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NNADVOKAT [17]
3 years ago
15

epreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment wa

s purchased, the company estimated a residual value of $4,500 and a two-year service life.The company estimates future uncollectible accounts. The company determines $13,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these acc
Business
1 answer:
zalisa [80]3 years ago
8 0

Complete question text:

1. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated residual value of $4,500 and two-year service life. <em>Equipment cost $16,000</em>

2. The company estimates future uncollectible accounts. The company determines $13,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible.

Account Receivable 46,400

Allowance 4,300

Answer:

depreciation expense 479.17 debit

  accumulated depreciation - equipment 479.17 credit

-----

uncollectible account expense 2,236 debit

  allowance for uncollectible amount 2,236 credit

Explanation:

We solve for the yearly depreciation:

(cost - residual value) / useful life

(16,000 - 4,500) / 2 = 5,750 per year

monthly depreciation: 5,750 / 12 = 479,17

--------------------

We solve for the different receivables ages:

13,000 x 40% = 5,200

46,400 - 13,000 = 33,400 not past due

33,400 x 4% = 1,336

we add them together and get 6,536

now we compare against the current allowance to determiantethe adjustment:

6,536 - 4,300 = 2,236

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3 years ago
The bretton woods agreement incorporated all of these features except ________.
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Hello <span>Wahsorad4380 </span>



Question: The bretton woods agreement incorporated all of these features except ________.<span>

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3 years ago
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alexira [117]

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Please find the complete question in the attachment file.  

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6 0
3 years ago
When there are differences between the cash balance per bank and the cash balance per books, this is due to:____.
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When there are differences between the cash balance per bank and the cash balance per book, this is due to the Bank reconciliation statement.

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2 years ago
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3 0
3 years ago
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