Which of the following is a source of insurance? *

At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $ 918,000 Credit sales 31

Over [174]

Answer:

The journal entries are as follows:

(a) 5% of credit sales,

Bad debts expense A/c Dr. $15,900

To Allowance for doubtful accounts $15,900

(To record the bad debt expense)

Workings:

Uncollectibles:

= 5% × Credit sales

= 5% × $318,000

= $15,900

(b) 3% of total sales,

Bad debts expense A/c Dr. $37,080

To Allowance for doubtful accounts $37,080

(To record the bad debt expense)

Workings:

Uncollectibles:

= 3% × Total sales

= 3% × ($318,000 + $918,000)

= $37,080

(c) 8% of year-end accounts receivables,

Bad debts expense A/c Dr. $18,240

To Allowance for doubtful accounts $18,240

(To record the bad debt expense)

Workings:

Uncollectibles:

= (8% × year end accounts receivables) + Allowance for doubtful accounts balance

= (8% × $143,000) + $6,800

= $18,240

4 0

2 years ago

The owner of Showtime Movie Theaters, Inc., would like to predict weekly gross revenue as a function of advertising expenditures

hoa [83]

Answer:

The predicted value of Revenue is $98.24.

Explanation:

The data provided is for the weekly gross revenue, the amount of television advertising and the amount of newspaper advertising.

Determine the regression equation developed to estimate the amount of weekly gross revenue based on television advertising using Excel.

Consider the Excel image for Summary Output for Weekly Revenue Vs. T.V. Adv.

The estimated regression equation with the amount of television advertising as the independent variable is:

Revenue = 89.31 + 1.27 TVAdv

Consider the Excel image for Summary Output for Weekly Revenue Vs. T.V. Adv. & News Adv.

The estimated regression equation with both television advertising and newspaper advertising as the independent variables is:

Revenue = 83.78 + 1.78 TVAdv + 1.47 NewsAdv

For TVAdv = $4.9 and NewsAdv = $3.9 predict the value of Revenue as follows:

$\text{Revenue} = 83.78 + 1.78\ \text{TVAdv} + 1.47\ \text{NewsAdv}$

$=83.78 + (1.78 \times 4.9) + (1.47 \times 3.9)\\\\=98.235\\\\\approx 98.24$

Thus, the predicted value of Revenue is $98.24.

5 0

2 years ago

Whenever the production of a good creates negative externalities, an unregulated market will result in:

sp2606 [1]

Answer:

Option (C) is correct.

Explanation:

In an unregulated market, negative externality results in a higher social marginal cost than the firm marginal cost because this market is not properly regulated by the government officials. Hence, these firms are not taking into account the effect of negative externalities in their cost.

We know that the consumer's decision is more offenly based on the point where the marginal cost is equal to the marginal benefit because they are not taking the impact of negative externalities.

If proper action is not taken by the government, negative externality will result in a market inefficiencies.

6 0

2 years ago

Jim works as a professional wrestler under the character name, "Headhunter Jim the Death Dealer". Jim can register his character

algol [13]

The correct option is A. a certification mark.

<h3>What is a certification mark?</h3>

A "certification mark" refer to any word, name, symbol, device or their combination that is used by a person other than its owner.

It is a special mark that is created for a purpose uniquely different from that of an ordinary service mark or trademark.

Here, Jim can register his character's name as a certification mark to get the unique identity.

Learn more about the certification mark here-

brainly.com/question/13823014

#SPJ2

3 0

1 year ago

Read 2 more answers

Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle? (

sukhopar [10]

Answer:

The correct answer are D, E and F

Explanation:

Current liabilities are the short-term obligations of the company or the business which are due within the period of one year or within a operating cycle. An operating cycle states the cash conversion cycle, which is the time taken by the company to purchase the inventory and then convert the inventory into cash through sales.

The items which can be classified as Current Liabilities are portion of the long term note which is due in 1 month, wages payable due in 7 days and portion of the long term note which is due in 10 months.

7 0

2 years ago