Good listeners interrupt the speaker when they have an important question
Indicate whether the statement is true or false
FALSE
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On December 31, the Jacob, Inc. general ledger contained the following balances prior to write-offs and adjustments:
Trade Accounts Receivable$ 623,450 Allowance for Doubtful Accounts15,800 (credit)Net Credit Sales2,529,000 Before completing an aging analysis to determine the estimated amount uncollectible, Jacob decided to write off $7,500 of an account past due over 360 days.Aging of the accounts receivable balance after the write-off on December 31 indicated the following: Estimated Percentage AgeAmount Uncollectible Under 30 days $358,900 1.5% 30-90 days 134,000 3.0% 91-180 days 96,000 7.0% 181-360 days 22,700 20.0% Over 360 days 4,350 60.0% $615,950 Required: a.Prepare the necessary journal entry to record the write-off.b.Prepare the adjusting journal entry at December 31 to record Jacob, Inc.'s estimated bad debts assuming that the company uses the aging of accounts receivable method.c.What is the net realizable value of accounts receivable on the December 31 balance sheet? What will be an ideal response?
An organization can cultivate a good customer-service image by:
A. focusing on attracting new customers, not on retaining current customers. B. maintaining continuous contact with customers even after sales have been made. C. using a problem-solving approach to customer service. D. limiting the development of good customer-service skills to sales representatives.
The existence of an upward sloping yield curve proves that the _____ is correct, because an upward sloping curve necessarily implies that lenders will lend short-term funds at lower rates than they lend long-term funds.?
A. ?liquidity preference theory B. ?expectations theory C. ?market segmentation theory D. ?open market theory E. ?reinvestment theory
Mariposa Manufacturing builds custom wooden cabinets. Mariposa Manufacturing has reported the following costs for the previous year. Assume no production inventories. Advertising$70,000Cost of hardware (slides, handles, etc.)$34,000Cost of wood$117,000Depreciation on production equipment$63,000Factory property taxes$17,300Factory rent$76,000Glue$3,800Production supervisor salary$40,700Sales manager salary$41,600Utilities for factory$23,900Wages for maintenance workers$31,800Wages of assembly workers$91,400Wages of finishing workers$77,300Compute the following: a. Direct material costsb. Direct labor costc. Manufacturing overheadd. Total manufacturing coste. Prime costf. Conversion costg. Total period cost
What will be an ideal response?