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bezimeni [28]
3 years ago
7

In 2018, Sheridan Company had credit sales of $894000. On January 1, 2018, Allowance for Doubtful Accounts had a credit balance

of $22300. During 2018, $35900 of uncollectible accounts receivable were written off. Past experience indicates that the allowance balance should be 10% of the accounts receivable become uncollectible. What should be the required adjustment to the Allowance for Doubtful Accounts at December 31, 2018 if the ending accounts receivable balance was $235000?
Business
1 answer:
Fantom [35]3 years ago
4 0

Answer:

$37,100

Explanation:

The computation of the adjustment made to Allowance for Doubtful Accounts  is shown below:

= Ending account receivable balance × uncollectible percentage - credit balance of Allowance for Doubtful Accounts + written off amount

= $235,000 × 10% - $22,300 + $35,900

= $23,500 - $22,300 + $35,900

= $37,100

We simply applied the above formula so that the adjustment amount could arrive

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Alina [70]

The company probably uses the multidomestic strategy.

<h3><u>What is a multidomestic strategy?</u></h3>
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4 0
1 year ago
In a market with 1,000 identical firms, the short-run market supply is the
kompoz [17]

Answer: Option(a) is correct.

Explanation:

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Therefore, the supply curve of the firm is the above part of the MC curve from the minimum point of average variable cost.

8 0
3 years ago
On October 1, 2022, Sheridan Company places a new asset into service. The cost of the asset is $81000 with an estimated 5-year l
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Answer:

the depreciation expense for 2022 is $3,000

Explanation:

Straight line method of depreciation charges a fixed amount of depreciation over the period of use of an asset.

Depreciation Expense = (Cost - Residual Value) / Number of useful life

                                      =  ($81000 - $21000) / 5

                                      =  $12,000

The Annual depreciation charge for this machine will be $12,000 for each of the years that it is used in the business.

However since it was paced in use during the year that is 1 October, we have to apportion the Annual charge withe number of months that its has been in use during 2022.

It has been used for 3 months thus depreciation charge is :

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8 0
3 years ago
Beginning on January 1, 2020, 5 equal deposits are to be made in a fund. Required: Using the appropriate tables, determine the e
8090 [49]

Answer:

Explanation:

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7 0
3 years ago
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zheka24 [161]

Answer:

Tania is a "limited partner ".

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