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slamgirl [31]
3 years ago
12

An aging of a company's accounts receivable indicates that estimate of the uncollectible accounts totals $4,979. If Allowance fo

r Doubtful Accounts has a $1,325 credit balance, the adjustment to record the bad debt expense for the period will require a_________.
Business
1 answer:
nordsb [41]3 years ago
8 0

Answer:

The adjustment to record the bad debt expense for the period will require a debit $3,654

Explanation:

There are two way to estimate uncollectible accounts: the percentage of sales method and the accounts receivable aging method.  

The company uses the accounts receivable aging method to estimate the uncollectible accounts and estimated uncollectible of $4,979

Before adjustment, Allowance for Doubtful Accounts has a $1,325 credit balance.

Bad debt expense for the period = $4,979 - $1,325 = $3,654

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zavuch27 [327]

Answer:

$49,950

Explanation:

X = amount in account

Make (x times the interest rate) equal to the $9.99 you will need to earn to cover the fee.

.02%* x = 9.99

.0002x= 9.99 (Divide both sides by .0002)

x = $49,950

With such a small interest rate, you will need to have a large sum of money in order to earn enough to cover the fee.

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3 years ago
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3 years ago
Selected information from the accounting records of Ellison Manufacturing Company follows:
Amanda [17]

Answer:

b. 94.9

Explanation:

The computation of the number of days' sales in average inventories is shown below:

Day inventory outstanding = (Beginning inventory + ending inventory) ÷ 2  ÷ cost of goods sold × total number of days in a year

= ($672,000 + $576,000) ÷ 2 ÷ $2,400,000 × 365 days

= ($624,000 ÷ $2,400,000 ) × 365 days

= 94.90 days

Simply we take the average of inventory and divide from the costs of goods sold

All other information which is given is not relevant. Hence, ignored it

7 0
3 years ago
If total change in cash = $44,000, net operating cash flows = $22,000, and net investing cash flows = ($13,000); then net financ
Mnenie [13.5K]

Answer:

Net financing cashflows are $ 35,000.

Explanation:

A company generates cashflow from three activities that are cash from operations , cash from financing activities and cash from investing activities. The company net cash flow is total of these above specified. So we can determine net financing cashflows from the equation given below.

<em>total change in cash = net operating cash flows + net investing cash flows + net financing cash flows</em>

net financing cash flows = $ 35,000

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8 0
3 years ago
Mister Plow has contracted to perform snow removal services for the city of Springfield. Record snowfall has more than doubled t
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Answer:

Fixed price contract

Explanation:

A fixed price contract states that price for services rendered is fixed as mentioned in the contract irrespective of time taken and resources used.

Price cannot be revised in case effort and time has increased more than expected. In this case, Mister Plow cannot ask for more money as service contracts are fixed price contracts and terms of contract including price cannot be changed.

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3 years ago
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