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nydimaria [60]
3 years ago
10

Using the aging method of accounts receivable method, $5,000 of the company's Accounts Receivable are estimated to be uncollecti

ble. At the end of the year, the balance of Accounts Receivable is $100,000 and the unadjusted credit balance of the Allowance for Doubtful Accounts is $500. Credit sales during the year totaled $150,000. What is the current year's Bad Debt Expense?
A. $4,500
B. $5,000
C. $7,500
D. $7,000
Business
2 answers:
romanna [79]3 years ago
6 0

Answer:

The answer is A.

Explanation:

Closing/Ending balance in Allowance for Doubtful Accounts = Unadjusted credit (debit) balance in Allowance for Doubtful Accounts + Bad Debt Expense

To get Bad Debt Expense, we re-write the formula:.

Closing/Ending balance in Allowance for Doubtful Accounts − Unadjusted ending credit (debit) balance in Allowance for Doubtful Accounts

Ending/Closing method balance in allowance for doubtful debt= $5,000

Unadjusted ending credit (debit) balance in Allowance for Doubtful Accounts =$500

So we have:

= $5,000 − $500

= $4,500

cluponka [151]3 years ago
5 0

Answer:

A. $4,500

Explanation:

As the Allowance of Doubtful Accounts account already has credit balance of $500, and we need to record $5,000 expense at the end of the year. We know that Allowance of Doubtful Accounts account account has credit nature so it needed $4,500 ($5,000 - $500) to be adjusted at the end of the year to make the adjusted balance equals to $35,000. So, bad debt expense for the year will be $4,500.

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3 years ago
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6 0
9 months ago
Country A has real GDP per person of 250,000 while Country B has real GDP per person of 500,000. All else constant, Country A wi
Ne4ueva [31]

Answer:

Option A is correct because the level of saving in percentage for company A is 2% (5000/250000). Whereas the level of saving in the company B is 1.5% which is lower than the savings of company A. This will increase the standard of life in the long run because greater the savings the greater is the amount invested in Financial assets which will decline the interest rate as the funds for investment are in excess it will decline the demand for loans. This investment will earn its investor more which will change his standard of life.

Remember standard of living is measured by:

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8 0
2 years ago
The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before li
Travka [436]
The answers are the following:
a. 
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$7,000 + [($10,000/4)×3¿= $8,500
Ryan:
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b.
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6 0
2 years ago
Lyn files a suit against Karl. Karl denies Lyn’s charges and sets forth his ownclaim that Lyn breached their contract and owes K
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Answer:

a. Counterclaim

Explanation:

Counterclaim is a claim by a defendant (the person be sued) against the plaintiff (the person who sues first).

Lyn is the plaintiff, who first sued Karl (the defendant). Karl's claim against the original plaintiff (Lyn) is an example of a counterclaim.

Another example is counterclaim by the city of Sandy Springs against Holder Construction Group, the company that built the city of Sandy Springs’ new City Springs complex.

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