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Dmitriy789 [7]
3 years ago
7

At december 31, gill co. reported accounts receivable of $244,000 and an allowance for uncollectible accounts of $1,350 (credit)

. an analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 1% of accounts receivable. the amount of the adjustment for uncollectible accounts would be:
Business
1 answer:
konstantin123 [22]3 years ago
4 0
Given:
<span>accounts receivable of $244,000
allowance for uncollectible accounts of $1,350 (credit)

1% of the accounts receivable should be the value of the allowance for uncollectible accounts. 

244,000 x 1% = 2,440

2,440 - 1,350 = 1,090

Adjusting entry:
                                           Debit                    Credit
Bad Debt Expense             1,090
        Allowance for uncollectible accounts       1,090</span>
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3 years ago
Waterway Industries purchased a depreciable asset for $610000 on January 1, 2018. The estimated salvage value is $61000, and the
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Answer:

The depreciation charge in 2021 is $ 164,000.00  

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cost is $610,000

salvage value is $61,000

useful life is 9 years

Annual depreciation charge=($610,000-$61,000)/9=$61000

The depreciation of charge of $61000   is applicable to years 2018 ,2019 and 2020 respectively.

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3 years ago
Which of these inventory changes would be accounted for prospectively? Select one: a. FIFO to LIFO, but not LIFO to FIFO b. LIFO
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Answer: a. FIFO to LIFO, but not LIFO to FIFO

Explanation:

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2 years ago
Jacoby Company received an offer from an exporter for 26,200 units of product at $18 per unit. The acceptance of the offer will
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Answer:

The change in revenue (differential revenue from the acceptance of the offer) will be $ 471600

Explanation:

The revenue represents the total sales of the product, regardless of the costs, then If the company produced initially Q units the initial revenue will be

Initial Revenue=total sales= P₁*Q₁

- Since the offer does not alter the domestic sales prices P₁ , the price P₁ remains constant.

- Since the sales does not affect normal production , the quantity sold to the domestic market Q₁ is also not affected ( i don't need to resign units to the domestic market to sell to the exporter)

then

New revenue= Revenue from the exporter + Revenue from the domestic market = Revenue from the exporter + Initial revenue

where Revenue from the exporter=P₂*Q₂ , P₂= price sold to the exporter and Q₂= units sold to the exporter

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Note:

The profit represents the revenue, taking into account the costs. Then the change the initial profit will be

initial profit =  P₁*Q₁ - (CF+CV*Q₁)

the New profit

New profit = P₂*Q₂+ P₁*Q₁ - [CF+CV*(Q₂+Q₁)]

and the change in profit

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Listening is often as important as speaking in a business conversation
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This is true because you have to know what the other person is talking about. ;)
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