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3 years ago

__________ is a contra asset account representing the amount of accounts receivable that we do not expect to collect.

Business

1 answer:

maw [93]3 years ago

6 0

Answer:

Allowance for uncollectible accounts

Explanation:

This account is a contra asset account which says that the account receivable amount is not collected in near future

It is shown in the asset side of the balance sheet

Assets side

Current Assets

Accounts receivable XXXXX

Less: Allowance for doubtful debts (XXXXX)

Net accounts receivable XXXXX

It is an estimated amount which is not to be paid by the customer in respect to goods delivered to them

The journal entry would be

Bad debt expense A/c Dr XXXXX

To Allowance for uncollectible accounts A/c XXXXX

(Being the uncollected amount is recorded)

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2 years ago

Marigold corp. has 634000 shares of $10 par value common stock outstanding. during the year marigold declared a 13% stock divide

Vera_Pavlovna [14]

No. of shares outstanding before stock dividend = 634000

Price per share = $46

Stock dividend issued (shares issued) = 634000 x 13%

= 82,420

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No. of shares outstanding after stock dividend = 634,000 +82,420

=716420

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= 429,852

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4 years ago

While advocates of a market-oriented economy tend to argue that consumers benefit substantially when firms seek short-term profi

ELEN [110]

Answer: socially wasteful

Explanation:

Product differentiation is when a product is being distinguished from similar products in order to make it more appealing and therefore drive consumers choice.

It should be noted that critics of market-oriented economies may argue that product differentiation is socially wasteful.

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3 years ago

If an undergraduate student was considering getting a tattoo and stopped to ask herself what her parents would think of such beh

MariettaO [177]

Answer: The correct answer is "subjective norm".

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4 years ago

Read 2 more answers

On December 31 of Swift Co.’s first year, $70,000 of accounts receivable is not yet collected. Swift estimates that $4,000 of it

pishuonlain [190]

Answer:

1. $66,000

2. $66,000

Explanation:

The computations are shown below:

1. Before written off:

= Account receivable balance - uncollectible amount

= $70,000 - $4,000

= $66,000

2. After written off:

= Account receivable balance - second year written off amount - uncollectible amount + second year written off amount

= $70,000 - $700 - $4,000 + $700

= $66,000

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3 years ago