On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31,000 and $500, respectively. During Year 2, Kincaid reported $72,500 of credit sales, wrote off $550 of receivables as uncollectible, and collected cash from receivables amounting to $74,550. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.
What effect will recognizing the uncollectible accounts expense for Year 2 have on the elements of the financial statements?
a) Increase total assets and retained earnings
b) Decrease total assets and increase retained earnings
c) Decrease total assets and net income
d) Increase total assets and decrease net income

Answers

Answer 1
D Increase total assets and decrease net income
Answer 2

As a result of the uncollectible accounts being recognized in Year 2, there will be a c) Decrease in total assets and net income.

What would recognizing the uncollectible accounts do?

When uncollectible accounts are recognized, it means that the accounts receivables will reduce. This will therefore reduce total assets.

The uncollectible accounts will also be recognized as expenses and sent to the profit and loss account which would have the effect of reducing the net income.

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Related Questions

Nathen’s home office

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Answer:

Today, the Chinese own Armour and the famous Smithfield hams, together with the most quintessential American brand of all: Nathan's Famous hot dogs, with its iconic annual eating contest. ... It remains the largest total acquisition of a U.S. company by the Chinese.

Explanation:

Grand Thornton's print ad states, "If you have a passion for accounting and want to work with others who share that passion, you might be interested in the Grant Thornton accounting firm." This ad is an example of

Answers

The printed ads of Grand Thornton is an example of corporate image advertising.

Basically, a corporate image advertising is a form of advertisement done when the firm promotes itself in order to

portray positive perceptionincrease its brand awarenessappear relevant.

In conclusion, the printed ads of Grand Thornton is an example of corporate image advertising.

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the process by which companies get new customers, keep the customers they already have, and grow the bussiness by increasing their share of customers purchases is referred to as

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Buisnesses and organisations are able to attract and retain valuable customers due to Customer relationship management (CRM)

Customer relationship management (CRM) is a process in which an organisation uses based on principles and guidelines to efficiently interact and cater to its customers.

Typically with the use of technology of CRM systems such as data analysis, Businesses are able to study and compile large and different amounts of information of their target customers.

This will enable them to effectively cater to their needs leading to improved sales yields and retainment of customers.  

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A shop sells 20 hats per week at $10 each. When it increases the price to $12, the number of hats sold falls to 15 per week. We can conclude that: The elasticity of demand can be estimated as Answer

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Answer:

Estimated as Elastic Demand

Explanation:

Elastic demand is where a change in price causes a significant change in demand, therefore 20 hats to 15 hats can be considered significant and we can conclude that it's elastic demand.

True or false?

Brad is not a huge fan of kids but loves to work with animals. The Early Childhood Development pathway of the Human Services cluster would be a good fit for Brad.

Question 15 options:

True


False

Answers

False because it said he wasn’t a big fan of kids

Product DGH has a monthly demand of 5,000 units. Its contribution margin is $18 per unit and $36 per direct labor hour. Product RBG has a monthly demand of 4,000 units. It's contribution margin is $15 per unit and $60 per direct labor hour. If the company only has 1,500 direct labor hours available, the company should produce _______________ units of Product DGH _____________ and units of Product RBG.

Answers

A) 1,000

The remaining 500 hours can be used to make 1,000 units of DGH (36/18 = 2 units per hour X 500 hours left of the 1,500

B) 4,000

RBG has the highest CM per hour and requires 1,000 hours to meet demand. (60/15 = 4) 4,000/4 = 1,000 1,500-1,000 = 500

Which of the following is one way business can be categorized ? A. By width B. By product C. By salary D. By demographic

Answers

Answer:

D; by demographic

demographic because of the society

Following year five, you estimate that CCM's free cash flows will grow at 5% per year and that CCM's weighted average cost of capital is 13%. If CCM has $200 million of debt and 8 million shares of stock outstanding, then the share price for CCM is closest to:

Answers

The Share Price is $24.45 per share.

