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mojhsa [17]
3 years ago
9

Mellon Corporation The data presented below is Mellon Corporation for the year ended December 31, 2015: Sales (100% on credit) $

1,500,000 Sales returns 60,000 Accounts Receivable (December 31,2015) 250,000 Allowance for Doubtful Accounts [Credit Balance] (Before adjustment at December 31, 2015) 3,000 Estimated amount of uncollectible accounts based on an aging analysis 31,000 Refer to the data for Mellon Corporation. If Mellon uses the aging of accounts receivable approach to estimate its bad debts, what amount will be reported as bad debt expense for 2015
Business
1 answer:
kaheart [24]3 years ago
4 0

Answer:

The bad debts expense for 2015 would be $ 28,000

Explanation:

The balance of the allowance for doubtful account should be equal to the amount estimated to be uncollectible based on the ageing analysis

Estimated uncollectible account                                                 $ 31,000

Allowance for doubtful accounts prior to adjustment               <u>$   3,000</u>

Bad debts expense for the year to be recorded                    <u> $ 28,000</u>

The accounting entry to record this is as follows:

Bad debts expense                                          Debit               $ 28,000

Allowance for uncollectible accounts            Credit                               $ 28,000

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IgorLugansk [536]

Answer:Amount of supplies used =$400

Explanation:

Beginning balance of supplies   $200

Supplies purchased                     $500

Ending supplies balance on hand    $300

Amount of supplies used = Beginning balance of supplies + Supplies purchased  - Ending supplies balance on hand

= $200 +$500 - $300

= $400 is amount of the adjusting entry to record the amount of supplies used in Anderson Corp.

7 0
3 years ago
The Canon Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on O
elena-14-01-66 [18.8K]

Answer:

$0

Explanation:

In this method, the transaction reporting will be performed on an accrual basis which means whether or not the payment is paid but it is reported in the account books.

Once the expenditure is incurred or the revenues is earned the same is to be recorded in the books of accounts whether cash paid or not and in case of revenues whether cash received or not

In the given case, the Canon corporation sells on October 15 so it would be recorded on October itself .

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3 0
2 years ago
Frank age 63 is single and provided all of the support for his daughter Anna age 24 and her son Marvin age 6. Neither Anna nor M
allsm [11]

Frank cannot claim Anna or Marvin as a dependent.

Explanation:

Because Frank gives Anna and Marvin every support, support tests are straightforward.

Anna earns revenue in excess of $4200 and can not therefore be requested as dependent. In fact, Marvin does not stay with Frank and can not therefore be stated as dependent.

The income tax credit, EITC or EIC is a bonus to low- and moderate-income employers. To apply, you must fulfill certain criteria and file a tax report, even if you are not obliged to pay a bill. The level of tax you pay is lowered by the EITC and a refund is probable.

3 0
3 years ago
A benefit of monopoly for the business owner is
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<span>From the monopolist points of view the benefits are, holding 100% of the market, the ability to have a great influence on price and of course, no competition. 

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6 0
3 years ago
The assets of Prosian Italia, a marble and granite company, amount to $400 million, and its liabilities add up to $180 million.
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Answer:

$220 million

Explanation:

According to given information in question:

Assets = $400 million

Liabilities = $180 million

Accounting Equation:

Assets = Equity + Liabilities

$400 million = Equity + $180 million

Equity = $400 million - $180 million

Equity = $220 million

Based on the accounting equation, Prosian Italia's owners' equity is equal to $220 million.

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3 years ago
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