The trial balance before adjustment of Braxton Inc. shows the following balances. Accounts receivable
Allowance for doubtful accounts Net Credit Sales
Journalize the Bad Debt Expenses assuming:
i. 1.2% of Sales will be uncollectible
DEBIT
$170,000 1,750
CREDIT
$1,280,000
ii. 9% of gross accounts receivable will be uncollectible
iii. the same as part ii above instead there is a credit balance in Allowance for doubtful
accounts of $1,700 and collected $2,100 from an account previously written off. Answer the questions relating to each of the four independent situations as requested. 5 marks each

Steffi is reviewing various licenses and their uses. match the licenses to their respective uses.

Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. true or false