Answer:
$3900
Explanation:
Calculation to determine the ending balance of the allowance account after the year-end adjustment
Balance in allowance for uncollectible account$ 900
Add Bad debts during the period $3,000
($75,000*4%)
Ending Balance in allowance for uncollectible account$ 3,900
($900+$3,000)
Therefore the ending balance of the allowance account after the year-end adjustment is $3900
How many units were completed in June?The equivalent units for materials under the weighted-average method are calculated to be?
Answer:
a) 14,300 units
b)
Materials: 18,400
Conversion: 16,350
Explanation:
physical count of units:
beginning 2,100
transferred-in 16,300
ending (4,100)
transferred-out 14,300
equialent units for w/a:
transferred-out + percentage of completion ending WIP
Materials: 14,300 + 4,100 x 100% = 18,400
Conversion: 14,300 + 4,100 x 50% = 16,350
Answer:
Eric Pense Journal Entries:
a. Dr Cash$23,000
Dr Office Equipment12,000
Cr Pense, Capital$35,000
b. Dr Land $8,000
Dr Building $33,000
Cr Cash$15,000
Cr Notes payable$26,000
c.Dr Supplies 600
Cr Accounts payable$600
d.Dr Automobile$7,000
Cr Capital$7,000
e.Dr Office Equipment$1,100
Cr Accounts payable$1,100
f.Dr Salary $800
Cr Cash$800
g.Dr Cash$2,700
Cr Fees Earned$2,700
h. Dr Utilities Expense$430
Cr Cash$430
i.Dr Account payable$600
Cr Cash$600
J. Dr Office Equipment $4,000
Cr Cash$4,000
k. Dr Accounts receivables$2,400
Cr Fees Earned$2,400
l. Dr Salary$800
Cr Cash$800
m. Dr Cash$1,000
Cr Accounts Receivable$1,000
n.Dr Pense, Withdrawal$1,050
Cr Cash$1,050
Explanation:
To record the transactions using the given account titles, journal entries need to be prepared. Each transaction must be debited and credited to the appropriate accounts based on the nature of the transaction.
In order to record the transactions provided, journal entries need to be prepared using the given account titles. Here is an example of how to record a transaction using these accounts:
Continue the same process for all other transactions, making sure to debit and credit the appropriate accounts based on the nature of the transaction. Use the given account numbers to assign each entry to the correct account.
Overall, journal entries are used to record the financial transactions of a business, showing how money is received or spent and the impact on various accounts.
#SPJ3
B. Recoverability test but not fair value test
C. Not recoverability test but fair value test
D. Neither recoverability test nor fair value test
Answer: The correct answer is "C. Not recoverability test but fair value test".
Explanation: The impairment test to be used is Not recoverability test but fair value test. To determine whether intangibles of indefinite life have deteriorated and must present another value in their balance sheet, they must implement the fair value test.
Answer:
The amount that will recognize under amortization expenses is $2600.
Explanation:
The first step here would be to calculate the amortization expenses for the first 4 years of the patent, here will use straight line depreciation method,
Formula - original value of asset / useful life in years
- $26,400 / 12
- $2200
Now for the 4 years this amount would become $2200 x 4 = $8800
The amount of amortization for the first half of 2017 ( up to 30 June ) would be-
= half of full year expenses
= $2200 / 2
= $1100
So up to 30 June 2017, the expenses are $9900 ( $8800+$1100), So the new book value would be = $26,400 - $9900
= $16,500
In this $16,500 we will add the amount of legal fees, so the total would be -
$16,500 + $6000
= $22,500
The next step is to divide this value by remaining useful; years which is 7.5,
$22,500 / 7.5
= $3000
Now we will divide this amount by 2 because we have to take out expense for remaining last 6 months of 2017
$3000 / 2
= $1500
Adding the expenses for first and second half of 2017 to take out total amortization expense of 2017 -
$1100 + $1500
= $2600
How does restricting the number of hospitals correct this inefficiency? Explain briefly.
Answer: The answer is provided below
Explanation:
The certificate of need, is a legal document in the United States that is required in many states and federal jurisdictions before proposed expansion, acquisitions, or the creations of healthcare facilities will be allowed.
a. The market inefficiencies which will be eliminated by the certificate of needs laws are that:
The absence of certificate of needs laws will have resulted in an unregulated market competition among the hospitals. This competition could result into medical providers over-investing in medical equipments and facilities. This will lead to an increase in the demand for the equipments which in turn, leads to rise in the equipments costs and the burden caused by the rise in price is shifted to the patients in form of high prices which could lead to exploitation.
b. Restricting the number of hospitals can correct this inefficiency because the laws will help reduce competition among the hospitals which will help reduce demand for healthcare equipments.
This will help in pushing the market toward equilibrium over time whereby healthcare delivery are more affordable to people.
Answer:
The correct answer is letter "A" and "C": Position the bad news strategically between other sentences.; Accentuate the positive.
Explanation:
The objective of the message must be to provide the benefits over the disadvantages of the company being acquired by a large firm. The disadvantages can be provided in between sentences to rest importance but the advantages must be highlighted at every moment to give a positive impression of the acquisition to the employees.