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
AnnZ [28]
3 years ago
10

The balance of the Allowance for Doubtful Accounts account at January1 of the current year was $6,800. During the year, accounts

receivable in the amount of $9,000 were written off. Estimated uncollectible accounts expense using the percentage-of-sales basis for the year amounts to $7,200. The balance of the Allowance for Doubtful Accounts account to be reported on the balance sheet at year-end is
(A) $7,200.
(B) $5,000.
(C) $14,000.
(D) $8,600.
Business
1 answer:
Stella [2.4K]3 years ago
7 0

Answer:

Given:

Accounts receivable = $9,000

Allowance for Doubtful Accounts (current year) = $6,800

Estimated uncollected accounts expense = $7,200

The balance of the Allowance for Doubtful Accounts to be reported on the balance sheet at year-end can be computed as:

Allowance for Doubtful Accounts (at year end) = Allowance for Doubtful Accounts (current year) + Estimated uncollected accounts expense - Accounts receivable

Allowance for Doubtful Accounts (at year end) =  $6,800 + $7,200 - $9,000

Allowance for Doubtful Accounts (at year end) =  $5,000

∴ <em><u>The balance of the Allowance for Doubtful Accounts to be reported on the balance sheet at year-end is $5,000.</u></em>

You might be interested in
Criminal law defines crimes, establishes punishments, and includes payment for personal injury.
FromTheMoon [43]

Answer:

t

Explanation:

the letter t is cool

5 0
3 years ago
2.what are some of the reasons people don’t manage their money well for the future?
Flura [38]
1) They are young and not so smart o( just a saying), 2) They think they will be rich forever and forever be on top of the world, 3) Ignorance or following the wrong financial advice, 4) Instead of them wisely taking care of their finances, they put it in other people's hands, who of course abuse it as well or take advantage. :)
5 0
3 years ago
At January 1, 2020, Windsor Company had plan assets of $303,000 and a projected benefit obligation of the same amount. During 20
Arte-miy333 [17]

Answer:

The answer is well illustrated as below

Explanation:

Remember: Five factors affects the Pension Liability and Plan assets.

1 & 2. Expenses which includes service cost and interest cost

The increase in expense always increases the pension liability so the entry would be:

Dr Service cost  $27,100

Dr Interest Cost $30,300 ...... $303,000 Opening Pension Liability * 10%

Cr Pension Liability        $57,400

3. Actual return increases the Plan Asset

The Actual return on investment received would increase the Assets worth, which means the journal entry must be passed which would increase the Investment Value (Plan Asset). So the entry would be:

Dr Plan Asset $25,700

Cr Actual return $25,700

4. Contributions made increases the Plan Asset because it is an increase in the investment.

So the journal entry would be:

Dr Plan Asset $20,000

Cr Cash Asset        $20,000

5. The benefits paid to employees are decrease in both pension asset and the pension liability. (We had actually borrowed money from the employees and had invested that money so paying off the benefits actually decreases the pension liability and assets).

So the double entry would be:

Dr Pension Liability $17,700

Cr            Pension Assets $17,700

Kindly input the above values in the following worksheet:

4 0
3 years ago
If you are an employee at a local hotel where is the best place to find information regarding the policies and procedures of
tino4ka555 [31]
D. Because if your a employee and go in the lounge you can find stuff in the room
7 0
3 years ago
Read 2 more answers
ANSWER ASAP PLEASSSE!!
kogti [31]

Answer:

A measurable plan is a plan that can be effectively quantified to justify it's qualities.

Explanation:

A financial plan can be defined as a set of guidelines that act as a map to help in managing ones savings and expenditures to meet set goals and objectives. In order to execute a financial plan, one of the features that have to be considered in good financial planning is to ensure that the goal is measurable.

In our case, you plan to save $5,000 for a down payment on a new car. This means that you need to save up to $5,000 in order to afford the car down payment. The following steps can be used;

1. Determine the goal: our goal is to save up to $5,000. The amount is a measurable figure that can be recorded as a goal.

2. Determine measurable ways to achieve the goal: this involves first determining the time you need to achieve the goal and the times and amount you will save each period to achieve $5,000 at the end of the time-frame. Lets say you need to save $5,000 in ten days, this implies that you will need to save (5,000/10)=$500 per day.

3. Keep a record every time you make a contribution towards your savings account to track how far you have reached.

4. Once the time has elapsed, calculate the total amount of savings you have collected over time to check if the plan was achieved.

3 0
3 years ago
Other questions:
  • it is generally agreed that the role of strategy is to: options make best use of resources make profits for the organization mak
    11·1 answer
  • our uncle is about to retire, and he wants to buy an annuity that will provide him with $57,000 of income a year for 20 years, w
    10·1 answer
  • The countries that have made the least use of securities markets are ________ and ________; in these two countries finance from
    9·1 answer
  • In accordance with 1926.21(b)(2), the employer is required to instruct each employee in the _______________ of unsafe conditions
    14·1 answer
  • YOUR ASSIGNMENT: 1. You are a single person with no dependents, earning a salary of $47,810. You have no adjustments to your inc
    15·1 answer
  • An investor has $20,000 in his trading account and he borrows an additional $20,000 from his broker. He invests the total amount
    8·1 answer
  • Vilal
    9·1 answer
  • Hi i needa gf im 16 im a kind loving caring person anyone 13 through 17
    7·1 answer
  • Provide theoretical underpinnings of empirical findings in Wang (2018b) and Wang and Duxbury (2021).
    15·1 answer
  • The _____ curve represents the full employment capacity of the economy and depends on the amount of resources available for prod
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!