1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tankabanditka [31]
3 years ago
11

Ransdell Corporation estimates that $15,000 of the current period’s credit sales will be uncollectible. Where will these bad deb

ts be reported in Ransdell’s financial statements?
Business
1 answer:
Naily [24]3 years ago
5 0

Answer:

Bad Debts Expense of $ 15,000 in the income statement and offset of receivables by $ 15,000 in the balance sheet.

Explanation:

The portion of credit sales considered to be uncollectible will be recorded as an expense in the income statement for the period. This is usually classified as bad debts expense and appears in the income statement as a debit or expense.

The corresponding credit shall be either to an Allowance for Uncollectible accounts if a provision is made or directly as a credit to the receivables account.

In either manner the effect is to reduce the receivable in the balance sheet

You might be interested in
The _______ test asks the question: is the industry profitable or capable of being profitable?
meriva
<span>The attractiveness test asks the question: is the industry profitable or capable of being profitable. It is a fundamental test for managers and investors and helps to establish a baseline of performance expectation. An answer of 'no' to the attractiveness test indicates that the industry is not likely to be a good investment.</span>
4 0
3 years ago
A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade is a
sergejj [24]

Answer:

Market

Explanation:

A market is an arrangement that allows buyers and sellers to exchange goods or services . In market arrangement ,a group of buyers and sellers of a good or service ant the institution or arrangement by which they come together to trade

4 0
3 years ago
Stock Investment Transactions On September 12, 3,600 shares of Aspen Company are acquired at a price of $45.00 per share plus a
Komok [63]

Answer and Explanation:

According to the scenario, journal entries for the given data are as follows:

Journal Entries

Sep. 12 Stock investment in Aspen company A/c Dr. $162,180               (3,600×$45)+$180  

               To Cash A/c  $162,180

      ( Being purchase is recorded)

Oct. 15   Cash A/c Dr. $4320                                    (3,600×$1.2)

              To Revenue from dividend A/c   $4320  

     ( Being dividend revenue is recorded )

Nov. 10 Cash A/c Dr.  $54,648                                  (1,440×$38)-$72

Loss due to sale of investment A/c Dr. $10,224      ($64,872 - $54,648)

To Investment in Aspen company investment A/c $64,872 (1,440× $45)+$72

  ( Being sale is recorded)

6 0
3 years ago
Mr. Benjamin salgado invested his savings to salgado and delgado construction corporation amounting to php500,000 in cash and eq
ohaa [14]

Answer:

Mr. Benjamin has invested total php 750,000 in Salgado and Delgado construction corporation.  

Explanation:

The investment made by Mr. Benjamin in cash and as an equipment both will be considered as investment made in the company. The percentage of stake will be calculated by considering both forms of investments. Mr. Benjamin will have controlling stake in Salgado and Delgado corporation. The company can receive dividends according to percentage of stake declared by the company.

7 0
3 years ago
Identify and discuss the five questions that should be answered by a good mission statement.
Blababa [14]

Answer:

PART A

The five questions are as follows

What is my risk tolerance?

How fast am I able to move?

What is my access to capital?

Who do I need to help me get there?

Do I have the capacity that I need to make this journey?

PART B

They where not carefully prepared

They lack the competence required to make a good mission statement

Lack of adequate knowledge about the Organisation

PART C

YES.

Explanation: Mission statement is a short and brief description of why an organisation exists and what are the goals of the Organisations, mission statement are also a statement of what the company wants to achieve.

A good mission statement should ensure that has considered the RISK TOLERANCE LEVEL OD THE ORGANISATION AS IT REGARDS TO INTERNAL AND EXTERNAL THREATS,THE PACE OF THE ORGANISATION, AVAILABILITY OF RESOURCES LIKE FUNDS,WHO ARE THE PEOPLE THAT THE ORGANISATION NEEDS TO ACHIEVE ITS MISSION AND THE AVAILABILITY OF COMPETENT MANPOWER AND THE NEEDED CAPACITY TO ACHIEVE THE MISSION.

Some of the issues that affects a mission statement is when people who are not competent or don't understand the concept of a mission statement or the Organisation are asked to prepare one,it will fail to put these five questions into consideration etc.

7 0
3 years ago
Other questions:
  • If the cpi increases from 250 to 275 for one year, the rate of inflation for that year is
    6·1 answer
  • Blago Wholesale Company began operations on January 1, 20X1, and uses the average cost method in costing its inventory. Manageme
    7·1 answer
  • Pizza is a normal good if the demand Group of answer choices
    15·1 answer
  • Sheridan company had 303000 shares of common stock issued and outstanding at december 31, 2017. no common stock was issued durin
    11·1 answer
  • The owner of a small business borrowed $70,000 with an agreement to repay the loan with quarterly payments over a five year time
    12·1 answer
  • When hallmark cards introduced a line of 99-cent cards (about half the price of the previously least expensive cards sold by hal
    9·1 answer
  • A pencil manufacturer is in a perfectly competitive market. The firm can sell as much as it wants at a price of $1.50 per pencil
    14·1 answer
  • What toys were Georgia Caroline playing with?<br> - childhood class
    15·1 answer
  • What are the 5 factors taken into account when calculating a credit score?.
    8·1 answer
  • Suppose the government increases spending to fund tuition assistance for qualified college students. automatic stabilizers will
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!