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
olasank [31]
3 years ago
6

During the​ year, credit sales amounted to​ $820,000. Cash collected on credit sales amounted to​ $780,000, and​ $15,000 has bee

n written off. At the end of the​ year, the company adjusted for bad debts expense using the​ percent-of-sales method and applied a​ rate, based on past​ history, of​ 2.5%. The ending balance in the Allowance for Bad Debts is​ ________.
Business
1 answer:
Katena32 [7]3 years ago
3 0

Answer:

The ending balance in the Allowance for Bad Debts is​ 20,500 CREDIT

Explanation:

The ending balance of Allowance for bad debts would be the 2.5% of sales

The adjustment is made to get the allowance for Bad Debt match the estimate uncollectible ammounts.

Notice it state <em>"company adjusted for bad debt expense"</em>

This means<u> it debit this account as much as it needed to be</u> to make allowance match the estimate allowance.

The write-off are transaction durign the period. They are irrelevant

So the ending balance is:

<em>2.5% of credit sales of 820,000 = $20,500</em>

It is important to remember that <u>Allowance is a counter-asset account</u>. His <em>normal balance is credit</em>, so the<u> final balance is credit.</u>

You might be interested in
Arnold, a single individual, has adjusted gross income of $65,000 in the current year. Arnold donates the following items to his
Olin [163]

Answer:

Option A. $15,400

Explanation:

The net deduction allowed as an charitable contributions are as under:

                                             $

1. ABC Cop. stock

Cost $6000  

FMV <u>$22000</u>                   $16000

2. Personal Clothing Items

Cost $1000

FMV <u>$400  </u>                      <u>  ($600) </u>

Net Deduction                 $15,400

The amount that qualifies as charitable contribution for the year is $15400.

3 0
3 years ago
Last month, a processing facility (such as a check processing facility or a distribution center) transitioned from an unpaced as
bija089 [108]

Answer: b. Quality problem occurs

• c. It tends to decrease with the growing degree of division of labor

Explanation:

From the scenario on the question, the most likely thing to result is for quality problems to occur. Quality simply has to do with the extent to which a particular product satisfies already specified requirements.

Based on the scenarios such as the worker at the bottleneck station being replaced by another worker who works more slowly than the original worker, the quality will be affected.

Division of labor is when task are being delegated in a workplace so that efficiency can be improved. When there is a rise in the division of labor, learning is affected as there'll be a decrease as division of labor increases. This is because everyone has his or her role to play rather than learning more about other departments or roles, the worker will be typically focused on one role.

7 0
3 years ago
compared with the network evening news shows (those on abc, nbc, and cbs), cable news stations such as msnbc, fox news, and cnn
Orlov [11]

While network evening newscasts have stayed fairly constant throughout the years, the news programs that Americans watch on local television stations and national cable channels have altered substantially in recent years.

<h3>What change has been noticed?</h3>

Local television newscasts have recently emphasized traffic, weather, and sports, even more, aired less edited package stories, and cut the lengths of stories—trends that might be a result of the industry's current economic challenges.

There is a growing fear that local TV news may be suffering some of the financial difficulties that have already hammered the newspaper sector as younger people are tuning out local newscasts.

Learn more about local television, from:

brainly.com/question/5418404

#SPJ1

5 0
1 year ago
Time Again LLC produces and sells a mantel clock for $150.00 per unit. In​ 2017, 43,000 clocks were produced and 36,000 were sol
Vedmedyk [2.9K]

Answer:

Unitary cost= $118

Explanation:

Giving the following information:

Production= 43,000

Direct materials $43.00 per unit

Direct manufacturing labor $8.00 per unit

Variable manufacturing costs $4.00 per unit

Fixed manufacturing costs $63.00 per unit

<u>The absorption costing method includes all costs related to production, both fixed and variable.</u> The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary cost= 43 + 8 + 4 + 63

Unitary cost= $118

7 0
3 years ago
Twenty years ago, a family purchased a vacant lot for $26,500. they made no improvements during the time they owned the property
KonstantinChe [14]
To find the gross profit margin found by:
(revenue - cost of goods sold)/revenue

Revenue = $62,275
Cost of goods sold (purchase price) = $26,500

= (62,275 - 26,500)/62,275
= 35,775/62,275
= 0.57 x 100
Percentage of gross profit = 57%
3 0
3 years ago
Read 2 more answers
Other questions:
  • Other things the same, if prices fell when firms and workers were expecting them to rise, then a. employment and production woul
    5·1 answer
  • Which innovation made the building and use of skyscrapers feasible?
    13·1 answer
  • purchased equipment on January​1, 2018​,for $ 27 comma 419.Suppose Duck Pond Golf Club Sold the equipment for $ 19 comma 000 on
    13·1 answer
  • The primary goal of a firm's management is to do what?Select one:a. Maximize owner's share of earningsb. Maximize owner's wealth
    15·1 answer
  • An equal partnership is formed by Rita and Gerry. Rita contributes cash of $10,000 and a building with a fair market value of $1
    9·1 answer
  • A company uses radio frequency identification (RFID) tags to keep track of its inventory. This is an example of the impact of te
    8·1 answer
  • Navy core values, though fundamental to Naval operations, are overlooked in a TCRM situation. A ) True B ) False
    8·1 answer
  • ACME Corp. managers lack the will and resources to develop international marketing strategies but are happy when their company's
    15·1 answer
  • Bramble Corp. reported the following year-end information: beginning work in process inventory, $270000; cost of goods manufactu
    7·1 answer
  • Carl purchased an apartment complex for $2.6 million on March 17 of year 1. of the purchase price, $1,050,000 was attributable t
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!