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dimulka [17.4K]
3 years ago
6

Using the percentage of net sales method, uncollectible accounts expense for the year is estimated to be $54,000. If the balance

of the Allowance for Uncollectible Accounts is an $18,000 credit before adjustment, what is the balance after adjustment?
A) $18,000
B) $54,000
C) $72,000
D) $38,000
Business
1 answer:
PilotLPTM [1.2K]3 years ago
6 0

Answer:

The correct answer is c) $72,000

Explanation:

(Using the percentage of net sales method)

  • Uncollectible accounts expense for the year is estimated to be $54,000

  • If the balance of the Allowance for Uncollectible Accounts is an $18,000 credit before adjustment.

$54,000 + $18,000= $72,000

The balance after adjustment is $72,000

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Mrrafil [7]

Efficiency and innovation is important to a society because they are key components to bringing income into their economy and creating jobs for those within it. Being efficient means to use your resources wisely and get through work at a good pace. Being efficient doens't mean you need to rush through anything, just use your time and resources as best as you can. Innovation is important because it creates new ideas for consumers and producers to make and sell within an economy. When a new invention comes about, that gives opportunities for growth and expansion of a company or a new or old.

8 0
3 years ago
Another bank is also offering favorable terms, so Raphael decides to take a loan of $15,000 from this bank. He signs the loan co
Colt1911 [192]

Answer:

$15,495.41

Explanation:

Given that,

Loan amount = $15,000

Annual Interest rate = 13%

Daily interest rate = Annual Interest rate ÷ 365

                              = 13% ÷ 365

                              = 0.035616%

Period of loan = 3 months

Number of days:

= 365 × (3 ÷ 12)

= 91.25 days

Total amount that Raphael owes the bank at the end of the loan’s term:

= P(1 + r)^n

= 15,000 × (1 + 0.035616%)^91.25

= 15,000 × (1.00035616)^91.25

= 15,000 × 1.0330275

= $15,495.41

5 0
3 years ago
The advantage to departmentalizing by the function performed is Group of answer choices A. increased accountability for product
OLEGan [10]

Answer: Option B      

 

Explanation: In simple words, functional departmentalization refers to the process in which an organisation makes different departments within, for performing different tasks.

For example - all the activities related to procurement of money will be performed by finance department.

The main advantage of doing so is that each department will perform only specific assigned activities and all the employees working in the departments will be those who are experts in the field.

8 0
3 years ago
Classify the following topics as relating to microeconomics or macroeconomics. Topic: Microeconomics or Macroeconomics
goldenfox [79]

Answer: MICROECONOMICS

1.The effect of a change in price of one good on a related good.

MACROECONOMICS

2. The relationship between the inflation rate and the unemployment rate.

3.The effect of government subsidies on the agricultural industry.

Explanation: Microeconomics is a term of the to describe the impact of certain conditions on a single product or service,it doesn't consist of the whole economy or country.

Macroeconomics is a term used to describe the impact of certain conditions on the whole economy or country. Inflation rate, unemployment rate, effects of subsidy in Agriculture etc are all Macroeconomics statistics give better understanding of the economic performance.

8 0
3 years ago
Chu Company provided the following information related to its inventory sales and purchases for December Year 1 and the first qu
rosijanka [135]

Answer:

Option (a) is correct.

Explanation:

For February,

Opening inventory would have been:

= 25% of February

= (25% × $89,000)

= $22,250

Ending inventory would have been:

= 25% of March

= (25% × $59,000)

= $14,750

Hence,

Cost of goods sold = Opening inventory + Purchases - Ending inventory

$89,000 = $22,250 + Purchases - $14,750

Purchases = $89,000 + $14,750 - $22,250

                  = $81,500

Therefore, the budgeted purchases of inventory in February Year 2 would be $81,500.

4 0
3 years ago
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