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The balance sheet of Starsky Company at December 31, 2019, includes the following.
Notes receivable $36,000
Accounts receivable 182,100
Less: Allowance for doubtful accounts 17,300 $200,800
Transactions in 2020 include the following.
1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed.
2. $5,300 was received in payment of an account which was written off the books as worthless in 2019.
3. Customer accounts of $17,500 were written off during the year.
4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable.
Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow’s Accounts Receivable account was $555,000 and Allowance for Doubtful Accounts had a credit balance of $40,000. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below.
Days Account Outstanding; Amount; Probability of Collection
Less than 16 days $300,000 .98
Between 16 and 30 days 100,000 .90
Between 31 and 45 days 80,000 .85
Between 46 and 60 days 40,000 .80
Between 61 and 75 days 20,000 .55
Over 75 days (to be written off) 15,000 .00
Instructions
a. What is the appropriate balance for Allowance for Doubtful Accounts at year-end.
b. Show how accounts receivable would be presented on the balance sheet.
c. What is the dollar effect of the year-end bad debt adjustment on the before-tax income?
Who receives tax from the employees?
Who provide labour to government?
Who sell goods and services to other participants?
suppose that the demand curve facing OPEC is given by P=120-2Q and that each members cost of producing oil is AC=MC=$20.Find the cartels profit maximizing total output and price. Of instead of keeping to this output, all members overproduced their quotas by 20 percent,what would be the effect on OPEC's total profit?
In today’s situation of Covid -19 Pandemic when the offline world is affected severely.
Kindly throw light over the online system of consumer behaviour with respect to the given questions:
a. Consumer behaviour with respect to online shopping of grocery items. (5 Marks)
b. Consumer behaviour with respect to online education. (5 Marks)
What factors militate against the effective compliance with continuous assessment standard by
Economics teachers in South Africa?
In what ways can the Economics teachers be assisted to improve on their skills in continuous
assessment practice with a view to enhance learners’ optimum performance?
To what extent do Economics teachers in South Africa comply with the continuous assessment
guidelines?
Question
Read / Examine the article by Du and Kamakura (2008) Journal of Marketing Vol. 72 and answer the following questions.
The authors discussed three major challenges that needs to be addressed while developing a proper budget allocation. List and discuss the three challenges based on your individual and local perspective.
Question
Read / Examine the article by Du and Kamakura (2008) Journal of Marketing Vol. 72 and answer the following questions
(i) Refer to page 127 of the article and ascertain the key motivation of the research and evaluate how the ensuing discussions and model would fit into your own individual household consumption decision and choices.
