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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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Answer:

c. 70% / 81% / 90%

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3 years ago
Rediger Incorporated a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work
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Answer:

cost of goods manufactured= $161,800

Explanation:

Giving the following information:

Beginning Work in Process inventory= $41,000

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The manufacturing overhead cost applied to Work in Process was $54,800.

<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>

<u></u>

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cost of goods manufactured= 41,000 + 58,800 + 33,700 + 54,800 - 26,500

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3 0
3 years ago
Which of the following would be a disadvantage of releasing cash flow to buy out an investor?
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Explanation:

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5 0
3 years ago
The Allowance for Bad Debts account had a balance of $8,500 at the beginning of the year and $7,200 at the end of the year. Duri
aliya0001 [1]

Answer:

The total amount of past-due accounts receivable that were written off as uncollectible during the year were: $17,300

Explanation:

The amount of past-due accounts receivable that were written off as uncollectible during the year are calculated by following formula:

Past-due accounts receivable that were written off as uncollectible = The Allowance for Bad Debts account had a balance at the beginning of the year + Bad debts expense was recognized - The Allowance for Bad Debts account had a balance at the end of the year = $8,500 + $16,000 - $7,200 = $17,300

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Which of the following statements is TRUE with regard to gross margin?
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ANSWER: (A)

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7 0
3 years ago
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