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Rom4ik [11]
1 year ago
11

at the end of the current year, using the aging of accounts receivable method, management estimated that $16,500 of the accounts

receivable balance would be uncollectible. prior to any year-end adjustments, the allowance for doubtful accounts had a debit balance of $400. what adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
Business
1 answer:
Furkat [3]1 year ago
8 0

The adjusting entry that the company should pass at the end of the current year to record the bad debts expense:

Bad Debts Expense 16,900

Allowance for Doubtful Accounts  16,900

<h3>What is an allowance for doubtful accounts?</h3>

A contra account called an allowance for doubtful accounts nets against the total receivables shown on the balance sheet to only show the amounts anticipated to be paid. The percentage of accounts receivable that are anticipated to be uncollectible is estimated by the allowance for doubtful accounts.

A negative balance in the allowance for doubtful accounts means that more accounts than anticipated have been written off. A contra asset account with a typical credit balance is the allowance for doubtful accounts.

Under the aging method, the adjusting entry for bad debt expense is calculated using the following formula:

Estimate of uncollectible accounts - (+) Current credit (debit) balance in the allowance for doubtful accounts = Bad debt expense

Hence, The adjusting entry that the company should pass at the end of the current year to record the bad debts expense is given above.

Learn more about the allowance for doubtful accounts:

brainly.com/question/17008094

#SPJ4

"Your question is incomplete, probably the complete question/missing part is:"

Bad Debts Expense 16,500

Allowance for Doubtful Accounts  16,500

Bad Debts Expense 16,100

Allowance for Doubtful Accounts  16,100

Bad Debts Expense 16,900

Allowance for Doubtful Accounts  16,900

Accounts Receivable 16,500

Bad Debts Expense 400

Sales  16,900

Accounts Receivable 16,900

Allowance for Doubtful Accounts  16,900

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On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 77,000 shares authori
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Answer:

See the explanation below:

Explanation:

1. Prepare journal entries to record the following transactions for Sherman Systems

a. Purchased 5,500 shares of its own common stock at $30 per share on October 11.

<u>Details                                                            Dr ($)               Cr ($)   </u>

Treasury Stock (5,500 × 30)                         165,000

Cash                                                                                      165,000

<u><em>To record the repurchase of own common stock                            </em></u>

b. Sold 1,125 treasury shares on November 1 for $36 cash per share.

<u>Details                                                            Dr ($)               Cr ($)     </u>

Cash (1,125 × 36)                                            40,500

Treasury Stock (1,125 × 30)                                                  33,750

Paid-in Capital from Sale of Treasury Stock                        6,750

<em><u>To record the sale of treasury stock.                                                      </u></em>

c. Sold all remaining treasury shares on November 25 for $25 cash per share.

<u>Details                                                                Dr ($)               Cr ($)     </u>

Cash (4,375 × 25)                                                109,375

Paid-in Capital from Sale of Treasury Stock       6,750

Retained Earnings                                                15,125

Treasury Stock 99,000 (4,375 × 30)                                       131,250

<em><u> To record the sale of the remaining treasury shares                               </u></em>

Kindly note that there is a balance of $6,750 in the Treasury Stock Paid-in Capital account. Since it is utilized, the remaining deficit will show in Retained Earnings.

2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

<u>Details                                                                                            $     </u>

77,000 issued authorized common stock–$10 par value    770,000

Paid-in capital in excess of par value, common stock           241,000

Retained earnings                                                                    904,000

Treasury stock                                                                        <u> (165,000)</u>

Total stockholders’ equity                                                      <u>1,750,000</u>

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DJ and Nicolette paid $1,600 in qualifying expenses for their daughter Nicole to attend the University of Nevada. Nicole is a so
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Answer and Explanation:

As we know that the credit amount should be allowed a qualified deduction of 100% till $2,000 and the next 25% is $2,000

In the given situation, the credit amount would be

= $1,600 × 100%

= $1,600

As the AGI is $175,000 i.e. exceeded the prescribed amount i.e. $160,000 so it would be phased out till $180,000

So, after considering the phase out application limits, the credit is

= $1,600 ×  ($180,000 - $175,000) ÷ ($180,000 - $160,000)

= $400  

So, the total credit is $400 out of which $160 is refundable and the remaining balance i.e. $240 would be non-refundable

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Answer:

The equal opportunity laws of another country, not the United States is discussed below in details.

Explanation:

An equal opportunity system is a certificate that declares what measures a company takes to eliminate and stop discrimination in the workplace.

The United Kingdom employment equality law is an organization of law that legislates against prejudice-based activities in the workplace.

The prime legislation is the Equality Act 2010, which condemns discrimination in passage to education, government services, private services, and goods, or assumptions in addition to employment.

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Productivity in the United States doubled between 1945 and 1990. However, the work week didn't get shorter because
mel-nik [20]

Answer:

the standard of living increased

Explanation:

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Hence, it can be concluded that, in this case, the workweek didn't get shorter because "the standard of living increased."

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