What are implicit costs? an implicit cost is

a. a cost that remains constant as output changes.

b. a cost that changes as output changes.

c. a cost incurred in the long run.

d. a nonmonetary opportunity cost.

e. the highest-valued alternative that must be given up to engage in an activity. how are implicit costs different from explicit costs?

a. an explicit cost is a cost that involves spending money, while an implicit cost is a nonmonetary cost.

b. an explicit cost is not an opportunity cost, while an implicit cost is an opportunity cost.

c. an explicit cost is a cost incurred holding output constant, while an implicit cost is a cost incurred as output changes.

d. an explicit cost is a cost incurred in the short run, while an implicit cost is a cost incurred in the long run.

e. both a and

b?

Colorado rocky cookie company offers credit terms to its customers. at the end of 2018, accounts receivable totaled $715,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $30,000 in receivables were written off during the year as uncollectible. also, $3,000 in cash was received in december from a customer whose account previously had been written off. the company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. 1. prepare journal entries to record the write-off of receivables, the collection of $3,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.2. how would accounts receivable be shown in the 2018 year-end balance sheet?