1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
prisoha [69]
3 years ago
6

Marigold Corp. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $12

0000 and credit sales are $1210000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Marigold Corp. make if the Allowance for Doubtful Accounts has a credit balance of $1200 before adjustment?
Business
1 answer:
olga nikolaevna [1]3 years ago
4 0

Answer:

The journal entry for the following is shown below:

Explanation:

The journal entry for the following is as follows:

Bad Debts Expense A/c................................Dr  $3,600

       Allowance for Doubtful Accounts A/c......Cr  $3,600

Being the adjusting entry for bad debt expense

Working Note:

Using the percentage of accounts receivable computing the amount of bad debt expense as:

Allowance for doubtful accounts = Accounts receivable × %

= $120,000 × 4%

= $4,800

Now, computing the bade debt expense as:

Bad debt expense = Allowance for doubtful debts - Credit balance

= $4,800 - $1200

= $3,600

You might be interested in
Which of the following statements is true if a​ bond's stated interest rate is higher than the market​ rate?
Feliz [49]

Answer: The bond will be issued at a premium

Explanation: If the interest rate on bond is higher than the market interest rate then the investors of such bond will get a greater benefit. Hence to get the greater benefit an investor must pay a higher value, thus, the bond will be issued at premium.

Higher interest rate means the company will pay interest to investors mare than i the general rate in market, Therefore, company can charge investors more from a more valuable asset.

Hence from the above we can conclude that the correct option is c.

5 0
3 years ago
The ______ is primarily responsible for policing the world trading system and making sure nation-states adhere to the rules laid
Masteriza [31]

Answer:

World Trade Organization (WTO)

Explanation:

The World Trade Organization was formed on the 1st of January, 1995 to ensure free trade among member countries. It is made up of 164 member countries. It is also saddled with the responsibility of policing the world trading systems and also ensuring that member states stick to the rules in the trade deals signed by them. The World Trade Organization can also punish countries by imposing trade sanctions if they fail to respect the laid down rules.

The World Trade Organization (WTO) is currently headed by Roberto Azevedo, a Brazilian.

6 0
4 years ago
Joint products A and B emerge from common processing that costs $116,000 and yields 4,000 units of Product A and 2,800 units of
Mandarinka [93]

Answer:

Apportioned joint cost to A=$92,800

Explanation:

<em>Joint costs are the costs incurred up until the split-off where two or more products result from the same production process. These  common costs need to be apportioned among the joint products using any of the following basis:</em>

  1. physical units
  2. Relative sales value basis.

The relative value basis apportions joint costs using the proportion of product individual sales value to the the total sales value.

Total sales value = (280×4,000) + (100×2,800) =1400000

Apportioned joint cost to A =(1,120,000/1,400,000)× 116,000=92800

Apportioned joint cost to A=$92,800

4 0
3 years ago
____ describes the average level of ability, experience, personality, or any other factor on a team. team performance team confo
SVETLANKA909090 [29]
C. team level. should be correct
5 0
3 years ago
Read 2 more answers
Conflict is ____.
riadik2000 [5.3K]

Answer:

A. unavoidable

Explanation:

Conflict is unavoidable because it doesn't matter what you do because other people could still cause conflict with you.

8 0
3 years ago
Other questions:
  • . ________ refers to a marketing strategy in which the firm develops both the product and its marketing to evoke a distinct impr
    7·1 answer
  • The management of Blue Ocean Company estimates that 50,000 machine-hours will be required to support the production planned for
    11·1 answer
  • He degree to which an organization achieves a stated goal rehttps://.com/35621172/mgt-3013-ch-2-flash-cards/
    9·1 answer
  • The indirect and direct methods:
    11·2 answers
  • The materials used by the Holly Company's Division A are currently purchased from an outside supplier. Division B is able to sup
    8·1 answer
  • 7. Explain one way to protect yourself from online or cyber predators.
    12·1 answer
  • The economy begins in equilibrium at point E, representing the real interest rate r 1 at which saving S 1 equals desired investm
    15·1 answer
  • To influence performance and satisfaction of subordinates, it is not recommended that the leader reduce frustrating barriers to
    6·1 answer
  • A major equipment purchase is being considered Metro Atlanta. The initial cost is determined to be $1,000,000. It is estimated t
    9·2 answers
  • Bert just purchased his first property. to what level(s) of government will bert have to pay real estate taxes?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!