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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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Connor Company produces speaker systems for cars. Estimated sales (in units) in January are 40,000; in February 37,000; and in M
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Answer:

Our answer is E 114,420

Explanation:

Production budget:    

                                                 Jan   Feb            Mar

Budgeted sales units  40000   37000           34000

Add: Ending inventory        12950   11900  

Total requirement         52950   48900  

Less: Beginning inventory 14000    12950  

Budgeted production units 38950 35950  

Purchase budget of Box:    

                                               Jan           Feb  

Budgeted production  38950 35950  

Bx required per unit   3          3  

Total requirement of Boxes 116850 107850  

Add: Ending inventory         21570  

Total boxes needed  138420  

Less: Beginning inventory 24000  

Budgeted Purchase boxes 114420  

Answer is E. 114420    

5 0
3 years ago
The original cost of a LIFO inventory item is below both replacement cost and net realizable value. The net realizable value les
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Answer:

D. Original cost.

Explanation:

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It can be the replacement cost or net realizable value. We don't have an idea which one is the middle amount

Also, if the original cost is less than the market cost so we assume that the inventory should be valued at original cost

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3 years ago
Please help
Andrew [12]

Answer: It’s research the issues

Explanation:

The other answer is wrong

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