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gregori [183]
3 years ago
6

At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit bala

nce of $5,500; and sales for the year total $2,500,000. An analysis of receivables estimates uncollectible receivables as $25,000. Determine the amount of the adjusting entry for bad debt expense and the adjusted balance of Allowance for Doubtful Accounts, respectively. a. $30,500 and $525,000 b. $19,500 and $525,000 c. $30,500 and $25,000 d. $19,500 and $25,000
Business
1 answer:
levacccp [35]3 years ago
5 0

Answer:

d. $19,500 and $25,000

Explanation:

Provided balance of Accounts Receivables at year end = $550,000

Allowance for Doubtful Debts Account = $5,500

Sales for the year = $2,500,000

Now, provided un-collectible accounts receivables = $25,000

Thus year end balance of allowance for doubtful debts shall be $25,000

Therefore, entry shall be of amount = $25,000 - $5,500 = $19,500

after that balance at year end of allowance for doubtful debts = $5,500 + $19,500 = $25,000

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Explanation:

Ursula needs $19,000 or in other words FV (Future value)

She has savings of $2000 and trade in of $800 or in other words she has $2800. She needs to borrow $16200 (19000-2800)

Also, she wants monthly payment to be $282. To find which answer fits best, let's check each of them.

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C) APR = 7.8%; monthly 0.65%

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This is the correct option

Answer is - C

6 0
3 years ago
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Hodgkiss Mfg., Inc., is currently operating at only 95 percent of fixed asset capacity. Current sales are $800,000. Fixed assets
Norma-Jean [14]

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$4,292,699.99

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3 0
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Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2017, Sheffield reacquired 113 shares at
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7/1/17      Treasury Stock (113 X $88)     9,944

                 Cash                                                       9,944

9/1/17       Cash (62 X $94)                     5,828

                 Treasury Stock (60 X $88)                   5,280

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(Paid in capital from Treasury Stock = 5828 - 5280 = 548)

11/1/17 Cash (51 X $86)                           4,386

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(Paid in capital from Treasury Stock = 4488 - 4386 = 548)

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2 years ago
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