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3 years ago

The direct write off is used when:

Business

1 answer:

Thepotemich [5.8K]3 years ago

3 0

Answer:

The correct answer is letter "A": Uncollectible accounts are not anticipated or immaterial.

Explanation:

Direct write-off is a method used to record debts from credit sales. An allowance account is not used with this method but an account receivable directly written-off for the outstanding amount once it is determined to be uncollectible. This method is used for tax-reporting purposes.

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Concord Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per boo

matrenka [14]

Answer:

C. $23,950

Explanation:

Given the above information, the adjusted cash book balance is computed as:

Adjusted cash balance per books = Cash opening + Collection by bank - Bank charge check printing - NSF check

= $20,200 + $4,880 - $130 - $1,000

= $23,950

Therefore, the adjusted cash balance per books on August 31 is $23,950

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3 years ago

Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manu

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Answer:

$187,975

Explanation:

Calculation to determine The cash payments expected for Finch Company in the month of April

Cash Payment= 3/4 *$198,500 (May's manufacturing cost)+1/4 *$156,400 (April's manufacturing cost received in May)

Cash Payment=$148,875+$39,100

Cash Payment=$187,975

The The cash payments expected for Finch Company in the month of April are $187,975

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3 years ago

A corporation issued 8% bonds with a par value of $1,000,000, receiving a $20,000 premium. On the interest date 5 years later, a

Mrac [35]

Answer:

$22,000 gain.

Explanation:

Please see attachment

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3 years ago

Harding, Jones, and Sandy, a partnership, is in the process of liquidating. The partners have the following capital account bala

Radda [10]

Answer: Cash to be distributed to Harding = $ 17000, Jones = $ 3000 

Explanation:

It has been indicated that the ($9,000) deficit will be covered with a forthcoming contribution

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Loss = 48000 - 20000 = $ 28000

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∴ Jones Capital balance = $\frac{(24000 - 28000)\times48}{16+48}$ = $ 3000

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Therefore,

Cash to be distributed to Harding = $ 17000, Jones = $ 3000

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3 years ago

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11% of kids dont have cell phones

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3 years ago