At year end, MWE Graphics has a $700 debit balance in Allowance for Uncollectible Accounts. It estimates that 5 percent of the $40,000 in sales are uncollectible. Give the amount that should be used in the adjusting entry to record uncollectible accounts using the percentage of net sales method. (Show your calculations.)
$2,000 credit to Allowance for Uncollectible Accounts ($40,000 x 0.05)
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Explain the difference between a consumer product and an industrial product. Include an example
What will be an ideal response?
On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the second interest payment using the effective interest method of amortization is:
A. Debit Interest Expense $12,648.28; debit Premium on Bonds Payable $1,351.72; credit Cash $14,000.00. B. Debit Interest Expense $12,648.28; debit Discount on Bonds Payable $1,351.72; credit Cash $14,000.00. C. Debit Interest Expense $15,405.79; credit Discount on Bonds Payable $1,405.79; credit Cash $14,000.00. D. Debit Interest Expense $15,351.72; credit Discount on Bonds Payable $1,351.72; credit Cash $14,000.00. E. Debit Interest Payable $14,000.00; credit Cash $14,000.00.
In a case in the text, the court of appeals found that Passport Video's use of others' copyrighted,
materials was not protected as fair use. Indicate whether the statement is true or false
Which of the following refers to prejudice?
A. A generalized, fixed image formed of other people B. A preconceived judgment about an individual or group of people C. Beliefs and norms that govern organizational behavior in a firm D. Unfair or inequitable treatment of people based on biased decisions