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2 years ago

Allowance for doubtful accounts is classified as a(n) account and has a normal balance.

Business

1 answer:

tensa zangetsu [6.8K]2 years ago

3 0

Allowance for doubtful accounts is classified as a(n) contra asset account and has a normal <u>credit </u>balance.

<h3>What is contra asset?</h3>

In a general ledger, a contra account is used to lower the value of a linked account when the two are netted together. The natural balance of a contra account is the inverse of the related account. The contra account records a credit if the connected account's natural balance is a debit. As an illustration, accumulated depreciation serves as the contra account for a fixed asset.

An account used in a general ledger to lower the value of a connected account is called a contra account.

They can be used to report a decrease or write-down in a different contra account that nets to the current book value while maintaining the historical value in the main account.

To learn more about contra asset from the given link:

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On the Budget Challenge Cash Flow Spreadsheet (CFS) (this file is downloadable on the "How to Play" page of the website), what c

stira [4]

Deposit column. You can also state in the comments section that it was interest earned from the checking account.

7 0

3 years ago

Peace and prosperity will flourish if we can find the one best way to divide existing resources among nations.

azamat

Peace and prosperity may not flourish if we can find the one best way to divide existing resources among nations. Therefore, it is false.

<h3>What is prosperity?</h3>

Prosperity is flourishing, thriving, good fortune, and successful social status.

In this case, peace and prosperity may not flourish if we can find the one best way to divide existing resources among nations. It is about the effective utilization of resources.

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7 0

2 years ago

A shop that makes candles offers a blueberry scented candle which has daily demand of 10 boxes. Blueberry candles can be produce

Lostsunrise [7]

Answer:

E. 115 boxes.

Explanation:

d: 10 boxes/day

p: 36 boxes/day

n: 365 days

s: $60

H: $24 box/year

D: d*n

D= 10*365= 3650 boxes/year

EPQ = $\sqrt{2DS/H} *\sqrt{p/p-d}$

EPQ= $\sqrt{2*365*60/24} *\sqrt{36/36-10}$

EPQ= 158.96 = 159 units

I=Q/P * (p-d)

I=159/36 * (36-10)

I=114.83

115 boxes aproximately

7 0

3 years ago

On January 1, 2008, Pacer Company paid $1,920,000 for 60,000 shares of Lennon Co.’s voting common stock which represents a 45% i

Fittoniya [83]

Answer:

The balance in the Investment in Lennon Co.account found in the financial records of Pacer as of December 31, 2008 was $2,071,500

Explanation:

In order to calcuate the balance in the Investment in Lennon Co.account found in the financial records of Pacer as of December 31, 2008 we would have to calculate the following formula:

Net balance=Investment made+share of net income-dividend

Investment made = $1,920,000

share of net income= $670,000*45%= $301,500

dividend= $2.5*60,000= $150,000

Therefore, Net balance= $1,920,000 + $301,500 - $150,000

Net balance= $2,071,500

The balance in the Investment in Lennon Co.account found in the financial records of Pacer as of December 31, 2008 was $2,071,500

7 0

3 years ago

PLEASE ANSWER

MaRussiya [10]

Answer:

Explanation:

Collateral consequences are legal and regulatory restrictions that limit or prohibit people convicted of crimes from accessing employment, business and occupational licensing, housing, voting, education, and other rights, benefits, and opportunities.

In this scenario, the clerk cannot get a job anymore after he stole credit card information. He cannot be trusted anymore due to his actions.

4 0

2 years ago

Allowance for doubtful accounts is classified as a(n) ______ account and has a normal ______ balance.

Allowance for doubtful accounts is classified as a(n) account and has a normal balance.