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Sophie [7]
3 years ago
9

The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad debts expense. The company

's management estimates that 4% of net credit sales will be uncollectible for the year 2019. Net credit sales for the year amounted to $250,000. What is the amount of Bad Debts Expense reported on the income statement for 2019?
Business
1 answer:
harina [27]3 years ago
6 0

Answer:

$10,000

Explanation:

Net Credit Sales              $250,000

Allowance for Doubtful Accounts $250,000*4%=$10,000

Bad Debt Expense   will be $10,000

Bad Debt Expense Dr.$10,000

Allowance for Uncollectible  Cr.$10,000

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Your credit card has a credit limit of $1,000. Your credit card company reviews your credit line every 6 months. They will not i
Mice21 [21]

Answer:

2 years and 6 months

Explanation:

after 6months

     $1,000 x 10% = $100

     $1,000 + $100 = $1,100

after 1 year

     $1,100 x 10% = $110

     $1,100 + $110 = $1,210

after 1 year and 6 months

     $1,210 x 10% = $121

     $1,210 + $121 = $1,331

after 2 years

     $1,331 x 10% = $133.10

     $1,331 + $133.10 = $1,464.10

after 2 years and 6 months

     $1,464.10 x 10% = $146.41

     $1,464.10 + $146.41 = $1,610.51

4 0
3 years ago
The market size and market growth rates in the foreign market can be influenced negatively by:______.A. population sizes, income
Nikitich [7]

Answer:

A. population sizes, income levels and cultural influences, the current state of the infrastructure and distribution and retail networks available.

Explanation:

The reason is that the foreign markets are affected by the cultural differences for example if US clothing brand enters Suadia Arabia then it can not sell its brands here because in the Suadia Arabian culture girls wear full sleeves and are not skin tight fits. This means that the culture have an influence over the foreign markets. Likewise the income level tells about how much the customer can spend on luxury items, population of customers available is also an attractive part that the investors see to move in the markets. The infrastructure of a country and the regional importance of the state are also the motivators for the foreign companies to move in to the market.

These factors are the ecosystem of the country that gives insight of the market size and market growth of a particular market.

8 0
3 years ago
Eurodollars are _________. A. dollar denominated deposits at any foreign bank or foreign branch of an American bank B. dollar de
Ipatiy [6.2K]

Answer:

A. dollar denominated deposits at any foreign bank or foreign branch of an American bank

Explanation:

  • Are dominations deposited in US dollars in banks that are outside the united states thus are not under the rule or jurisdiction or federal laws. The eurodollar rate is also known as the LIBOR rate is equal to the base rate adjusted by minimum reserve requirements.
  • The eurodollar market accounts for a higher rate of interest, greater the flexibility of the maturities and has a wider range of investment in the qualities.
  • It has roots in WW2 when the US gave funds from the marshall plan to rebuild the European continent.
4 0
3 years ago
The statement of cash flows shows the following information: Cash provided by operating activities of $18,200 Cash used by inves
Rudiy27

Answer:

$27,400

Explanation:

The amount of cash at the end of the period is calculated as;

Cash provided by operating activities

$18,200

Cash used by investing activities

($6,700)

Cash used by financing activities

($1,200)

Net increase (decrease) in cash balance

(a) $10,300

Cash at the beginning of the year

(b) $17,100

Cash at the end of the year

c = (a) + (b) = $27,400

8 0
3 years ago
Buyers Sam and Linda Pope are entering into a contract with sellers, Jim and Alana Jones in which part of the sale price of the
Alina [70]

Answer:

d) Installment sales contract

Explanation:

A contract is described as an agreement between two or more parties commits to undertakes specific obligations.  In a sale contract, the buyer and seller agree to the exchange or foods or services for a consideration called price.

An installment sale contract is an agreement that allows the buyer to make payment for the goods or services over time. Once an agreement has bee reached, the buyer takes possession of products and is free to use them. The buyer makes regular payments for the goods (installments) and will claim ownership upon completing payments. An installment sale contract is a form of credit sale.

8 0
3 years ago
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