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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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Answer:

45

Explanation:

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6 0
3 years ago
Which of the following could most likely have prevented the accounting scandals of the early 2000s and the global financial cris
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Answer:

C. Practicing effective corporate governance

Explanation:

Accounting scandals refer to the scandals of the business that occurs from the change in the financial statements that to be done in a deliberate manner also the disclosing information is misled. It involves an organization as a whole.

In order to prevent the accounting scandals and the global financial crisis it could practicing corporate governance in an effective manner

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7 0
3 years ago
A company resells 10,000 shares of treasury stock for $22 per share. The stock was purchased in a previous year for $18 per shar
lys-0071 [83]

Answer:

$0, income statement s not affected.

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5 0
2 years ago
In Myanmar, seven laborers, each making the equivalent of $2.50 per day, can produce 38 units per day. In China, nine laborers,
Tresset [83]

Answer:

The labor cost per unit is lowest for China and is $0.40 per unit

Explanation:

Country    Labor Wage per Day   Wages per    Production      Labor cost

                 count       per labor         Day               units per day     per Unit

                    L            w                  W=L×w              P                    l=W÷P

Myanmar      7          $2.50               17.50               38                 $0.46

China            9          $2.00               18.00               45                 $0.40

Billings/         4          $57.00            228.00         102                   $2.24

Montana

The labor cost per unit is lowest for China and is $0.40 per unit

6 0
3 years ago
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Answer:

good stuff

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people these days (including me sometimes) put more energy into bad things and negative things .and its partly social media's fault.

3 0
2 years ago
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