Answer:
What is the appropriate amount of Bad Debt Expense?
Bad debt expense $ 1,178
Allowance for Uncollectible Accounts $ 1,178
Explanation:
The total amount of Allowance for Uncollectible Accounts is a credit of $0,400
Accounts Receivable $ 10,400
Allowance for Uncollectible Accounts $ 0,400
- The aging method indicates that the total amount must be :
Acc. Rec Allow.
7% $ 7,000 $ 0,490 Not yet due
15% $ 1,700 $ 0,255 1-30 days
49% $ 1,700 $ 0,833 more than 30 days
$ 10,400 $ 1,578
- It's necessary to entry the next journal entry to meet the amount indicated by the aging method.
Bad debt expense $ 1,178
Allowance for Uncollectible Accounts $ 1,178
Answer:
Logan Horse Ranch
The most accurate is:
e. None of the above are correct
Explanation:
Logan's payment to his brother, Luke, of $500 per hour, is not a reasonable business expense that can be deductible. Surely, $500 per hour is not a going rate for cleaning the horse stalls per hour. With Lucy doing grocery shopping for Logan, it does not resonate like an ordinary and necessary expense for the business. Therefore, options A to D are not correct. This leaves only option E as the most accurate.
A traditional list of immediate "basic needs" is food (including water), shelter and clothing. Many modern lists emphasize the minimum level of consumption of 'basic needs' of not just food, water, clothing and shelter, but also sanitation, education, and healthcare.
Answer:
The correct answer is $24,500.
Explanation:
According to the scenario, the given data are as follows:
Total Account receivable = $100,000
Amount collected = $70,000
So, if there is sufficient taxable income, then assume tax rate to be 35%.
So, we can calculate the Gains tax by using following formula:
Gain tax = Amount collected × Tax rate
By putting the value, we get
Gain tax = $70,000 × 35%
= $24,500.
Answer:
No, they don´t.
Explanation:
Forecast is not required by GAAP, as the <u>Relevance</u> and the <u>Faithful</u> <u>Representation</u> are concepts that are not compatible with data projection. Forecast implies estimates, and subjective interpretations that do not fulfill financial statements aim and are difficult to verify.
