I think it’s 3 and 4 as the answer.
Answer:
The correct option is 2. $50,200
Explanation:
Please see below the required journals for the transactions that occurred:
Debit Allowance for doubtful accounts $31,800
Credit Accounts receivable $31,800
(<em>To record write-off of accounts receivable)</em>
Debit Accounts receivable $2,340,000
Credit Sales revenue $2,340,000
<em>(To record credit sales during the year)</em>
Debit Cash $1,910,000
Credit Accounts receivable $1,910,000
<em>(To record collection on account)</em>
- The effect of the above journals on allowance for doubtful account is a reduction. Since Dinty already assessed its allowance for doubtful account to be $82,000, bad debt expense required will be $50,200 ($82,000 - $31,800).
- The balance in accounts receivable will be $2,340,000 - $1,910,000 - $31,800 = $398,200.
Answer and Explanation:
All these situations are taxable under lottery tax in the U.S.A, under Federal tax rule, there is 25% amount of winning money you have to pay under lottery tax rule.
If the acceptance of the prize is not based on significant potential benefits and the payment is charged by the education department to a tax-exempt agency approved by Linda, option "C" might be withheld from income.
Answer: 35 months
Explanation:
Interest to be paid = 1,200 - 1,020
= $180
This means that;
180 = 1,020 * 0.06 * t
61.2t = 180
t = 2.94 years
In months
= 2.94 * 12
= 35.28
= 35 months
