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2 years ago

The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.

Business

1 answer:

trasher [3.6K]2 years ago

5 0

Answer:

Journal Entries are given below

Explanation:

June 12, 2021

Provide services to customers on account of $41,000.

DEBIT CREDIT

Receivable account $41,000

Services Revenue $41,000

September 17, 2021

Receive $25,000 from customers on account.

DEBIT CREDIT

Cash $25,000

Receivable $25,000

December 31, 2021

Estimate that 45% of accounts receivable at the end of the year will not be received.

DEBIT CREDIT

Bad debt($16,000x45%) $7,200

Allowance for doubtful debt $7,200

March 4, 2022

Provide services to customers on account for $56,000

DEBIT CREDIT

Receivable account $56,000

Services Revenue $56,000

May 20, 2022

Receive $10,000 from customers for services provided in 2021.

DEBIT CREDIT

Cash $10,000

Receivable $10,000

July 2, 2022

Write of the remaining amounts owed from services provided in 2021.

Working: $41,000 - $25,000 - $10,000 = $6,000

DEBIT CREDIT

Allowance for doubtful debt $6,000

Account Receivable $6,000

October 19, 2022

Receive $ 45,000 from customers for services provided in 2022.

DEBIT CREDIT

Cash $45,000

Receivable $45,000

December 31, 2022

Estimate that 45% of accounts receivable at the end of the year will not be received.

DEBIT CREDIT

Bad debt (w) $3,750

Allowance for bad debt $3,750

Working:

($56,000 - $45,000) x45% = $4,950

Balance in Allowance account at 31 dec 2021 = 7,200

Bad debt written off = 6,000

Remaining balance = 1,200

Allowance for doubtful debt at 31 dec 2022 = $4,950 - $1,200

Allowance for doubtful debt at 31 dec 2022 = $3,750

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The Benson Bearing Company sells Textron, Inc. a quantity of baseball bats that were stored in an independent warehouse at the t

polet [3.4K]

Answer:

at the time it receives a negotiable warehouse receipt for the bats.

Explanation:

Benson Bearing Company is selling bats to Textron inc. The bats are stored at an independent warehouse not controlled by Benson Company.

Of the contract states that Textron will pick up the bats at the warehouse, the risk of loss passes to Textron when it recieved a negotiable warehouse reciept for the bats.

This is because the warehouse is not controlled by Benson Company and issuing a warehouse reciept is equivalent to delivering the goods to Textron.

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2 years ago

Some poople argue that the only beneficiary of the entrepreneurial wealth is the entreprenceur him/herselt Do you agree? Why or

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I do not agree that “the only beneficiary of the entrepreneurial wealth is the entrepreneur him/herself.”

The entrepreneur may be the chief beneficiary when she is alive to reap the rewards of their entrepreneurial efforts. But, she is certainly not the only beneficiary of the entrepreneurial wealth that she creates. Nobody works in isolation. When the entrepreneur commences her business, society as a whole benefits because any individual wealth created increases the wealth of the nation and the world. She only gets the profit share of the created wealth. Customers who patronize her services and goods also derive satisfaction of needs (utility or value). The entrepreneur's wealth is also shared to the government in form of taxes. Suppliers of primary goods and services also share in the wealth of the entrepreneur. And employees of the entrepreneur also take a large share of the created wealth.

But, who is an entrepreneur? She is somebody who assumes some entrepreneurial (first-time) risks in order to set up a business for the manufacture or provision of goods and services for the purpose of profit. Her business may not be profitable in the short-run. She can even lose tons of money initially until the profit stage sets in. As she preserves, the profits will start rolling in, provided she had done her homework well.

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1 year ago

The marginal utility of the last unit of apples consumed is 12 and the marginal utility of the last unit of bananas consumed is

allsm [11]

Complete question:

The marginal utility of the last unit of apples consumed is 12 and the marginal utility of the last unit of bananas consumed is 8. What set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium

a. $8 and $12

b. $6 and $4

c. $16 and $9

d. $4 and $6

Answer:

$6 and $4 set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium.

Explanation:

Given,

The marginal utility of the last unit of apples consumed = 12

The marginal utility of the last unit of bananas consumed = 8

Now ,

To find :

The market level for apples and bananas, respectively, will be compatible with the consumer's equilibrium:

= $\frac{12}{3}$ = $6

= $\frac{8}{2}$ = $4

$6 and $4 set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium.

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2 years ago

Duncan Corp. introduces four modified versions of its popular brand of Maxims morning cereal. The four new variants of cereal in

pav-90 [236]

Answer:

Line extension

Explanation:

Duncan Corp. is applying the strategy of diversifying an existing successful product line by introducing new variations of the product. This approach of adding variety to a existing product aiming to expand its customer base is known as line extension.

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2 years ago

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How has globalization contributed to the need for diversity awareness in our organizations?

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Answer and explanation:

Globalization has lowered barriers among countries. From a computer, people in remote parts of the world can access to information about attracting countries that offer job positions matching their skills. Some of them are qualified employees that contribute to foreign entities to improve thanks to their diverse experience. Of course, firms have noticed this fact and are more conscious nowadays that overseas employees can play a key role in achieving their objectives. That is the reason why they have started to open up positions especially for qualified immigrants.

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1 year ago