Ultimate Business Study Guide - Questions & Answers
in its first year of operations, cloudbox has credit sales of $240000. its year-end balance in accounts receivable is $14000, and the company estimates that $3500of its accounts receivable is uncollectible a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $32,000, Cash is $24,000, and Prepaid Rent is $4,000. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $32,000, Cash is $24,000, and Prepaid Rent is $4,000. Note: The company reports Accounts receivable, net on the balance sheet. CLOUDBOX Balance Sheet Assets Current assets Cash Accounts receivable, net Inventory Prepaid rent $ 24,000 32,000 4,000 Total current assets $ 60,000 < Required A Required B
christopher and shantel are married and plan to file a joint return. christopher and shantel both work full-time. christopher's salary is significantly higher than shantel's. which of the following is the best advice regarding their forms w-4? both christopher and shantel should claim exemption from withholding on their 2022 forms w-4. they may then make estimated tax payments during the year to ensure that their tax bill is covered. christopher and shantel should each fill out a 2022 form w-4, step 2(b), multiple jobs worksheet, taking into consideration only their own salaries. christopher should complete step 1, enter personal information, and step 5, sign here, on his 2022 form w-4. shantel should complete steps 1 and 2(b), multiple jobs worksheet, using both her and christopher's information. shantel should only complete step 1, enter personal information, and step 5, sign here, on her 2022 form w-4. christopher should complete the step 1 and step 2(b), multiple jobs worksheet, and step 5, using both his and shantel's information.
Anna Feinberg began working for the Pfeiffer Company in 1968 at age seventeen. By 2005, she had attained the position of bookkeeper, office manager, and assistant treasurer. In appreciation for her skill, dedication, and long years of service, the Pfeiffer board of directors resolved to increase Feinbergs monthly salary to $4,000 and to create for her a retirement plan. The plan allowed that Feinberg would be given the privilege of retiring from active duty at any time she chose and that she would receive retirement pay of $2,000 per month for life, although the Board expressed the hope that Feinberg would continue to serve the company for many years. Feinberg, however, chose to retire two years later. The Pfeiffer Company paid Feinberg her retirement pay until 2014. The company thereafter discontinued payments.a. What are the arguments that the companys promise to pay Feinberg $2,000 per month for life is enforceable?b. What are the arguments that the companys promise is not enforceable?c. What is the proper outcome? Explain.
Suppose that the published prices (cents on the dollar) on bank debts of three Latin America countries were quoted as follows: Ecuador 55.45 Colombia 45.60 Nicaragua 70.25 Assume that the central banks of Ecuador, Colombia, and Nicaragua redeemed their debts at 85 percent, 65 percent, and 74 percent, respectively, of face value in a debt-for-equity swap. If the three countries had equal political risk, based purely on financial considerations, the cost of a $30,000,000 manufacturing plant investment in local currency would be ranked (lowest to highest) in dollar cost as follows:ANSWERS:Colombia first, Ecuador second, Nicaragua thirdColombia first, Nicaragua second, Ecuador thirdEcuador first, Colombia second, Nicaragua thirdNicaragua first, Ecuador second, Colombia third