To calculate the annual credit sales of Bambino Milling Co., we need to use the following formula:
Annual credit sales = (365 ÷ average collection period) x accounts receivable
The average collection period is given as 36.5 days. Therefore, the value of 365 ÷ 36.5 = 10.00.
Now we need to find the accounts receivable of the company. Since the company gives 36.5 days credit on average, the accounts receivable of the company will be equal to the credit sales for 36.5 days.
Hence, the credit sales for 36.5 days = (Inventory / Current ratio) = ($10 million / 2) = $5 million
So, the annual credit sales of Bambino Milling Co. will be:
Annual credit sales = (365 ÷ average collection period) x accounts receivableAnnual credit sales = 10 x $5 million = $50 million
Therefore, the company’s annual credit sales are $50 million.
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Comprehensive medical plans are characterized by
A. a limited range of coverage
B. a number of deductibles
C. low maximum benefits
D. coninsurance clause
Comprehensive medical plans are characterized by their expansive coverage and comprehensive benefits. Therefore, options A, B, and C are not correct as they suggest limitations or restrictions.
The correct answer is D) coinsurance clause. A coinsurance clause is a key feature of comprehensive medical plans. It refers to the cost-sharing arrangement between the insurance provider and the insured individual. Under this clause, the insured individual is responsible for a percentage of the medical expenses, while the insurance company covers the remaining portion.
Comprehensive medical plans typically offer a broad range of coverage, including hospitalization, doctor visits, prescription medications, preventive care, and specialized treatments. They provide financial protection against a wide array of medical expenses, ensuring that individuals have access to necessary healthcare services without facing significant out-of-pocket costs.
Compared to limited or basic plans, comprehensive medical plans often have higher premium costs but offer greater coverage and higher maximum benefits. They aim to provide comprehensive protection and peace of mind to individuals and families by covering a wide range of medical needs.
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Reflective Assignment 1 focuses you to think about concepts of identity and ideology as they relate to your values and worldviews. This assignment is completed and marked individually. You must complete Reflective Assignment 1 in order to participate in the group project. Reflective Assignment 2, the first component of the group project requires that you use material from Reflective Assignment 1 and work collaboratively with your assigned group members to identify a compelling topic to study for the final course project. Read the assignment instructions for Reflective Assignment 1 below. Instructions for Reflective Assignment 1 - Individual (15%) : Write a reflection on your identity. Write one paragraph for each of the following questions: 1. How has your sense of who you are been shaped by your environment (social institutions) and various ideological beliefs? Remember, ideological beliefs can include both the ways that you see and understand the world and the dominant narratives about the world that still influence you whether you agree or not. Refer to the ideology chart to be specific about the ideologies that influence you. Finally, consider the next set of questions in your answer: 2. How is your identity connected to characteristics of global citizenship as defined in the text? Identify a social issue that personally concerns you. State why this particular issue is important to you. Why do you see this as a social and not an individual issue? Your answers to these questions need to draw on concepts and ideas from Weeks 1-4 lesson modules and corresponding chapters in the OER textbook. Your submission should not exceed 500 words or one page.
Reflective Assignment 1 requires students to write a reflection on their identity and its connection to their environment and ideological beliefs.
Students are asked to consider how their sense of self has been shaped by social institutions and dominant narratives, and how their identity relates to characteristics of global citizenship. They are also required to identify a social issue that personally concerns them and explain why it is important and why it should be viewed as a social issue. The response should be concise and draw on concepts and ideas from the course material.
Reflective Assignment 1 is an individual task that prompts students to reflect on their identity and its relationship with their environment and ideological beliefs. They are expected to write a paragraph for each of the following questions:
1. How has your sense of who you are been shaped by your environment (social institutions) and various ideological beliefs?
Students are encouraged to explore how their identity has been influenced by the social institutions they are a part of, as well as the ideologies that shape their understanding of the world. They are asked to consider dominant narratives and reflect on the ways in which these narratives have influenced them, regardless of whether they agree with them or not.
2. How is your identity connected to characteristics of global citizenship as defined in the text?
Students need to identify how their identity aligns with the characteristics of global citizenship discussed in the course material. They should draw connections between their personal identity and concepts such as cultural diversity, social justice, human rights, and environmental sustainability.
