Bad debts -Direct Write-off and Allowance Methods -

EchoGnomics is a wholesaler of garden figurines, selling mainly to independent gardening shops in Australia. All sales are conducted on a 30-day credit basis and no early payment or cash discounts are given. The following information has been extracted from the accounting records as at 30 June 2020.

Sales $874 000 , Sales Returns & Allowances 45 600 , Cash Collected ($549 600 + GST 10%) 604 560 , Bad Debts to be written off 6 952 , Accounts Receivable written off ($6 952 + GST10%) 7 647 GST Payable/ Collections (874 000 -$45 600) x 10% = 82 840

Required:

A. Assuming that EchoGnomics uses the direct write-off method of accounting for bad debts:

1. Show the general journal entry required to write-off method of accounting for bad debts.

2. What amount would be shown for bad debts expense in the income statement at 30June 2020?

3. What amount would beshown for accounts receivable in the balance sheet at 30 June2020?

B. Assuming that EchoGnomics uses the allowance method for accounting for bad debts and the following information was found after examination of the accounts:

i] Allowance for doubtful debts (1 July 2019)$7 920 Cr . ii] Allowance calculated based on 1% of net credit sales for the year

1. Show the general journal entries required to write off the bad debts and recognise the required allowance for doubtful debts.

2. What amount would be shown for bad debts expense in the income statement at 30 June 2020?

3. What amount would be shown for accounts receivable in the balance sheet at 30 June 2020?

Will you show me a vertical analysis of the assets portion of this balance sheet?

he plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020:

Transactions during 2021 were as follows:

1. On January 2, 2021, equipment were purchased at a total invoice cost of $265,000, which included a $5,600 charge for freight. Installation costs of $28,000 were incurred.
2. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $26,000. The fair value of the building on the day of the donation was $17,400.
3. On May 1, 2021, expenditures of $51,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated.
4. On November 1, 2021, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell’s common stock that had a market price of $39 per share. Pell paid legal fees and title insurance totaling $23,500. Shortly after acquisition, the building was razed at a cost of $36,000 in anticipation of new building construction in 2022.
5. On December 31, 2021, Pell purchased a small storage building by giving $15,500 cash and an old automobile purchased for $18,500 in 2014. Depreciation on the old automobile recorded through December 31, 2021, totaled $13,875. The fair value of the old automobile was $3,800.

Required:

For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2021, using the following depreciation methods and useful lives:

Land improvements—Straight line; 15 years.
Building—150% declining balance; 20 years.
Equipment—Straight line; 10 years.
Automobiles—Units-of-production; $0.50 per mile

Depreciation is computed to the nearest month and no residual values are used. Automobiles were driven 38,500 miles in 2021. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

An automobile has a vertical antenna 1.40 m long. The automobile travels eastward at 65 km/h on a horizontal road where the Earth's magnetic field is 50.2

identify the primary justifications underlying shareholder theory and stakeholder theory. Thereafter, discuss and analyze the strengths and weaknesses of these competing theories. Additionally, you may, but are not required to render a reasoned opinion as to whether you deem the shareholder theory of stakeholder theory as best addressing how the corporation can pursue an ethical course of business. Alternatively, you may reject both theories as to the best course of action and propose a hybrid theory of corporate governance that you conclude best fulfills the goal of private corporations acting ethically.

A 1450 kg cannon, which fires a 80 kg shell with a speed of 526 m/s relative to the muzzle, is set at an elevation angle of 39° above the horizontal. The cannon is mounted on frictionless rails, so that it recoils freely. What is the speed of the shell with respect to the Earth? At what angle with the ground is the shell projected?

1. Come up with an example for “market equilibrium” from your everyday life, and briefly explain how this equilibrium can be achieved.
2. Use an example to explain the difference between demand and quantity demanded.

We are evaluating a project that costs $839014, has an eight-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 63074 units per year. Price per unit is $37, variable cost per unit is $18, and fixed costs are $415935 per year. The tax rate is 35%, and we require a return of 21% on this project. What is the NPV of this base-case?

Need hep with this c++ program

Declare an array of integers of size 8 and initialize it with any non-duplicate integer values you like. Don’t enter the values in any order. Print the unsorted array. Sort the array using selection sort or insertion sort in descending order. Print what sort you are using. Write any additional functions that you need for sorting. Keep monitoring the number of comparisons and number of swaps performed while sorting. Report both after sorting. Print the sorted array.

Calculate the translational kinetic energy of Earth as it orbits the Sun once each year (the Earth

Find A News Article Related To The Strategy of International Business And Give A Brief Description Of The Article Also Give Your Opinion. Please Give Article Name Or Link.

• The utilization of marijuana for medical purposes in Ohio was approved in 2016 in House Bill (HB) 523. Although the program was set to begin September 8, 2018, numerous setbacks pushed back this commencement date, and medical marijuana finally became available for purchase in Ohio in January of 2019. Beyond the supposed medical benefits, many proponents of the bill argued medical marijuana could provide a boost to the state’s economy. What were some of the projections regarding the economic impact of HB 523? Given the data gathered so far, do economists still believe these impacts will come to fruition?

please add some sources/references

1. Connor Company is considering the purchase of new equipment for $144,000. The expected life of the equipment is 8 years with no residual value. The equipment is expected to earn revenues of $114,000 per year. Total expenses, including depreciation, are expected to be $90,000 per year. Connor management has set a minimum acceptable rate of return of 20%. Assume straight-line depreciation.

   a. Determine the equal annual net cash flows from operating the equipment. Round to the nearest dollar.
   $

   Present Value of an Annuity of $1 at Compound Interest
   Year	6%	10%	12%	15%	20%
   1	0.943	0.909	0.893	0.870	0.833
   2	1.833	1.736	1.690	1.626	1.528
   3	2.673	2.487	2.402	2.283	2.106
   4	3.465	3.170	3.037	2.855	2.589
   5	4.212	3.791	3.605	3.352	2.991
   6	4.917	4.355	4.111	3.784	3.326
   7	5.582	4.868	4.564	4.160	3.605
   8	6.210	5.335	4.968	4.487	3.837
   9	6.802	5.759	5.328	4.772	4.031
   10	7.360	6.145	5.650	5.019	4.192

   b. Calculate the net present value of the new equipment using the present value of an annuity of $1 table above. Round to the nearest dollar. If required, use the minus sign to indicate a negative net present value.

   Annual net cash flow	$
   Present value of equipment cash flows	$
   Less equipment costs	$
   Net present value of equipment	$

   c. Does your analysis support the purchase of the new equipment?
   

1. How did the concept of Joint-Stock companies pave the way for Capitalism?

2.How would the role of government in this era (1450-1750) be described regarding economic activities? How are they linked?