All categories

1 year ago

At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $831,000.

1 answer:

7 0

Answer:At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $831,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $416 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. View transaction list 1 Record the estimated bad debts expense. 2 Wrote off P. Park's account as uncollectible. 3 Reinstated Park's previously written off account 4 Record the cash received on account. Credit Note :· journal entry has been entered Record entry Clear entry View general journal

You might be interested in

The effect of repurchasing stock using the cost method is to ______. (Check all that apply.) Multiple select question. decrease

jarptica [38.1K]

The effect of repurchasing stock using the cost method is to Increase Treasury Stock, Decrease stockholders' equity ,Decrease Assets.

<h3><u>What is Cost Method?</u></h3>

Certain investments are recorded using the cost method of accounting in a company's financial statements.
When an investor holds an investment that it has little or no control over—typically described as owning less than 20% of the company—they employ this strategy. On the balance sheet, the investment is listed as an asset at its historical cost.
The investor lists the investment's cost as an asset. Dividend income is recorded as income when it is received and appears on the income statement.
Depending on the investor's accounting principles, the receipt of a dividend also boosts the cash flow, either in the investing portion or the operational area of the cash flow statement.

Treasury stock, commonly referred to as treasury shares or reacquired stock, describes previously outstanding stock that the issuing corporation purchases back from stockholders. The effect of repurchasing stock using the cost method increases treasury stock.

Know more about Cost Method with the help of the given link:

brainly.com/question/14917620

#SPJ4

3 0

1 year ago

Suppose a commercial bank has checkable deposit of $100,00 and the legal reserve ratio is 20 percent. If the bank's required and

PIT_PIT [208]

Answer:

Explanation:

6 0

3 years ago

Politics is sort of like a game. And the best gamer is great at manipulating the rules.

-BARSIC- [3]

Politics is about making agreements between people so that they can live together in groups such as tribes, cities, or countries. In large groups, such as countries, some people may spend a lot of their time making such agreements.

8 0

2 years ago

Let MUS be the marginal utility of a sandwich, MUH be the marginal utility of a hot dog, PS be the price of a sandwich, and PH b

12345 [234]

Answer:

D) PS > PH

Explanation:

When Pat doesn't have to pay, she will choose to eat a sandwich, therefore the MUS > MUH.

But when she has to pay, then she will choose to eat a hot dog, therefore the utils per dollar that Pat gets from a hot dog are more than the utils per dollar that she gets from a sandwich: (MUS / PS) < (MUH / PH)

The only explanation to this is that the price of sandwich is higher than the price of a hot dog: PS > PH

7 0

3 years ago

g While Citibike cannot do anything about the weather, it can promote use of its bikes to target groups when different types of

Softa [21]

Answer:

A) YES

B) YES

Explanation:

A) Does the past data provide any guidance to the marketing team regarding what types of weather place greater demand on Citibike usage? YES.

The data has been processed to remove trips that are taken by staff as they service and inspect the system. As for this data set many features are studied, including features used for bike demand between all pairs of stations, and mean/median trip duration.

The data set was also collected from the National Oceanic and Atmospheric Administration (NOAA). That provide the access to GHCN (Global Historical

Climatology Network) – Daily Database, which is a database that addresses the critical need for historical daily temperature, precipitation, and snow records over global land areas. GHCN-Daily is a composite of climate records from numerous sources that were merged and then subjected to a suite of quality assurance reviews. The archive includes over 40

meteorological elements including temperature daily maximum/minimum, temperature

at observation time, precipitation, snowfall, snow depth, evaporation, wind movement, wind maximums, soil temperature, cloudiness, and more.

B) Are there differences based on routes/customer type/etc

YES.

After visualizing the trip duration for two different gender groups, it was found that despite the similar distribution of trip duration between those two groups, the median number for the female group is actually bigger than the male, which indicates that female tend to use Citi Bike for longer time. As for the male group, most of the trips they

made are less than 350 minutes. It is a reasonable time period for commuters and light exercise. While it is also surprising to find that within the female group, around 40 percent of the trips are longer than 350 minutes. This may indicate that the trip duration can be used to analysis the different usage pattern between two different gender groups. Given those characteristics, we assume that the duration and the start station location can be useful to predict the user gender.

4 0

2 years ago