FCF = [FCF1 / (1 + r)] + [FCF2 / (1 + r)^2] + [FCF3 / (1 + r)^3] + [FCF4 / (1 + r)^4] + [FCF5 / (1 + r)^5] + [{FCF5 * (1 + g)} / {(r - g)*(1 + r)^5}]

FCF = [25 / (1 + 0.13)] + [28 / (1 + 0.13)^2] + [32 / (1 + 0.13)^3] + [37 / (1 + 0.13)^4] + [40 / (1 + 0.13)^5] + [{40 * (1 + 0.05)} / {(0.13 - 0.05) * (1 + 0.13)^5}]

FCF = 22.13 + 21.93 + 22.18 + 22.69 + 21.71 + 284.95

FCF = $395.58 million

Value of Equity = Value of Firm - Value of Debt

Value of Equity = $395.58 million - $200 million

Value of Equity = $195.58 million

Share Price = Value of Equity / No. of shares outstanding

Share Price = $195.58 million / 8 million

Share Price = $24.45 per share

Thus, the Share Price is $24.45 per share.

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which ethical principle reflects the idea that everyone is granted a moral norm of society

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Individual right is the ethical principle that reflects the idea that everyone is granted a moral norm of society.

The three distinct types of ethical principles are:

UtilitarianismIndividual rights Distributive justice

Individual rights show the belief that everyone has entitlements that let him/her act in a certain way.

The individual rights principle includes more than legal rights; it also includes human rights that everyone is granted as a moral norm of society

Some of the individual rights are:

Freedom of movement,Physical security Freedom of speechFair trialFreedom from torture.

Therefore, the ethical principle that reflects the idea that everyone is granted a moral norm of society is Individual right.

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If a seller can create switching costs for its product, then: ________________

a. customers will find it more costly to stay with the company than to switch to another seller.
b. it increases its costs by producing several versions of the product so customers can switch between versions.
c. it is difficult or costly for the seller to switch to producing a different product.
d. it is difficult or costly for customers to switch to another seller of the product.

Answers

It should be noted that if a seller can create switching costs for its product, in this case, B:it increases its costs by producing several versions of the product so customers can switch between versions.

Switching costs can be regarded as the costs that is been paid by a consumer due to switching of a brands or products.

Switching costs may comes in term of  monetary as well as effort-based cost.

We can conclude that if a seller can successfully create switching costs as regards her product, then it results to more gains.

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The best answer to both the flatness and horizon problems is Group of answer choices dark energy. the inflationary epoch. decoupling. the Steady State Theory. the GUT theory.

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It should be noted that best answer to both the flatness and horizon problems is inflationary epoch.

The inflationary epoch van be regarded as the period in the evolution of the early universe, at this period there was an expansion.

According to inflation theory, the earth were recorded to experience great horizon problems and exponential expansion.

Therefore, inflationary epoch brings about both flatness and horizon problems

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HELP

Supply curves shift to the right when a product can be made more cheaply and sold at a similar or higher cost. which of the following will cause this?

Answers

Answer:

A. A material price increase.

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As a manager, if you wanted to influence what employees do in situations lacking clear company rules or expectations, what should you do

Answers

As a manager if you want to influence what employees do in situations that lack clear company rules or expectations, you should create a strong culture.

Creating a strong culture is very important in the workplace. It is important because it helps to influence the discretionary behaviors that employees have in the work place.

It helps them to know what they should do in given situations where the the rules and the expectations are not clear.

This is very important because an organization may not have policies or rules for every given situation in the work place. The culture of the organization would be very useful in this case.

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DeAnna is the supervisor for the engineering team at her company. A task comes down from her leadership to allocate funding by noon that day. She doesn't have time to discuss this with the team, so she allocates the money where she sees fit. What management approach does this best exemplify

Answers

Answer: the answer is authority rule

responsible for the overall performance of an organization or one of its
major self-contained subunits or divisions.*
General Manager
Functional Manager
Front-line Manager
СЕО

Answers

It is functional manager

With all other economic forces held constant, an increase in labor productivity throughout the country implies
(1 point)
an increase in GDP due to an increase in labor hours
a decrease in GDP with labor hours held constant
an increase in GDP with labor hours held constant
a decrease in GDP due to an increase in labor hours

Answers

When there is an increase in labor productivity, we observe that there is an increase in GDP with labor hours held constant.

Labor productivity:

Is goods produced by labor within a certain period of time Increases when more goods are produced in that period

Labor productivity therefore relates to goods being produced when the labor hours are kept constant. An increase in labor productivity is good for GDP because it means that more goods are being produced.

In conclusion, increased labor productivity means increased GDP at constant labor hours.

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Here y'all!

