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Korolek [52]
3 years ago
8

Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $74,000 and $3,900, r

espectively. During Year 2, Allegheny wrote off $7,200 of Uncollectible Accounts. After aging its receivables, Allegheny estimates that the ending Allowance for Doubtful Accounts balance should be $6,000. What will Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement?
Business
1 answer:
Nadya [2.5K]3 years ago
5 0

Answer:

The 9,300 should Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement

Explanation:

The non-collectible accounts expenses on its Year 2 income statement is shown below:

= Ending balance + write off balance - opening balance

= $6,000 + $7,200 - $3,900

=$9,300

The accounts receivable is not to be considered because we have to find out the uncollectible accounts expense, so the account receivable balance should not be taken in the computation part.

Hence, the 9,300 should Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement

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Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases
Firlakuza [10]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

Purchases:

40 units at $100·

70 units at $80·

170 units at $60

Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.

First, we need to calculate the average purchase cost.

Average cost= (100*40 + 80*70 + 60*170)/280= $70.7

Now, we can calculate the value of ending inventory:

Inventory= $70.7*10= $707

7 0
3 years ago
When quantifying country risk:
Simora [160]

Answer:

The correct answer is b.weights should be assigned to the political and financial factors according to their perceived importance.

Explanation:

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3 years ago
What is the marginal income tax rate of a $5,000 raise for someone who currently makes $95,000 per year?
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24% will be the tax bracket for her. The marginal tax rate is the tax rate you pay on every dollar of additional income. Individuals' federal marginal tax rate in the United States rises as their income rises. As one's income rises, the last dollar earned is taxed at a higher rate than the first.

This method of taxation, known as progressive taxation, aims to tax individuals based on their earnings, with low-income earners paying a lower rate than higher-income earners. Under a marginal tax rate, taxpayers are typically divided into tax brackets or ranges, which determine the rate applied to the tax filer's taxable income.

However, how much of an individual's income is taxed depends on more factors than just their marginal tax bracket. Instead, income taxes are calculated progressively, with a range of income levels subject to a certain rate for each bracket.


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5 0
2 years ago
An expansion is: a period in which the economy is growing at a rate significantly below normal. a period in which the economy is
Over [174]

Answer:

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Explanation:

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Expansion is sometimes described as the first step in the business cycle, but this is an arbitrary point of departure, here the economy has a constant stream in the supply of capital, and the investment booms.

8 0
3 years ago
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Which pair of accounts follows the rules of debits and credits in relation to increases and decreases in the opposite manner? ca
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<span>Which pair of accounts follows the rules of debits and credits in relation to increases and decreases in the opposite manner? Salaries Expenses and Unearned Revenue. The Salaries Expense report shows the salaries that employees have been paid during a set period that is listed on the income statement. The Unearned Revenue account shows the amount of money a company has earned in advanced for providing goods or services. Employees can also be paid in advance but then owe the good or service to the company or provider. </span>
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