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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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The journal entry to transfer completed products from production to finished goods inventory includes which two of the following
Talja [164]

Answer:

Debit finished goods inventory

Credit Work in Process Inventory

Explanation:

The journal entry that is required to transfer the completed products from the production stage to finished goods inventory which is the amount of goods in the inventory that have been produced and as well is available and ready for customer to buy will includes to Debit finished goods inventory and to Credit Work in Process. Inventory

Debit finished goods inventory

Credit Work in Process Inventory

(Being to record finished goods inventory)

7 0
3 years ago
Karla Salons leased equipment from Smith Co. on July 1, 2021, in a finance lease. The present value of the lease payments discou
Natali5045456 [20]

Answer:

C- $3,400

Explanation:

The Karla Salons has leased equipment from Smith Co. in a finance lease. The Smith Co will record the interest receivable from the Karla Salons in its income statement. The Karla Salons will record lease obligations in its balance sheet. Under the new ASU, the interest revenue which Smith Co. will record in its income statement is $3,400 for the year 2016.

5 0
3 years ago
Reggie who is 55, had adjusted gross income of $32,000 in 2020. During the year, he paid for the following medical expenses:
sleet_krkn [62]

Assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75

Calculation to determine Reggie medical expense deduction

Drugs  $500

Add Health insurance premium-after tax $850

Add Doctors fees $1,250

Add Eye glasses $375

Total expenses  $2,975

($500+$850+$1,250+$375)

Less Insurance reimbursement  ($500)

Less 7.5% of Adjusted gross income ($2,400)  

($32,000×7.5%)

Medical Expense Deduction  $75

($2,975 - $500 - $2,400)

Inconclusion assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75

Learn more here:

brainly.com/question/17136095

6 0
2 years ago
The following transactions occur for the Hamilton Manufacturers.
Radda [10]

Answer:

The answer is stated below:

Explanation:

The accounting equation is as follows:

Assets = Liabilities + Stockholders' Equity

Analyzing the transactions:

1. The service is provided to customer on account, which result in increase in assets and the stockholders' equity

So,

Assets        =   Liabilities        +  Stockholders' equity

+ $4,000    = $0                     +  +$4,000

2. The equipment is purchased by signing a note, which result in increase in liability and also increase in the assets.

So,

Assets        =   Liabilities        +  Stockholders' equity

+ $10,500  =   +$10,500         + $0

3. Paid for the advertising, which result in decrease in cash as well as decrease in the equity of the company.

So,

Assets        =   Liabilities        +  Stockholders' equity

- $1,200    = $0                        +  -$1,200

7 0
3 years ago
Jenna purchased 500 shares of XYZ stock for $10 per share. The stock paid the following dividends: Year 1: $0.25 per share Year
aleksley [76]

Based on the price of the stock and the dividend over the years, the time-weighted return of XYZ stock is 16.83%.

<h3>What is the time-weighted return of XYZ stock?</h3><h3 />

In this case, the Time weighted return can will be the same as the IRR so the IRR function on a spreadsheet can be used to find the return.

Year 0 return = -$10 per share

Year 1 = $0.25

Year 2 = $0.27

Year 3 = (0.29 + 15) = $15.29.

Time weighted return will be 16.83% as shown in the attachment.

Find out more on Weighted return at brainly.com/question/15885163.

8 0
1 year ago
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