1. an increase in GDP with labor hours held constant

2. A graphic designer attends a week-long seminar and learns advanced skills she can apply to her work.

3. the discovery of a way to improve software speed that increases employee productivity

4. discovering an inexpensive way to make steel

5. false since technological improvements can lead to certain jobs becoming obsolete

Your welcome ;)

buying Fisher Industries, which has earnings per share of $1.50, 3.5 million shares outstanding, and a share price of $15. Brutus will pay for Fisher by issuing new shares. There are no expected synergies from the transaction. If Brutus pays no premium to acquire Fisher, what will the earnings per share be after the merger

Answers

If Brutus buys Fisher with new shares and with no premium, the new earnings per share after the merger would be $2.94

Brutus currently has 5 million shares which are valued at $32 for a total worth of:

= 5 x 32

= $160,000,000

Fisher has 3.5 million shares valued at $1.50 for a total worth of:

= 1.5 x 3.5

= $5,250,000

The shares to be issued can be found as:

= Share price of Fisher / Share price of Brutus x Fisher shares

= 15 / 32 x 3.5 million shares

= 1,640,625 shares

The total number of shares are now:

= Brutus shares + Shares issued to acquire Fisher

= 5 million + 1,640,625

= 6,640,625 shares

The new EPS would be:

= (Earnings of Brutus + Earnings of Fisher) / Number of shares

= ( (3 x 5 million) + (1.50 x 3.5 million)) / 6,640,625

= $2.94 per share

In conclusion, the new EPS is $2.94

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Which business policy would most likely help a single parent family?

Answers

Work in restaurant like Mac and bohari

Daisy is a director of Extraction Corporation. She opposes an offer to merge Extraction with Fill Inc. because she would lose her board position. Daisy is most likely liable for breach of

Answers

Considering the case about above, Daisy is most likely liable for breach duty of loyalty.

Daisy is been regarded as director of Extraction Corporation, which means she should be loyal to that office by following the protocol in performing tasks.

Duty of loyalty simply implies that individual should be loyal to his or her office by following the ethics of the organization.

Therefore, Daisy breached duty of loyalty because, of her opposition to merge the Extraction.

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You are considering purchasing an office building for $2,500,000. You expect the potential gross income (PGI) in the first year to be $450,000; vacancy and collection losses to be 9 percent of PGI; and operating expenses and capital expenditures to be 38 percent and 4 percent, respectively, of effective gross income (EGI). What is the implied first-year overall capitalization rate

Answers

Based on the information given the implied first-year overall capitalization rate is 9.50%.

Vacancy and collection losses = 9% of  PGI

Vacancy and collection losses =$450,000×9%     Vacancy and collection losses=$40,500

Effective gross income (EGI)= PGI - vacancy and collection losses

Effective gross income (EGI)= 450,000 - 40,500

Effective gross income (EGI)=$409,500

Operating expenses= 38% of EGI

Operating expenses= 0.38 × 409,500

Operating expenses=$155,610

Net operating Income(NOI)= EGI - Operating expenses

Net operating Income(NOI)=$409,500 - $155,610

Net operating Income(NOI)= $253,890

Capital expenditure= 4% of EGI

Capital expenditure= 409,500×4%

Capital expenditure= $16,380

Adjusted Net Operating Income=Net operating Income - Capital expenditure

Adjusted Net Operating Income=$253,890 - $16,380

Adjusted Net Operating Income=$237,510

Implied overall capitalization rate = Adjusted Net operating income ÷ Value of property

Implied overall capitalization rate=$237,510 ÷$2,500,000

Implied overall capitalization rate=9.50%

Inconclusion the implied first-year overall capitalization rate is 9.50%.

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Knapp Industries began business on January 1, 2018 by issuing all of its 1,550,000 authorized shares of its $1 par value common stock for $30 per share. On June 30, Knapp declared a cash dividend of $1.25 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 310,000 of its own shares of stock for $35 per share. On December 22, Knapp resold 155,000 of these shares for $41 per share.

