1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
rjkz [21]
3 years ago
12

Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to ​, and man

agement estimates ​% will be uncollectible. The amount of expense to report on the income statement was . The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of . The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be
Business
1 answer:
yanalaym [24]3 years ago
6 0

Complete Question:

Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to ​$500,000, and management estimates 2% will be uncollectible. The amount of expense to report on the income statement was $8,000. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $2,000. The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be

Answer:

The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be

$10,000

Explanation:

a) Data and Calculations:

Net credit sales = $500,000

Uncollectible estimate = 2% of net credit sales

Uncollectible Accounts expense = $8,000

Allowance for Uncollectible Accounts = $2,000 before adjustment

Allowance for Uncollectible after adjustment = $500,000 * 2% = $10,000

You might be interested in
hen considering whether a holder took the negotiable instrument in good faith, the court looks only at the
Ilya [14]

Answer:

Explanation:

nsei kkkkkkkkkkkkkkkkkkkkkkkkkkao

8 0
3 years ago
Read 2 more answers
The reason of taxation? ​
elena-14-01-66 [18.8K]

Answer:

The money you pay in taxes goes to many places. In addition to paying the salaries of government workers, your tax dollars also help to support common resources, such as police and firefighters. Tax money helps to ensure the roads you travel on are safe and well-maintained. Taxes fund public libraries and parks.

6 0
3 years ago
Read 2 more answers
How can the outsourcing of jobs cause production possibilities to expand?
ollegr [7]
Outsourcing of jobs causes product possibilities to expand as they carry out their work or company into having it outside rather than indoor or at home in a way of expanding their functions and their company to be able to make their company known and tackle different circumstances or dimensions that will greatly affect their company.
3 0
3 years ago
Read 2 more answers
A product sells for $30 per unit and has variable costs of $15.50 per unit. The fixed costs are $1,015,000. If the variable cost
Maslowich

Answer:

70,000 units

Explanation:

Selling price per unit = $30

Variable cost per unit = $14.60

Contribution margin per unit = $30 - $14.60 = $15.40

Fixed cost = $1,078,000

Break-even point in units = Fixed cost ÷ Contribution margin per unit = $1,078,000 ÷ $15.40 = 70,000 units

Therefore,  break-even point in units would 70,000 units.

3 0
3 years ago
Chelene had been a caregiver for Marta’s elderly mother, Janis, for nine years. Shortly before Janis passed away, Chelene convin
kaheart [24]

Answer and Explanation:

1. Marta cannot avoid the contract on the basis of a mistake of buying the house because she was supposed to inspect the house she was buying

2. Marta cannot sue Chelene for fraudulent misrepresentation because Chelene was not aware of the condition of the house. The elements in fraudulent misrepresentation are lacking : no intention to deceive, no misrepresentation of material facts

3. It would be Chelene's duty to reveal that there is defect in the house and if not the court would see this as misresprentation.

4. There was no undue influence from Chelene in selling the house and so Marta and Janis even she was alive cannot revoke the contract on this basis

7 0
3 years ago
Other questions:
  • Alex Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December
    11·1 answer
  • Which loan type requires you to make loan payments while you're attending school?
    15·2 answers
  • (tco b adjusting entries: unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $6,000. the records indicate cash receipts from
    9·1 answer
  • Which is an example of a withholding you might see on your pay stub?
    14·2 answers
  • Zhao Co. has fixed costs of $354,000. Its single product sells for $175 per unit, and variable costs are $116 per unit. The comp
    13·1 answer
  • At the end of the fiscal year, Kappa Pet Co. has an outstanding purchase commitment for the purchase of 1 million gallons of jet
    5·1 answer
  • Cutting taxes
    6·2 answers
  • If Malaysian companies are highly efficient in the production of textiles and U.S. companies are highly efficient in the product
    8·1 answer
  • Drag each label to the correct location on the image.
    14·1 answer
  • if an investor with no other positions buys 2 dwq jun 45 calls at 3, and he exercises the calls when the stock is trading at 47.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!