B) Objectives and Task Method As a result, the "objectives and task" method are regarded as one of the most logical budgeting strategies for advertising.
The objectives and goals of marketing and advertising are established using this strategy.
The objective task method, which is also known as the "objective and task" method, is a system in which a business decides how much money to put into its marketing budget based on specific goals rather than just on sales revenues or projections.
The competitive paritymethod works on the premise that competing businesses have comparable marketing objectives and rationally implement them. Therefore, if a competitor spends approximately 5% of net sales on advertising, the company will match that competitor's advertising budget.
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Answer: The adjusting entries for the uncollectible accounts would be as follows: Debit Bad debt expense $277,500; Credit Allowance for doubtful accounts $277,500
Explanation: As provided in the question, bad debt expense is determined by the percentage of sales method. In this instance, it is estimated at 1/4 of 1% of sales. 1% of $102,480,000 = $1,024,800; 1/4 of $1,024,800 = $256,200. Please note that there was an existing debit balance of $21,300 in allowance for doubtful accounts (usually, it should have a credit balance), in order to reinstate the allowance for doubtful account to $256,200, we have to credit it with $277,500 ($256,200 + $21,300), by way of the journals above.
The adjusting entry for uncollectible accounts can be calculated by adding the estimated bad debt expense ($256,200) to the existing balance in the Allowance for Doubtful Accounts ($21,300), resulting in a total adjusting entry of $277,500.
To find out the amount of the adjusting entry for uncollectible accounts, you first need to calculate the bad debt expense. Since the question states that bad debt expense is estimated to be 1/4 of 1% of sales, we would find this by multiplying $102,480,000 by 0.0025 (1/4 of 1%).
Bad debt expense = $102,480,000 * 0.0025 = $256,200
Given that the Allowance for Doubtful Accounts already has a balance (which is a debit balance of $21,300), we need to add this to the estimated bad debt expense to determine the adjusting entry.
Adjusting entry for uncollectible accounts = Bad debt expense + Existing Balance in Allowance for doubtful accounts
= $256,200 + $21,300 = $277,500
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The correct entry to record the transaction concerning the company's sale of 10,000 shares of previously authorized stock is a debit to Cash of $100,000 and a credit to Common Stock $100,000.
Number of shares sold = 10,000
Par value =$10 per share
Cash $100,000 Common Stock $100,000
Thus, the correct entry to record this stock sale is a debit to Cash of $100,000 and a credit to Common Stock $100,000.
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The correct journal entry to record the transaction would be to debit Cash for $100,000 and credit Common Stock for $100,000 in line with the number of shares sold and their par value.
When a company sells shares of its authorized stock at par value, the funds received are recorded in the company's financial accounts. The correct journal entry would be to debit (increase) Cash, and credit (increase) Common Stock. In this scenario, where 10,000 shares of stock are sold at a par value of $10 per share, this would result in a $100,000 increase in both the company's Cash and Common Stock accounts. The journal entry would look like this:
It is crucial to understand the stock issuing process, such as rate of return, in the business world. Investors purchase stock with an expectation either to receive dividends or to experience a capital gain- an increase in the stock value.
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Answer:
Option B ⇒ The annual interest rate on Note A is 9.35% .
Explanation:
Note B has an accrued interest for six months during 2013: $220,000 x .08 x 6/12 = $8,800.
The remainder of the accrued interest, $7,200 ($16,000 - $8,800) was from Note A, which was held for seven months in 2013.
Therefore, we have the following: $132,000 x annual interest rate x 7/12 = $7,200.
Thus, the annual interest rate on Note A would be ($7,200/132,000) x 12/7 = 9.35%.
Option B ⇒ 9.35% is the correct answer.
Answer:
In the first instance money serves as Measure of Value, while in the second instance money serves as Medium of Exchange.
Explanation:
The measure of value and medium of exchange are two of the functions of money which are explained as follows:
a) Measure of Value
The function of money as a measure of value permits all goods and services to be attached prices. That is, every commodity is valued in terms of money. Therefore, money gives the opportunity to compare values of goods and services. Measure of value is also referred to as a unit of value.
From the question, the function of money as a measure of value is what permits Seven-11 to quote a super Slurpee as $1.39.
b) Medium of exchange
The function of money as a medium of exchange provides the opportunity use money as an intermediary instrument in order to ensure goods and services purchased, sold or traded between parties at a standard value. This is different from what obtained under the trade by barter in which commodities had to be exchanged for commodities without any standard value.
From the question, the function of money as a medium of exchange allows an amount of $1.39 which is a standard value was exchanged for the super Slurpee.
Answer:
(1) Unit of Account
(2) Medium of Exchange
Explanation:
(1) A unit of account is the measure in which prices are quoted. Thus, when the price of the super Slurpee is quoted in dollars, money functions as a unit of account.
(2) A medium of exchange is what people trade for goods and services. Thus, when you buy the super Slurpee, you are offering the $1.39 in exchange for the super Slurpee. Money here serves as a medium of exchange.
Answer:
it cannot be used to settle debts
Explanation:
The assets are said to be liquid when it is convertible into cash and the liquid asset we called as a current asset. The liquidity of an asset is important to pay off the short term debt or obligations arise.
It can be in terms of account payable, inventory, prepaid insurance, etc
The asset that said to be illiquid when it is not be used for settling the debts
Hence, the first option is correct
Answer:
B. a location with weak environmental rules that attracts manufacturing companies due to decreased costs.
Explanation:
A pollution haven is when companies establish factories or offices abroad in countries in which they have lower costs and have access to all the resources they need. Also, these locations tend to be in developing nations in which the environmental standards tend to be lower than the ones in developed nations. According to this, the answer is that a pollution haven is a location with weak environmental rules that attracts manufacturing companies due to decreased costs.
The other options are not right because a pollution haven is attractive for multinational investment because of the lower cost and it is not related to ambient pollution. Also, a pollution haven has low wages but it is not the only thing that defines it and it is not a place where people like pollution.