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Lerok [7]
3 years ago
5

Industrial Equipment Supply is a new business. During its first year of​ operations, credit sales were $ 45 comma 000and collect

ions of credit sales were $ 33 comma 000.One​ account, $ 725​,was written off. Management uses the agingminusofminusreceivablesmethod to account for bad debts expense and estimated $ 550as uncollectible at year end. The ending balance of the Allowance for Bad Debts is​ ________.
Business
1 answer:
Andrei [34K]3 years ago
3 0

Answer:

$600

Explanation:

The written down amount is $725, which is bad debt and provision is not required for it.

The increase in allowance for bad debt is always Written Off by using the provision and at the year end the amount that must have been written off is $600 which is the increase in the provision. This means that the Allowance for Bad Debts is​ $600.

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On January 1, Year 1, Sayers Company issued $280,000 of five-year, 6 percent bonds at 102. Interest is payable semiannually on J
mel-nik [20]

Answer:

The cash received from bond issuance is journalized as follows:

Dr Cash                                $285,600

Cr  Bonds payable                                  $280,000

Cr Premium on Bonds payable                   $5,600

The June 30 and 31 December Year 1 interest on the bonds are recorded thus:

30 June

Dr Interest expense(bal fig) $7,840                                          

Dr Premium on bonds           $560

Cr Cash                                         $8400

31 December

Dr Interest expense(bal fig) $7,840                                          

Dr Premium on bonds           $560

Cr Cash                                         $8400

The June 30 and 31 December Year 2 interest on the bonds are recorded thus:

30 June

Dr Interest expense(bal fig) $7,840                                          

Dr Premium on bonds           $560

Cr Cash                                             $8400

31 December

Dr Interest expense(bal fig) $7,840                                          

Dr Premium on bonds           $560

Cr Cash                                            $8400

Explanation:

The amount realized from the bond is calculated thus:

$280,000*102%=$285,600

Premium on  bond=Bonds proceeds-par value

                                =$285,600-$280,000

                                =$5,600

Semi-annual amortization of bond premium=$5,600/5*6/12

                                                                         =$560

Semi-annual interest payment=$280,000*6%*6/12

                                                 =$8,400

5 0
3 years ago
Substance use/abuse becomes a form of self-soothing when you feel stress or anxious
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3 years ago
Erosion can best be explained as the:
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Answer:

A. loss of current sales due to a new project being implemented.

Explanation:

In business, erosion takes place when a new product or project competes with another product or project from the came company. This "internal" competition reduces the revenues and benefits from existing products or projects. It is basically a form of business cannibalization, where the left arm takes away from the right arm. E.g. newer smartphone models decrease the sales revenue from existing (older) models.

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3 years ago
What are institutional advertisements designed to promote
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It is basically to help build a postitive image for your business you are running or trying to create

Hope this helps

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