C) facilitates trade by bartering.
D) guarantees full employment.
A) allows everyone to have a job that he or she likes.
B) permits the production of a larger output with fixed amounts of resources.
C) facilitates trade by bartering.
D) guarantees full employment.
On Jun 13, 2024
B
CB
Answered
Which factor is MOST likely to shift the supply of milk to the right?
A) a tax on each gallon of milk produced
B) an increase in household income,milk being a normal good
C) a decrease in the price of feed given to dairy cows
D) the bankruptcy of many small dairy farms
A) a tax on each gallon of milk produced
B) an increase in household income,milk being a normal good
C) a decrease in the price of feed given to dairy cows
D) the bankruptcy of many small dairy farms
On May 14, 2024
C
CB
Answered
Unlike private equity funds,which tend to focus on small,start-up companies,venture capital funds invest in all types of businesses,including mature ones.
On May 14, 2024
False
CB
Answered
A cost item is considered to be controllable if there is not a large difference between actual cost and budgeted cost for that item.
On May 13, 2024
False
CB
Answered
Lorna successfully sued the Hot Stuff Restaurant because she was injured by a piece of glass in a pie that she was served there. She believes the judge used too low a duty of care in assessing whether Hot Stuff had been negligent, which was the legal issue. Lorna may appeal on the basis of the judge's error.
On May 11, 2024
True