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Mrrafil [7]
2 years ago
15

Charleston, Inc. has Accounts Receivable of $170,000 and an Allowance for Doubtful Accounts of $11,000. If it writes-off a custo

mer account balance of $1,100, what is the amount of its net accounts receivable
Business
1 answer:
Romashka [77]2 years ago
5 0

Answer:

$159,000

Explanation:

The double entry to record the writes off balances which are the bad debts of Customers who will not pay the debt, will include debit to allowance which is decrease in the allowance and credit to accounts receivable which is also a decrease to accounts receivable:

Dr Allowance for doubtful account $1,100

Cr Accounts Receivable                           $1,100

Similarly the increase in Allowance for Doubtful Accounts of $11,000 will be treated totally opposite of the decrease in Allowance for Doubtful Accounts above:

Dr Accounts Receivable               $11,000

Cr Allowance for doubtful account    $11,000

Now, the increase in allowance is deducted from opening accounts receivables and vice versa. The treatment is given below:

Opening balance of Accounts receivables             $170,000

Accounts Receivable                                                ($1,100)

Allowance for Doubtful Debt    ($11,000 - $1,100)   <u>   $9,900 </u>

Accounts Receivable (Net)                                       $159,000

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Bonnie's employer provides her with an annual dinner club membership costing $5,000. Her marginal tax rate is 24 percent. Her em
Nikolay [14]

Answer:

$3,800

Explanation:

The computation of the after-tax benefit is shown below:

= Annual dinner club membership cost - annual dinner club membership cost × her marginal tax rate

= $5,000 - $5,000 × 24%

= $5,000 - $1,200

= $3,800

We simply deduct her tax expense from the annual dinner club membership cost so that the accurate amount can come.

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

8 0
3 years ago
Julius asks Rachel if she would like to sell her boat. Rachel privately has no interest in selling her boat, and believes that J
Fed [463]

Answer:

C) formed a valid contract because Rachel's outward expressions showed the formation of a contract.

Explanation:

A valid contract is a binding and enforceable agreement, where all parties are legally bound to perform the contract.

Probably the most important part of a contract is the existence of an offer and acceptance. Once a valid offer is accepted, it binds the parties into a valid contract.

In this case, Rachel accepted Julius´s offer to buy her boat, so an offer and acceptance exists.

6 0
3 years ago
Heather is sixteen but looks much older. She goes into a jewelry store and buys a diamond bracelet with the money she has been s
patriot [66]

Answer:

can return the bracelet and get her money back

Explanation:

Minors have a restriction on the products that they can. To purchase these products they must have consent of their parent or guardian.

An identity card is required to determine the age of the buyer to avoid wrong sales to minors.

Items prohibited from sale to minors include: alcohol, tobacco, petrol, offensive weapons, intoxicating substances, and expensive jewelry.

So in this scenario since due diligence was not carried out by the store to check Heather's age on purchase, she can return the diamond bracelet and get back her money.

This was an illegal sale.

3 0
3 years ago
Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have the
Allisa [31]

Answer:

Cobras Incorporated

Trial Balance as at March 31.

                                             Debit          Credit

Supplies                                 $1,100

Buildings                             $41,000

Cash                                      $2,100

Accounts Receivable          $2,800

Prepaid Insurance                 $1,100

Salaries Payable                                        $300

Accounts Payable                                   $1,500

Common Stock                                      $21,000

Retained Earnings                                 $14,500

Service Revenue                                    $18,100

Utilities Expense                 $2,300

Salaries Expense                $5,000

Totals                                 $55,000     $55,000

Explanation:

A Trial Balance is used to check mathematical accuracy in ledger Accounts. It represents a list of Balances : Debit and Credit extracted from the Ledger Accounts.

7 0
2 years ago
Incremental budgeting allocates increased or decreased funds to a department by using the last budget period as a reference poin
zloy xaker [14]

Answer:

True

Explanation:

The incremental budget technique is an important management accounting technique, which is prepared by making minimal changes in the previous budget. The budget is designed by allocating funds by using the preceding budget as a reference point. Incremental budget encourages spending up to the budget. It also helps to make sure that a reasonable budget is allocated for the next period.

6 0
3 years ago
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