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
WINSTONCH [101]
3 years ago
15

Manley operates a law practice on the accrual method and calendar year. At the beginning of the year Manley's firm had an allowa

nce for doubtful accounts with a balance of $13,900. At the end of the year, Manley recorded bad debt expense of $21,200 and the balance of doubtful accounts had increased to $19,800. What is Manley's deduction for bad debt expense this year?
Business
1 answer:
svlad2 [7]3 years ago
3 0

Answer:

$15,300

Explanation:

Allowance for doubtful account at the beginning of the year $13,900

Less increased in the balance of doubt account $19,800

Balance $5,900

Therefore:

Bad debt at the end of the year $21,200- $5,900 =$15,300

The bad debt expense represents the direct write off of bad accounts ($15,300) in which it also represents an increase in the allowance account which is an estimate of bad accounts to be written off in the future ($5,900). Therefore the increase in the allowance account cannot be deducted.

You might be interested in
PLEASAE HELP ME YOU GUYS!!!!!!!!!!!!!!! 40 POINTS IF YOU ANWSER ALL!!!!
Natasha_Volkova [10]

Answer:

1. threats to the company

2. is product

3.true

4. sending out press release

8 0
2 years ago
Peterson Company estimates that overhead costs for the next year will be $3,400,000 for indirect labor and $850,000 for factory
GREYUIT [131]

Answer:

Predetermined manufacturing overhead rate= $50 per machine-hour

Explanation:

Giving the following information:

Estimated overhead costs= $3,400,000 for indirect labor

Estimated overhead costs= $850,000 for factory utilities.

85,000 machine hours are planned for this next year

To calculate the predetermined manufacturing overhead rate we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (3,400,000 + 850,000) / 85,000

Predetermined manufacturing overhead rate= $50 per machine-hour

3 0
3 years ago
Misconduct in research or scholarship includes fabrication, falsification, or plagiarism in proposing, performing, reviewing, or
Sever21 [200]

Answer:

Recording data.

Explanation:

7 0
3 years ago
Suppose during the course of a year an economy produces $7 trillion of consumer goods, $1 trillion of investment goods, $5 trill
In-s [12.5K]

Answer:

D) $12 trillion.

Explanation:

GDP is the sum of all final goods and services produced in an economy within a given period which is usually a year.

GDP = Consumption + Investment + Government Spending + Net Export

Net Export = Export - Import

Net Export = $1 - $2 = -$1

GDP = $7 + $1 + $5 - $1 = $12

All calculations are in trillion

I hope my answer helps you.

4 0
3 years ago
If the government sets a price floor of $5 per bushel, ____ bushels of corn are produced, of which ___ are purchased by consumer
11Alexandr11 [23.1K]

Answer: If the government sets a price floor of $5 per bushel, Say 1000 bushels of corn are produced, of which 300 bushels are purchased by consumers, and 700 bushels by the government. The program costs the government $3500. Farmers receive $5000 in total revenue.

Explanation: A price floor is a legitimate minimum value that the government sets on a product in the market, usually to protect the suppliers/farmers. Using the ballpark values as in the answer, to estimate and explain the concept of a price floor:  

Say total quantity produced is 1000 bushels of corn from which the Market demands 300 bushels. Given that the government has set a price floor at $5 per bushel; then the Government has to buy the surplus bushels of corn in the market from the farmers.  

Surplus bushels = Quantity produced – Quantity purchased  

1000 bushels – 300 bushels = 700 surplus bushels of corn to be purchased at $5 each by the government

Therefore: It would cost the government (700 bushels x $5 =) $3,500 to mop up the surplus in the market and pay the farmers. The 300 bushels purchased by consumers would yield (300 x $5 =) $1,500 in earnings for the farmers. Total earning by the farmers = $3500 (from the government) and $1500 from consumers) = $5000.

I hope this helps to understand the concept of price floors.

5 0
3 years ago
Other questions:
  • If employees are told that budgets must be cut by 10 percent, they may automatically assume that 10 percent of employees will lo
    11·1 answer
  • The size of osha becomes graphically apparent when a simple calculation shows that if the 8 million workplaces were distributed
    9·1 answer
  • The most attractive way to reduce or eliminate the impact of paying tariffs on pairs imported to a company's distribution wareho
    5·1 answer
  • Edmund has been recently appointed as executive in-charge of the code of conduct for Elmer Enterprises. He administers the code
    7·1 answer
  • State 2 reasons that lead to foreign trade.plz answer asap!!!​
    9·1 answer
  • Bubba is a shrimp fisherman who could earn $5,000 as a fishing tour guide. Instead, he is a full-time shrimp fisherman. In calcu
    12·1 answer
  • Part A Smith Company experienced the following accounting events during 2018:
    5·1 answer
  • A Georgia state law requires the use of contoured rear-fender mudguards on trucks and trailers operating within Georgia state li
    13·1 answer
  • The December 31, 2009, balance sheet of Anna’s Tennis Shop, Inc., showed current assets of $2,584 and current liabilities of $1,
    13·1 answer
  • Pestro manufactures a herbicide that is used in the parks in Metroville. After the parks were sprayed with the herbicide, a grou
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!