Vincent Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, the balance of accounts receivable is $200,000 and the allowance for uncollectible accounts has a credit balance of $4,000 (before adjustment). An analysis of accounts receivable produced the following age groups: Based on past experience, Vincent estimates that the percentage of accounts that will prove to be uncollectible within the three age groups is 4%, 10%, and 21%, respectively. Based on these facts, the adjusting entry for uncollectible accounts should be made in the amount of Refer to Question 5-58. The net receivables on the balance sheet is

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

top-level manager

me later < 3