The Following Information Is Available for K

question 86

Essay

The following information is available for K.M.R. Company, which uses the allowance method of accounting for uncollectible accounts.
K.M.R. estimates that 1% of sales on account will be uncollectible. After several attempts at collection during 2014, K.M.R. wrote off an account of $200 that could not be collected.
Required:
Indicate the effects on the financial statements of the following events:
a) 2014 sales
b) 2014 collections on account
c) Write-off of the uncollectible account
d) Uncollectible accounts expense for 2014
Round amounts to nearest dollar. Show amounts of increases and decreases. For cash flows, indicate whether they are operating, investing, or financing activities.

Identify tools and models for segmenting and analyzing social data.

Evaluate enterprise social listening vendors based on specific criteria.

Understand the use and implications of predictive analytics in the context of social data.

Recognize the application of social intelligence models in business strategies.

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Definitions:

Production Possibility

The combination of goods and services that can be produced given available resources and technology, illustrating the trade-offs in production.

Linear

Describes a relationship or function that represents a straight line when graphed, indicating a constant rate of change.

Positive Economics

The branch of economics that concerns the description and explanation of economic phenomena, focusing on facts and cause-and-effect relationships without making judgments.

Normative Economics

The branch of economic analysis that makes prescriptions about the way the economy should work.