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juin [17]
4 years ago
8

Pogo Products Inc. reported an opening balance in the allowance for doubtful accounts of $564,000. During the year, the company

determined that a $30,000 receivable due from Shimmer Company was uncollectible. Prepare the journal entry to write off the Shimmer account assuming that Pogo uses the allowance method.
Business
1 answer:
tester [92]4 years ago
4 0

Answer:

Dr.  Allowance for doubtful accounts $30,000

Cr.  Account receivables                     $30,000

Explanation:

Allowance for doubtful accounts is an estimate of the receivables which are not expected to be received in future. It is an contra asset account and adjusted against the accounts receivable. On balance sheet Accounts receivable is reported after adjusting the value of allowance for doubtful accounts.

Write off is also adjusted in allowance for doubtful accounts by debiting the allowance for doubtful accounts and crediting the accounts receivables.

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You are the General Manager of a regional chemical company. In the course of producing your bulk chemicals, large amount of part
34kurt

Answer:

The answer is explained below

Explanation:

The companies board of directors as well as you would consider whether it is best to install the scubber system. When determining whether to install the scubber system both short and long term consequences are to be considered. If presently, the level of pollution is legal, you need to consider if in the future it would be legal? if the installation of the scubber system would affect the public relations of the company. After considering all this, it would be better to install because the pollution can lead to death, and the neighborhood can sue the company. Also the EPA regulations can be regulated.  

5 0
3 years ago
The existence of a ________ means that the interest rate on a two-year bond will exceed the average interest rate on two success
krok68 [10]
The answer is risk-premium
7 0
3 years ago
he income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million. An ex
Anna71 [15]

Answer:

Cash received from customers is $90,025  million

Cash paid to suppliers is $72,128   million

Explanation:

Cash received from customers is the net sales of $91,758 million minus the increase in accounts receivable since that is the portion of revenue yet to be received.

cash received from customers=$91,758 million-$1,733 million=$90,025  million

cash paid to suppliers is the cost of goods sold of $69,278 million plus the increase in inventory as well as the increase in accounts payable

cash paid to suppliers=$69,278 million+$883 million+$1,967 million=$72,128 million  

4 0
3 years ago
The Tolar Corporation has 500 obsolete desk calculators that are carried in inventory at a total cost of $720,000. If these calc
Arisa [49]

Answer:

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Explanation:

Since the calculators are obsolete, in the current state they only have value of $50,000

If further processed,

Sales = 190,000

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Total profit after processing = 190,000 - 130,000 = $60,000

The financial advantage of processing further = 60,000 - 50,000

Financial advantage = $10,000, the calculators should be processed further.

Hope that helps.

7 0
4 years ago
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Vladimir79 [104]

Answer:

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Explanation:

7 0
3 years ago
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