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Solnce55 [7]
3 years ago
11

The Allowance for Bad Debts account had a balance of $6,300 at the beginning of the year and $8,100 at the end of the year. Duri

ng the year (including the year-end adjustment), bad debts expense of $11,400 was recognized. Required: Calculate the total amount of past-due accounts receivable that were written off as uncollectible during the year. (Hint: Make a T-account for the Allowance for Bad Debts account, plug in the amounts that you know, and solve for the missing amount.)
Business
1 answer:
shutvik [7]3 years ago
6 0

Answer: $9,600

Explanation:

Past-due accounts written off = Beginning Allowance balance + Bad Debts expense - Ending Allowance Balance

= 6,300 + 11,400 - 8,100

= $9,600

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A partnership is a form of corporation.<br> True or False?
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The following data apply to Elizabeth's Electrical Equipment:
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$50

Explanation:

Calculation to determine the intrinsic per share stock price be immediately after the repurchase

First step

Total Assets=Value of operations of 20,000+ Short term investments of 1000

Total Assets=$21,000

Second step

Equity =Assets - Debt

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Classical economists traditionally believed that:
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Darnell lives in Philadelphia and runs a business that sells pianos. In an average year, he receives $842,000 from selling piano
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Answer:

The wholesale cost for the pianos that Darnell pays the manufacturer - explicit cost  

The salary Darnell could earn if he worked as an accountant - implicit cost

The wages and utility bills that Darnell pays - explicit cost  

The rental income Darnell could receive if he chose to rent out his showroom.-implicit cost

Explanation:

Explicit cost includes the amount expended in running the business.

They include rent , salary and cost of raw materials

Explicit cost is used in determining accounting profit

Implicit cost or opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives

Implicit cost is used in determining economic profit

If Darnell didn't use his showroom, he could have rented it out. Renting it out is his next best option that was forgone. Thus, it is an implicit cost

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