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pickupchik [31]
3 years ago
12

Wilton, Inc. had net sales in 2017 of $1,400,000. At December 31, 2017, before adjusting entries, the balances in selected accou

nts were Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. If Wilton estimates that 8% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense.
Business
1 answer:
Sergeeva-Olga [200]3 years ago
5 0

Answer:

See explanation section.

Explanation:

December 31, 2017

Bad debt expense                        Debit      = $17,600

Allowance for Doubtful Account Credit     =  $17,600

To record the bad debt expense

Calculation: Bad debt expense = $250,000 × 8% = $20,000. However, we cannot take this amount because Allowance for Doubtful Account is a positive contra entry, which has a $2,400 credit balance. Therefore, we have to deduct $2,400 from $20,000 to get the actual bad debt expense.

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A glass company making windows for houses also makes windows for other things (cars, boats, planes, etc.). We would expect its s
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C) Relatively more elastic than those of firms which only make house windows

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3 years ago
Nike once famously claimed that they are a marketing company not a manufacturer, and thus they cannot be held responsible for th
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A monopoly firm can sell 150 units of output for $10 per unit. Alternatively, it can sell 151 units of output for $9.98 per unit
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If A monopoly firm can sell 150 units of output for $10 per unit. The marginal revenue of the 151st unit of output is $6.98.

<h3>Marginal revenue</h3>

Using this formula

Marginal revenue=(Number of units×Price per units)-(Alternate Number of units×Price per units)

Let plug in the formula

Marginal revenue=(151 units×$9.98 per units)-(150 units×$10 per units)

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Therefore the marginal revenue of the 151st unit of output is $6.98.

Learn more about marginal revenue here:brainly.com/question/10822075

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