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Anettt [7]
3 years ago
12

Assume that Simple Co. had credit sales of $247,000 and cost of goods sold of $147,000 for the period. Simple uses the aging met

hod and estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $2,700. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $220. What amount of Bad Debt Expense would the company record as an end-of-period adjustment
Business
1 answer:
Airida [17]3 years ago
8 0

Answer:

$2,480

Explanation:

As the Allowance of Doubtful Accounts already has the credit balance of $2,20, and we need $2,700 at the end of the year. We know that Allowance of Doubtful Accounts has credit nature so it needed $2,480 ($2,700 - $2,20) to be adjusted at the end of the year, to make the adjusted balance equals to $2,700.

Adjusting Entry Will be as follow

Dr. Bad Debt Expense                         $2,480

Cr. Allowance of Doubtful Accounts   $2,480

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The sequence of operational planning and control tasks that follow sales and operations planning is ______.
Maksim231197 [3]

Answer:

D) planning master scheduling, material requirements planning, capacity requirements planning, detailed scheduling

Explanation:

The sequence of operational planning and control tasks that follow sales and operations planning is planning master scheduling, material requirements planning, capacity requirements planning, detailed scheduling.

Sales and operations planning (S&OP ) is a monthly integrated business management process that enables the executive management team to continually achieve objectives such as focus, control inventory costs, alignment and improve service levels of the organization.

8 0
3 years ago
On January 1, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This investee had assets with a
aalyn [17]

Answer:

The amount allocated to goodwill at January 1, 2017, is: $16,000

Explanation:

We talk of goodwill when a company acquires another one and is the difference between the cost to purchase the business minus the fair market value of the tangible assets netted the liabilities.

In this case the fair value of the assets is:

Assets $550,000 + $40,000 - $10,000= $580,000

The book value of the assets is corrected with the fair value, in this case we correct the value of the patent.

Liabilities $300,000

porcentage acquired 30%

price paid $100,000

$100,000 - ((580,000-300,000)*30%) = $16,000

5 0
3 years ago
Accounts receivable arising from sales to customers amounted to $80,000 and $70,000 at the beginning and end of the year, respec
vichka [17]

Answer:

b. $290,000

Explanation:

The computation of the cash flows from operating activities to be reported on the statement of cash flows is shown below:

= Net income reported on the income statement + decrease in account receivable

where,

Net income reported = $280,000

And, the decrease in account receivable is $10,000 ($70,000 - $80,000)

So, the cash flow from operating activities

= $280,000 + $10,000

= $290,000

The decrease in account receivable implies that more cash is come so it would be added and the same is shown above

5 0
3 years ago
Colgate manufactures a fruit-flavored spongebob squarepants toothpaste for kids. the age-based variable that distinguishes the m
satela [25.4K]
Is an example of Market segmentation, which divides the market in half, due to a different demographics like age, target market etc.
The new target market that divides the market is possibly ages: 6-9

Hope this helps.
8 0
3 years ago
Read 2 more answers
The largest proportion of federal revenues comes from
NemiM [27]
The largest proportion of federal revenues comes from C. Personal income taxes.
6 0
3 years ago
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