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Sidana [21]
3 years ago
8

Rankine Company estimates its bad debts expense by aging its accounts receivable and applying percentages to various age groups

of the accounts. Rankine calculated a total of $8,000 in possible credit losses as of December 31. Accounts Receivable has a balance of $256,000, and the Allowance for Doubtful Accounts has a credit balance of $1,000 before adjustment at December 31. What is the December 31 adjusting entry to provide for credit losses? General Journal Description Debit Credit Answer Answer Answer Answer Answer Answer What is the net amount of accounts receivable that should be included in current assets?
Business
1 answer:
guapka [62]3 years ago
4 0

Answer:

Net amount of accounts receivable that should be included in current assets:

= Accounts receivable - Allowance for doubtful accounts

= $256,000 - $8,000

= $248,000

The journal entry is as follows:

Bad debt expense[$8,000 - $1,000] A/c Dr. $7,000

           To Allowance for doubtful accounts               $7,000

(To record the bad debt expense)

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Type the correct answer in the box. Spell all words correctly. Whar happens to you tax liability with proper financial planning?
Shalnov [3]

Answer:

Minimize

Explanation:

With proper planning, you can minimize your tax liability which means owe less taxes at the end of the year if you are smart about what purchases you make and when you make it and such which falls under proper finanicial planning.

6 0
3 years ago
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Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales re
Ugo [173]

Answer:

<h2>           Rembrandt Paint Company</h2><h2>Income Statement - December 31, 2021</h2>

Sales revenues                                                        $24,000,000

- Cost of goods sold                                              <u> ($13,500,000)</u>

Gross margin                                                           $10,500,000

Operating expenses:

- Selling and adm. expenses             ($420,000)

- Restructuring costs                        ($1,400,000)

Total operating expenses                                        <u>($1,820,000)</u>

Income from operations                                          $8,620,000

Other revenue and expenses:

Gain on sales of assets                   $3,200,000  

Interest revenue                                 $220,000

Loss from discontinued oper.       ($2,200,000)

Interest expense                               ($420,000)

Total other revenue and expenses                             <u>$800,000</u>

Net income pre-tax                                                   $9,420,000

Income taxes (25%)                                                  <u>($2,355,000)</u>

Net income after taxes                                             $7,065,000

Shares outstanding                                                        600,000

Earnings per share (EPS)                                                    $11.78

   

3 0
3 years ago
Current Attempt in Progress
Kamila [148]

Answer:

units

Explanation:

                                                            Units   Unit Cost      Total Cost

April 1 inventory                                    250  $28      $ 7,000  

April 15 purchase                                  350  34       11,900  

April 23 purchase                                  400        36       14,400

                                                          1,000                          $33,300

4 0
3 years ago
Sahia company bought a building for 90,000 cash and the land on which it was located for 1,10,000 cash. The company paid a trans
Alexxandr [17]

Answer:

Sahia Company

1. Net book value of the property at the end of year 2 = $217,800.

2. Journal entry to record the purchase:

Debit Property (land and building) $241,000

Credit Cash Account $241,000

To record the acquisition of the property.

3. Straight-line depreciation (on building only) = $11,600.

Explanation:

a) Data and Calculations:

Bought building for cash = $90,000

Bought land for cash =         110,000

Transfer cost =                       10,000

Renovation on building =      31,000

Book value of property =  $241,000

Depreciation:

Building cost = $90,000

Transfer cost        4,500 ($10,000*90,000/200,000)

Renovation         31,000

Total cost =    $125,500

Residual value     9,000

Depreciable value = $116,000

Depreciation per annum = $11,600 ($116,000/10)

a) Land is not subject to depreciation and its value is $115,500 or $110,000 + 5,500 ($10,000*110,000/200,000).

b) The net book value of the property at the end of year 2 is

Building $125,500 - 23,200 = $102,300

Land =                                          115,500

Net book value of property =  $217,800

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3 years ago
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English language class will work for me
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