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artcher [175]
3 years ago
9

Describe the Allowance for Doubtful Accounts, account:1. What type of account is it? Contra Asset Account 2. What it’s normal ba

lance?3. What financial statement will you find it on?4. Is it a temporary or permanent account?
Business
1 answer:
Airida [17]3 years ago
3 0

Answer:

contra-assets account.

Credit balance

balance sheet

permanent account.

Explanation:

The allwoance is an account used to adjust accounts receivable to a net value therefore, it is used as contra-asset (to adjust an asset)

Therefore, as assets normal balance is debit a contra-assets in order to adjsut will use credit balance.

<em>Notice:</em> contra-assets decrease the net value of the assets They never increase it. If the princip0al asset increase then, the accounting would use the main asset account, not the contra-asset

Lastly, as it adjsut an asset it will be find in the balnce sheet or in the note to the balance sheet to disclosure the procedure to arrive to net accounts receivables

As it is find in the balance sheet is a permanent account His balance passes through the acouting cycles

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On January 2, 2020, All Good Company purchased 6,000 shares of the stock of Big Bad Company, and DID obtain significant influenc
Yuri [45]

Answer:

$155,000

Explanation:

Calculation to determine the book value of the investment that should be reported at year end by All Good Company

Initial investment (6,000* $10.00 per share) $60,000

Add: Net income ($450,000*30%) $135,000

Less: Dividend ($40,000)

Ending balance of investment $155,000

($60,000+$135,000-$40,000)

Therefore the book value of the investment that should be reported at year end by All Good Company is $155,000

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Answer:

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3 years ago
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Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $19,000​ $11,000​ April $40,000​ $11,0
marusya05 [52]

Answer:

total cash collections in June = $101050

so correct option is A. $101,050

Explanation:

given data

month              cash sales                    credit sale

march                $19,000                        $11,000

April                   $40,000                       $11,000

May                    $43,000                       $35,000

June                   $59,000                       $50,000

to find out

total cash collections in June at Feeney Furniture

solution

we find here total cash collections in June that is express as

total cash collections in June = cash sale in June  + ( credit sale in June × 62% ) + ( credit sale in May × 30%) +  ( credit sale in April × 5%)   .............1

put here value we get

total cash collections in June = $59000  + ( $50000 × 62% ) + ( $35000 × 30%) +  ( $11000 × 5%)

total cash collections in June = $101050

so correct option is A. $101,050

8 0
3 years ago
Read 2 more answers
Related to the Economics in Practice on page​ 77: If a hurricane results in the supply of hotel rooms decreasing and the demand
UkoKoshka [18]

Answer:

Increases; Ambiguous effect on equilibrium quantity

Explanation:

This situation states that the supply of hotel rooms decreases and the demand for hotel rooms increases due to the hurricane, so this change will shift both the supply curve and the demand curve in the hotel rooms market.

This will shift the supply curve leftwards and demand curve rightwards, therefore as a result, there is an increase in the equilibrium prices and the effect of this change on the equilibrium quantity is ambiguous because that will be dependent upon the magnitude of the shifts of demand and supply curve.

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If,at the current level of output, a firm's average cost is greater than its marginal cost, then:
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e)average fixed cost must be constant

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