Required:
a. Prepare all of the necessary journal entries to record the events described above.
b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $8,000,000

Answers


Journal Entries- Knapp
Date Accoutn Tittle Debit Credit
1-Jan Cash (1550000*35) $54,250,000.00
Common Stock (1550000*1) $1,550,000.00
Additional Paid in Capital - CommonS tock $52,700,000.00
30-Jun Retained Earning $1,937,500.00
Dividend Payable ( 1.25*1550000) $1,937,500.00
30-Aug Dividend Payable $1,937,500.00
Cash $1,937,500.00
1-Nov Treasury Stock $10,850,000.00
Cash (310000*35) $10,850,000.00
22-Dec Cash (155000*41) $6,355,000.00
Treasury Stock (155000*35) $5,425,000.00
Additional Paid in Capital - Treasury Stock $930,000.00
Stockholder Equity Section
Common Stock $1,550,000.00
Additional Paid in Capital - CommonS tock $52,700,000.00
Additional Paid in Capital - Treasury Stock $930,000.00
Retained Earning (8000000-1937500) $6,062,500.00
Less: Treasury Stock (10850000-5425000) -$5,425,000.00
Total Stockholder Equity $55,817,500.00

Patti, a high school student, watches a financial show on television. The host has a college degree in business. The show is about how teenagers who start saving early have a big advantage. This information is _____.

Answers

this information is true

Thato, a manager for an insurance company, was disappointed in Miya, one of his direct reports. Miya’s job is to sell insurance, but she did not meet her quota for calls to potential new customers in the last month. Thato let Miya know that, “If this continues in the next 30 days, you’ll probably be let go.” Which behavior modification may Thato need to implement?

Answers

There are different ways used by people to modify behavior.  behavior modification may Thato need to implement is punishment.

Behavior modification is simply known to be act of changing the behavioral trend via the use different means such as learning techniques, positive or negative reinforcement, punishment etc.

Punishment is often done to weaken a specific behaviors. This is done through the linking of an unpleasant stimulus to a behavior. Example is Maya losing her job for not meeting her target

See full question below

Thato, a manager for an insurance company, was disappointed in Miya, one of his direct reports. Miya’s job is to sell insurance, but she did not meet her quota for calls to potential new customers in the last month. Thato let Miya know that, “If this continues in the next 30 days, you’ll probably be let go.” Which behavior modification may Thato need to implement?

a- negative reinforcement

b- punishment

c- extinction

d- positive reinforcement

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explain why maximizing Production does not always maximize profit​

Answers

When the price to produce a product is higher than the income the product, makes, money is lost. Just how too little supply is dangerous to a company, so is too much. A balance between supply and demand is essential to maximize profit.

How old does a senator have to be?

Answers

Answer:

Article 58.- To be a senator, the same requirements are required as to be a deputy, except age, which will be 25 years old on the day of the election.

Explanation:

and i'm mexican

to be a senate you have to be at least thirty years old

Give 3 sample of best practice, how airline can improve "Cost" efficiency?

Answers

It is called "cost efficiency" to the way in which a company, through specific commercial organization actions, manages to reduce the costs necessary to obtain a certain profit.

Thus, they seek to minimize the costs and operational losses of the company, with the aim of maximizing profits.

In this way, 3 ways in which an airline could increase its cost efficiency are:

fly to places with high demand, reducing presence in not so popular destinations. reduce the time on the ground for each plane, so that it generates money almost constantly. perform optimal maintenance on each plane, to avoid breakages.

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James is employed by a large corporation with 400 employees. The corporation provides its employees with a no-cost gym membership at the local public YMCA. The cost of the membership is $60/month, which is completely paid for by James' employer for all employees. How much, if any, must James include in his yearly gross income related to this fringe benefit

Answers

James must include $720 in his yearly gross income related to the fringe benefit.

Where the value of the athletic facilities is to be excluded from an employee's gross income, the facilities must be situated on the employer's business location. Moreover, the athletic facilities must be used exclusively by the employees and their dependents.

Due to the above, James's membership is at a public YMCA, hence taxable.  

Also, James start date with the corporation was not given, he would however receive 12 months of the benefit.

12 × $60 = $720

Therefore, James must include the full cost of $720 paid by his employer in his yearly gross income related to the fringe benefit.

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Find the tax on a home if the assessed value is $24,375 and the tax rate is $43.97 per $1,000

Answers

Answer:

1071.76875

Explanation:

24,375/1000=24.375

24.375x43.97=1071.76875

I dont know a thing about buisness but I like math so I hope this is correct

Free if I am voted brainiest and like!
Next time will be Moree than 50.... :)

Answers

Answer:

huh?

what?

is this fReEeE?

Help help help help help help help help

Answers

Answer:

Taxes

Explanation:

Answer:

answer is services. C one option

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