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Lynna [10]
3 years ago
6

Chen Company's account balances at December 31, 2017 for Accounts Receivable and the Allowance for Doubtful Accounts are $800,00

0 debit and $1,500 credit. Sales during 2017 were $2,750,000. It is estimated that 1% of sales will be uncollectible. The adjusting entry would include a credit to the allowance account for:___________.
A) $29,000.
B) $27,500.
C) $26,000.
D) $8,000.
Business
1 answer:
Hatshy [7]3 years ago
6 0

Answer:

B) $27,500.

Explanation:

The computation of the amount credited to the allowance account is shown below:

= Sales during the 2017 year × estimated  uncollectible percentage

= $2,750,000 × 1%

= $27,500

By multiplying the sales with the estimated  uncollectible percentage we can get the amount credited to the allowance account and the same is to be considered

Hence, the correct option is B

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Answer:

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= Wages + Interest - Deduction

= 41,000 + 700 - 5,000

= $36,700

b. The couple will pick their Standard deduction in 2019 because its more than the itemized deduction.

Standard deduction for couples in 2019 = $24,400

c. I assume you mean their 2019 taxable income which is;

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3 years ago
A proposed new investment has projected sales of $585,000. Variable costs are 44 percent of sales, and fixed costs are $187,000;
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Answer:

The projected Net Income is $70,784

Explanation:

The Pro- forma income Statement

Working Note:

Variable cost = Sales × 44%

= $585,000 × 44%

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= $70,784

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Answer:

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