Furthermore, students are required to identify a social issue that holds personal importance to them and explain why it is significant. They must articulate why this issue should be viewed as a social problem rather than an individual concern.
The response should be concise, not exceeding 500 words or one page, and should draw on concepts and ideas from the course modules and corresponding chapters in the OER textbook.
By completing Reflective Assignment 1, students lay the foundation for the subsequent group project, where they will collaborate with their assigned group members to identify a compelling topic for the final course project. The individual reflection allows students to explore their own identities, consider the influence of their environment and ideologies, and connect their personal concerns to broader issues of global citizenship.
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The below information was taken from the unadjusted trial balance and aging schedule of ABC Company on December 31, 2021 (fiscal year-end).
Accounts and related balances on December 31, 2021 (before adjustment):
Debit Credit
Accounts Receivable $47,000
Allowance for Doubtful Accounts $ 420
Sales (all on credit) 400,000
Sales returns 2,000
Aging Schedule of Accounts Receivable:
Age Amount % Uncollectible
0-30 days $15,000 2%
30-60 days 18,000 7%
Over 60 days 14,000 13%
Assume ABC Company uses the aging schedule of accounts receivable to determine uncollectible accounts receivable.
Instructions:
Determine the following:
a) Bad Debt Expense for the year ending December 31, 2021. (2 marks)
b) Allowance for Doubtful Accounts balance (after adjustment) on December 31, 2021.
(2 marks)
c) Carrying Amount (Net Realizable Value) of Accounts Receivable on the December 31, 2021
balance sheet. (1 mark)
QUESTION #2
The following selected information relates to DEF Company for the fiscal years ending on December 31, 2020 and December 31, 2021:
December 31
2021 2020
1. Sales (all on credit) $75,300 $61,500
2. Accounts Receivable 9,400 9,200
3. Allowance for Doubtful Accounts 1,300 1,000
4. Collection of Previously Written-Off
Accounts Receivable 55 70
Note: 1. On December 31, 2021, DEF Company estimates that 2% of its credit sales for 2021 will become
uncollectible.
2. The above balances in Allowance for Doubtful Accounts are after adjustment at year-end.
Instructions:
a) Calculate the actual amount of Accounts Receivable that were written-off as uncollectible during
2021.
b) Prepare all the necessary journal entries related to Accounts Receivable and Allowance for Doubtful
Accounts for 2021. Use the date of December 31, 2021 for recording purposes.
Bad Debt Expense for the year ending December 31, 2021:To determine the bad debt expense for the year ending December 31, 2021, we will have to calculate the uncollectible amount of accounts receivable for each age group.
We can use the given aging schedule of accounts receivable to calculate the uncollectible amount of accounts receivable as follows:Age Amount % Uncollectible Uncollectible amount0-30 days $15,000 2% $30030-60 days $18,000 7% $1,260Over 60 days $14,000 13% $1,820The total uncollectible amount of accounts receivable will be:Total uncollectible amount of accounts receivable = $300 + $1,260 + $1,820 = $3,380Therefore, the bad debt expense for the year ending December 31, 2021, will be equal to $3,380.b) Allowance for Doubtful Accounts balance (after adjustment) on December 31, 2021:To calculate the ending balance of the allowance for doubtful accounts, we will add the uncollectible amount of accounts receivable calculated in part (a) to the balance of the allowance for doubtful accounts.Accounts Receivable $47,000Allowance for Doubtful Accounts $ 420 + $3,380 = $3,800.
Therefore, the ending balance of the allowance for doubtful accounts on December 31, 2021, will be $3,800.c) Carrying Amount (Net Realizable Value) of Accounts Receivable on the December 31, 2021 balance sheet:The net realizable value of accounts receivable on the December 31, 2021 balance sheet will be equal to the difference between the total accounts receivable and the ending balance of the allowance for doubtful accounts. Therefore, the net realizable value of accounts receivable on the December 31, 2021 balance sheet will be calculated as follows:Net realizable value of accounts receivable = Accounts Receivable - Allowance for Doubtful AccountsNet realizable value of accounts receivable = $47,000 - $3,800Net realizable value of accounts receivable = $43,200Therefore, the net realizable value of accounts receivable on the December 31, 2021 balance sheet will be $43,200.
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