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AlekseyPX
4 years ago
6

During its first year of operations, Ivanhoe Company had credit sales of $2,781,600, of which $368,300 remained uncollected at y

ear-end. The credit manager estimates that $19,340 of these receivables will become uncollectible.
Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.)
Account Titles and Explanation | Debit | Credit
Business
1 answer:
Sergeeva-Olga [200]4 years ago
7 0

Answer:

Explanation:

The journal entry to record the bad debt expense is shown below:

Bad debt expense A/c Dr  $19,340

      To Allowance for doubtful debts $19,340

(Being estimated uncollectible amount is recorded)

For recording this journal entry, we debited the bad debt expense account and credited the  Allowance for doubtful debts so that the amount is correctly recorded in the correct item.

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In December of Year 4, John (a cash-basis taxpayer) received a $2,000 payment from Tom who signed a year's lease to rent John's
larisa86 [58]

Answer:

John should include $1,600 as rental income on his Year 4 tax return as a result of the $2,000 payment.

Explanation:

As a cash-basis taxpayer, John's taxable income is based on the actual cash receipts and payments made in the accounting period.  The refundable part of the rent should not be included as rental income since it is a security deposit that would be returned at the end of the lease period.  If John were an accrual-basis taxpayer, the rental income to be included would have been only $800 representing income for Year 4.

6 0
3 years ago
6. Suppose that the returns on the stock fund presented in Spreadsheet 6.1 were 240%, 214%, 17%, and 33% in the four scenarios.
Basile [38]

Answer:

Explanation:

Base on the scenario been described in the question, stock variance refers to the volatility that arises from the average. Volatility shows the degree of risk that will be helpful in determining the level of risk an investor should take while purchasing a particular security.

5 0
3 years ago
a company has established 5 pounds of material j at $2 per pound as the standard for the material in its product z. the company
Neporo4naja [7]

Answer:

direct materials quantity variance = 520 Favourable

Explanation:

given data

material = $2 per pound

produced = 1,000 units

Actual Quantity of Material = 5200

cost = $9,880

to find out

direct materials quantity variance

solution

we get here Material Price Variance that is express as

direct materials quantity variance = ( Standard Cost - Actual Cost) Actual Quantity of Material   .......................1

put here value we get

direct materials quantity variance = 2-   \frac{9880}{5200} × 5200

direct materials quantity variance = 520 Favourable

7 0
3 years ago
By lowering production costs, _____ help domestic producers compete against foreign imports. subsidies duties quotas tariffs
MrRa [10]
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4 0
3 years ago
now suppose that the government immediately pursues an accommodative policy by increasing government purchases in response to th
alisha [4.7K]

now suppose that the government immediately pursues an accommodative policy by increasing government purchases in response to the short run economic impact of the higher oil prices <u>The output will be $billion and the price level will increase.</u>

<h3>What is accommodative policy?</h3>

When a central bank (like the Federal Reserve) tries to increase the general money supply to support the economy when growth is stalling, this is known as accommodating monetary policy, often known as loose credit or easy monetary policy (as measured by GDP). The goal of the policy is to allow the money supply to increase in step with both the demand for money and national revenue.

  • The expansion of the money supply by central banks to stimulate the economy is known as accommodating monetary policy.
  • The Federal funds rate has been decreased as part of monetary policies that are deemed accommodating.
  • The goals of these policies are to lower the cost of borrowing money and boost consumer spending.

To learn more about accommodative policy from the given link:

brainly.com/question/14245561

#SPJ4

<h3><u /></h3>
4 0
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