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siniylev [52]
3 years ago
5

At December 31, Gill Co. reported accounts receivable of $268,000 and an allowance for uncollectible accounts of $750 (credit) b

efore any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:_______
Business
1 answer:
Andrei [34K]3 years ago
4 0

Answer:

: $4,610

Explanation:

The allowance for uncollectible accounts should be 2% of accounts receivable. So first we wil find out the 2% of $268,000.

($268,000 x 2%) = $5,360

Then we will subtract the $750 allowance for uncollectible accounts before any adjustments.

$5,360 - $750 = $4,610

The amount of the adjusting entry for uncollectible accounts would be: $4,610.

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Answer:

The Supplemental Nutrition Assistance Program (SNAP) helps families, older adults, and individuals pay for groceries. ... SNAP benefits provide food security, stimulate local economies, and support farmers and the agriculture industry through the purchases of Pennsylvania-grown and processed foods.

Explanation:

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Which of the following is a condition that triggers the penalty for negligence or intentional disregard? 1) the taxpayer underst
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Answer:

2) the taxpayer shows negligence or disregard of the rules or regulations, causing an underpayment.

Explanation:

             When any taxpayer shows some negligence or if they disregard the rules and the regulations, causing an underpayment, then it leads to a penalty for the disregard or the negligence.

              Also, when a taxpayer intentionally understates his or her tax by a larger of $5000 or a 10% of his / her correct tax, then it is an accuracy related penalty.

              And, also the information related penalties which are levied for failure of  taxpayer to pay the amount of tax owed by  due date and also failure to filing the return by the due date.

Thus option (2) is correct.

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4 years ago
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Explanation:

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2 years ago
The Rule of 72 is: a. A tool to determine the number of years until retirement for an employee b. Used to estimate how fast pric
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Answer:

b. Used to estimate how fast prices will double using a given annual inflation rate

Explanation:

Rule of 72 is a fast statistical method to determine how long an investment will double given annual interest rate.

Simply divide 72 by the annual interest rate.

Alternatively it can be used to calculated annual rate of return required to double investment.

Alternatively it can be used to calculate annual rate of return required to double an investment.

For example if $1,000 is to be doubled in 5 years.

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3 years ago
Answer the next question on the basis of the following data. Output Total Cost 0 $24 1 33 2 41 3 48 4 54 5 61 6 69 The average f
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Answer:

Option (A) is correct.

Explanation:

The average fixed cost is determined by dividing the total fixed cost by number of units produced.

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8 0
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