Soorya Inc.had the Following Balances for Fiscal 2018

question 100

Essay

Soorya Inc.had the following balances for fiscal 2018.

Additional information on 2018 transactions:

Here is an aging of the accounts receivable:

Required:
a)How much cash was collected from accounts receivable during 2018?
b)Prepare the journal entry to record the discounts using both the gross and net method of accounting;assume that the total discounts given related to sales totaling $450,000.Also prepare the journal entry that would be required if the discounts were not taken by customers under the net method.
c)Assume all discounts were taken by customers and that the company used the gross method.
Complete the following chart:

d)What would the bad debt expense be if Soorya wanted to use the percentage of sales method and felt that its experience showed that 4.5% of sales were not collectible?

Understand Maslow's approach to studying psychologically healthy individuals and the characteristics of self-actualized individuals.

Define and discuss the concept of peak experiences according to Maslow.

Explain Maslow's hierarchy of needs in detail, including examples for each level.

Understand the use and interpretation of correlational analysis in the context of personality assessment.

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Definitions:

Elaboration

The process of adding more detail or information to something, often used in learning and memory techniques.

Information Processing

A cognitive approach that describes the ways in which humans receive, store, and retrieve information.

Self-Actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, which outlines a hierarchy of human needs, from basic physiological needs to self-actualization and transcendence.